Assignment 1 social listening and social media marketing trend application

Assignment - Social Listening and Social Media Marketing Trend Application Lecturer Mrs Melanie Casul Student name Nguyen Dinh Long Student ID s3756754 Group number 02_Online Word count 918 THE RISING OF CRYPTO It is clear that, nowadays, due to the application of blockchain, crypto has become a significant trend catching a majority of attention around the world Unlike in the past when cryptocurrency was just seen as “a money game” and attracted a minority of participants, Bitcoin and Ethereum, with the considerable growth in the value in recent years, become a great concern of not only individual investors, but also big companies, organizations and, especially, governments According to Google Trend, there is an increase in the number of people searching for keywords “crypto” and “bitcoin” ( Chart 1) In addition, according to Twitter, there are 11 thousand and more than thousand hashtags of “bitcoin” and “btc” in an hour ( Figure 1) This means that the cryptocurrency has become popular and attracts major individual investors worldwide Moreover, Statista reported that the number of blockchain wallet users around the world rapidly went up from November 2020 to November 2021 by 18 million accounts ( Chart 2), which means that there are more and more people accepting crypto coins as property and payment recently Talking about the impact of Bitcoin and Ethereum on huge organisations and governments, according to CoinMarketCap, the total cryptocurrency market capitalization has rocketed by 65 times compared to November 2020 ( Chart 3) Furthermore, both Bitcon and Ethereum have ranked in the top 20 of highest market capitalization compared to biggest companies like Microsoft or Apple ( Figure 2) The result shows that having preparations for crypto is essential for governments and organizations in both short and long term CRYPTO AND OPPORTUNITIES FOR BANK IN VIETNAM As we can recognize that cryptocurrency are spreading the influence all over the world in not only developed countries but also developing countries As reported by Katharine B, countries in Africa and SouthEast Asia have strongly responded to cryptocurrency To be more specific in SouthEast Asia, there are 21% and 20% respondents using or owning cryptocurrencies in Vietnam and Philippines, which is the second and the third highest rate in the survey ( Figure 3) In addition, according to Dat Nguyen, Vietnam is a country placing 13th in realized Bitcoin gains for 2020, in spite of having the 53rd largest economy based on gross domestic product These information shows that the popularity of crypto coins has increased in Vietnam and countries in SouthEast Asia From my perspective, the rise of cryptocurrency in developed countries, especially Vietnam, creates a lot of opportunities for not only individual investors but also big companies, governments and also banks Banks in Vietnam will play an important role in the near future if the Vietnamese government legalises cryptocurrency as property and payment According to Lisa P, while the Vietnamese legislation has not made any reference to cryptocurrency use and trading yet, “Vietnam’s Ministry of Finance have already established a research group on March 30, 2021, which has begun an in-depth study of cryptocurrencies, with a view to achieving legislative reform for the industry in the country” Taking the Philippines as an example, according to Katharine B, “the Philippines' Central Bank has approved several crypto exchanges to operate as "remittance and transfer companies" in the country The government itself is already meddling in cryptocurrency by setting up blockchain app bonds.ph with Unionbank to distribute government bonds Unionbank has also installed a Bitcoin ATM in Makati (Metro Manila), showing how cryptocurrencies are slowly entering the mainstream in the country” With the cryptocurrency legalisation by the government, in my opinion, there will be tons of benefits and opportunities for banks in Vietnam When cryptocurrency is accepted by the Vietnamese government, banks in the country will easily gain trust from local citizens As reported by Katharine B, individual investors in Vietnam are facing a lot of cryptocurrency crimes, namely currency thefts, regular hacks, and cyber scams, which comes with more risk for their investment Therefore from my personal view, providing safety storage, wallet and trading crypto coins will be a great opportunity for banks in Vietnam to take benefit of PREPARATION FOR THE BOOMING IN CRYPTO With a Vietnamese bank like MB Bank, when there is acceptance from the government in Vietnam, offering services related to cryptocurrency is a good way to catch up with others According to the current digital marketing efforts of Military Bank, the organisation already has a mobile app and website They can utilize them and have some upgrades to support crypto wallets with higher security and more user-friendly compared to others By applying social monitoring strategy, it is possible for MB Bank to improve the customer experience with new features via their app and website For online PR, MB Bank has already had some collaboration with macro celebrities such as singers, actors, etc Taking benefits from this channel by applying social content strategy is a good idea to gain WOM from Vietnamese citizens In addition, collaboration with Vietnamese middleman in this field can also help the organisation earn more reputation by individual investors Having online partnerships with popular exchanges in Vietnam including Binance can help MB Bank to reach more potential customers For social media, besides popular social media in Vietnam like Facebook or Zalo, MB Bank should focus on Twitter because there are a lot of early updated news from this platform and Vietnamese usually catch up with new and essential information about crypto from this social media With the current target segment of MB Bank, cryptocurrency trend will be a great opportunity for them to reach out more target customers and deliver the service to them Reference: CoinMarketCap 2021, The total cryptocurrency market capitalization, CoinMarketCap, viewed 11 November 2021, CoinMarketCap 2021, Bitcoin vs The Biggest Companies And Assets In The World by Market Cap, CoinMarketCap, viewed 11 November 2021, Dat, N 2021, ‘Vietnam leads globally in cryptocurrency adoption’, 18 VnExpress, August 2021, viewed 11 November 2021, Google Trend 2021, Comparison of “bitcoin” and “crypto” keywords, viewed 11 November 2021, Katharine, B 2021, ‘ How common is crypto?’, Statista, 17 March 2021, viewed 11 November 2021, Lisa, P 2021, ‘Vietnam to Start Regulating Cryptocurrencies’, Asian Briefing, May 2021, viewed 11 November 2021, Statista 2021, The number of blockchain wallet users around the world, viewed 12 November 2021, Twitter 2021, Hashtag of Bitcoin in an hour on Twitter, viewed 11 November 2021, Figure 1: Hashtag of Bitcoin in an hour on Twitter Figure 2: Bitcoin vs The Biggest Companies And Assets In The World by Market Cap Figure 3: How common is crypto? Chart 1: The total cryptocurrency market capitalization Chart 2: The number of blockchain wallet users around the world Chart 3: ... 20 21, viewed 11 November 20 21, Lisa, P 20 21, ‘Vietnam to Start Regulating Cryptocurrencies’, Asian Briefing, May 20 21, viewed 11 ... “bitcoin” and “crypto” keywords, viewed 11 November 20 21, Katharine, B 20 21, ‘ How common is crypto?’, Statista, 17 March... Google Trend, there is an increase in the number of people searching for keywords “crypto” and “bitcoin” ( Chart 1) In addition, according to Twitter, there are 11 thousand and more than thousand