Executive summary
This thesis aims to address the inadequate advertising efforts of VIB, which has led to a noticeable decline in revenue compared to three other banks with similar chartered capital in recent years.
Based on literature reviews, the author identified four key aspects that directly influence corporate revenue: advertising activities, product innovation, product quality, and staff capability Through in-depth interviews and secondary data from VIB, it was determined that product innovation, quality, and staff capabilities are not problematic However, VIB's advertising efforts are insufficient, as customers struggle to engage with new programs Consequently, the author concluded that ineffective advertising is the primary factor contributing to VIB's low revenue Proposed solutions, derived from literature reviews, VIB's current situation, secondary data, and customer feedback, include two main strategies: the first encompasses three smaller solutions, while the second consists of two additional smaller solutions.
The problem identification
Company introduction
Since 1990, the Vietnamese banking system has been structured into two tiers: Central Government banking and Commercial banking, as noted by Leung (2009) The banking industry has experienced rapid growth, with a turnover increase of 19.47% from 2007 to the present, significantly outpacing the average GDP growth rate during the same period The sector comprises four major state-owned commercial banks (SOCBs), thirty-one joint stock banks (JSBs), six joint venture banks, and six wholly foreign-owned banks, highlighting its diverse industrial structure.
Since Vietnam became an official member of the World Trade Organization (WTO) in 2007, it has entered a new era filled with both opportunities and challenges for its economy and various sectors As part of its WTO commitments, Vietnam has seen the establishment of foreign trading banks operating with 100% foreign capital, enhancing the country's international commercial landscape.
Stock Bank, abbreviated as Vietnam International Bank (VIB), was founded on 18 th
Since its inception in 1996, VIB has consistently enhanced product quality in response to international integration challenges, evolving into one of Vietnam's leading commercial joint-stock banks over eighteen years VIB offers a diverse range of products, including savings, loans, and insurance for individual customers, while providing cash management, e-banking, loans, and trade finance solutions for organizations This research aims to analyze the challenges faced by VIB, focusing on both individual and organizational customers.
VIB aims to be Vietnam's most innovative and customer-centric bank by enhancing its operational effectiveness across all areas The bank has established specific missions for different stakeholders: for individual and organizational customers, VIB offers innovative, customer-focused solutions to meet their needs; for employees, it fosters a high-performance culture characterized by entrepreneurship and openness; and for shareholders, it ensures sustainable and attractive returns while supporting community development Additionally, VIB prioritizes five core values: customer focus, excellence, honesty, teamwork, and discipline.
In banks, key departments such as Sales, Marketing, Investment, Human Resources, Accounting, and Risk Management play vital roles The Marketing and Brand Department is crucial for engaging customers and promoting the bank's brand and products Their primary responsibilities include planning credit card marketing strategies, collaborating with merchants for advertising campaigns, analyzing market trends to refine marketing approaches, and leading the marketing team to innovate business models and partnerships Additionally, they work closely with sales and other departments to generate product interest and execute strategic initiatives, making advertising a significant focus of this research for effective problem-solving.
Symptom and real problem
Since joining the World Trade Organization in 2007, Vietnam has experienced numerous opportunities and challenges across various sectors This membership has significantly intensified competition among banks in the country.
VIB, a prominent commercial bank in Vietnam, faces intense competition from both domestic and foreign banks within the Vietnamese market Key competitors include AB Bank, Shinhan Vietnam Bank, and Nam A Bank, all of which have comparable chartered capital to VIB, positioning them as similarly sized institutions.
The banks, operating in the Vietnamese market for over twenty years, have achieved significant milestones and received valuable awards Their business performance is illustrated in Table 1, with figures ranging from VND 4,000 to 4,800 million.
2.2.1 Business situation of VIB and other banks in recent years
As mentioned in the above part, the three selected banks having the same chartered capital with VIB for comparison include AB Bank, Shinhan Viet Nam Bank and Nam A Bank.
Table 1 Chartered Capital of the four banks in 2015 (Unit: VND Billion)
Bank VIB Bank AB Bank
Shinhan Viet Nam Bank Nam A Bank Chartered
Between 2012 and 2014, each bank experienced varying levels of income from their products and services, reflecting their individual capabilities The following table illustrates the revenue generated from business activities by four banks during this period.
Shinhan Viet Nam Bank Nam A Bank
Table 2 Revenue from business activities of four banks in Viet Nam in the past three years
Year VIB Bank AB Bank Shinhan Viet Nam Bank Nam A Bank
(Source: Official Financial reports of banks in the website)
In recent years, VIB has experienced only a slight increase in revenue from its business activities According to data from the VIB website, the growth rate of revenue over the past three years has been modest.
2012 to 2014) is so small (just from 3% - 8% in 2012-2014 duration) In comparison with other competitors, VIB does not have a very good level of revenue in the market.
Figure 1 Revenue from business activities of four banks in Viet Nam in the past three years
The chart indicates that VIB's revenue is relatively low compared to three similarly sized banks in the Vietnamese market, surpassing only Nam A Bank while falling short of the other two This trend raises concerns about VIB's future business prospects amidst increasing competition and the emergence of new banks The bank's low revenue reflects underlying issues that require urgent attention To identify potential causes for this revenue decline, an in-depth interview was conducted with ten customers.
