For the first time ever banking brands take the top 5 in the Brand Finance rankings
Canada’s largest financial institutions may be worrying some analysts but as they grow their revenues and strengthen their international presence, the Big 5 banks have seen the value of their brands grow.
So much so, that for the first time, they have taken the top 5 spots in the Brand Finance Canada 100.
RBC takes the title of Canada's most valuable brand, following a strong 26% growth to $22.7 billion. TD ($18.3 billion) ranks 2nd, followed by Scotiabank ($14.7 billion) taking 3rd, BMO ($13.2 billion) in 4th, and CIBC ($10.4 billion) in 5th place.
Asset manager Brookfield is ranked in 8th place with a brand value of $8.8 billion.
The telco brands have seen their brand value slip though this year with Bell (down -24% to $10.3 billion), TELUS (down -7% to $9.0 billion), and Rogers (down -12% to $8.7 billion) all facing wider economic pressures, increased price competition, and decreasing margins in an increasingly competitive space.
Circle K saw a 67% increase to a brand value of $7.7 billion, overtaking Tim Hortons, McCain, and Thomson Reuters.
The report assesses brand value but also the relative strength of brands using a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Along with the level of revenues, brand strength is a crucial driver of brand value.
Westjet takes top spot against this criteria for its strong scores in consideration, familiarity, preference, recommendation, and reputation.
Next come Crown Royal, Canadian Tire, TELUS, and McCain.
Intact is the strongest insurance brand, beating Sun Life to the top spot.