2.2.2 The first in-depth interview
Low revenue in corporations can stem from various factors Qualitative research involving customer feedback will help identify these fundamental issues Numerous studies have demonstrated that these problems significantly impact a corporation's revenue The following is a list of issues that directly affect revenue.
Table 3 List of studies investigated the antecedents of revenue
No Author Antecedents Outcomes Research findings
Advertising, physical attributes, pricing, friends’ and colleagues’ recommendation
Please see the explanation below the table
Physical attributes is the most significant factor, next are pricing, colleagues’ recommendation, advertising
2 Olson and Bokor (1995) Planning process, product innovation
Product innovation is the most significant factor, next is planning process
External environment, resources and finance, customer and market, product quality, SMEs characteristics
Customer and market, SMEs characteristics, resources and finance, external environment are the most significant factors, next is product quality
Product quality, price, place, advertising
Product quality is the most significant factor, next are place, price and advertising
Brand image, brand attachment, environment effects
Brand image is the most significant factor, next are brand attachment and environment effects
Product quality, supplier selection, marketing strategies, influencers
Product quality is the most significant factor, next are marketing strategies, supplier selection and influencers
7 Napompech and Product quality, price, Product quality is the most significant factor, next are
Kuawiriyapan (2011) advertising advertising and price
Advertising cost, sales revenue, R&D cost
Advertising cost is the most significant factor, next are R&D cost and sales revenue
Product and service quality, price, reference group, advertising
Product and service quality are the most important variable, the next important ones including reference group and advertising, finally is the price.
Value identification, lifestyle, price, customer service, accurate information, brand familiarity
Value identification, lifestyle and customer service are the most influential factors, next are price, accurate information and brand familiarity
Numerous factors influence a corporation's revenue, and the consequences of low revenue often stem from inadequate performance across various departments within the organization.
To improve low revenue and enable further investment in business expansion and human resources, companies must prioritize revenue generation, as emphasized by Hand (as cited in Simanjuntak et al., 2011) Key factors impacting revenue include advertising, product quality, product innovation, and customer care services An in-depth interview conducted in Ho Chi Minh City with ten customers—five long-term users of VIB products and five from other banks—aimed to evaluate VIB's advertising strategies, product innovation, product quality, and customer service capabilities Participants, aged 20 to 30, were selected to gather diverse perspectives, reflecting the target demographic of VIB The detailed findings from the first interview are included in the Supporting Information section on page 50.
A recent interview with five long-term customers of VIB revealed significant insights into the brand's recognition, product innovation, and service quality When asked about the VIB logo and main colors, only one participant could recall the logo's color, indicating a lack of brand awareness among customers Similarly, respondents were largely unaware of VIB's recent advertising initiatives, highlighting a potential issue contributing to the bank's declining revenue Effective advertising plays a crucial role in influencing consumer purchasing decisions, as noted by Romaniuk and Sharp (2011) Furthermore, when questioned about product innovation, all participants expressed that they did not perceive any distinguishing features in VIB's offerings compared to other banks This lack of differentiation further underscores the challenges VIB faces in embedding its brand in customers' memories, which is essential for driving purchasing behavior, as emphasized by Gjerde et al (2012).
Customers rated the quality of VIB products as average, with neither significant complaints nor notable praise, which may contribute to the bank's low revenue If customers encounter another bank offering superior quality, they are likely to switch Research by Ackaradejruangsri (2012) highlights that key factors influencing consumer buying decisions include product reliability, functionality, and durability In terms of staff attitude and support, customers expressed satisfaction with the hospitality and assistance provided by VIB's customer care team However, when asked if they would recommend VIB to relatives, customers indicated a preference for suggesting other banks instead.
Vietcombank, Sacombank, Agribank, etc because of their familiarization and good quality of products and services.
In a recent survey involving five customers from different banks, it was found that they were not aware of VIB's advertising programs, as they are not current customers The interviewees mentioned various ongoing campaigns, such as "Fulfill your Tet holiday with VIB" and "Preferential loans for home and car buyers on Tet holidays," yet most were unfamiliar with them Participants indicated that they primarily focus on the advertising activities of their own banks and only pay attention to other banks' promotions if they are engaging and relevant to their needs They emphasized the importance of comparing advertisements based on price, quality, and reputation before making purchasing decisions Therefore, for VIB's advertising programs to attract new customers, the content must be appealing and effectively communicated through the right channels.
2.2.3 Possible reasons of low revenue of VIB
Low revenue is a clear indicator of underlying issues within a corporation, signaling the need for effective solutions to enhance growth This analysis explores the potential causes of low revenue at VIB to pinpoint the core problems affecting its performance.
Advertising serves as a critical communication tool aimed at persuading consumers to engage with a corporation's products or services (Kumar & Raju, 2013) Ineffective advertising can significantly hinder revenue, as it influences consumer purchasing decisions (Keller, as cited in Tsuji et al., 2009) Research by Tsuji et al (2009) emphasizes that brand awareness, which allows consumers to recall and recognize a brand, positively impacts decision-making and indirectly boosts corporate revenue For customers to purchase a brand, they must first be aware of it (Rossiter & Percy, as cited in Macdonald & Sharp, 2003) VIB's advertising efforts are limited, primarily occurring during major holidays, which may contribute to their ineffectiveness, as noted by 18.18% of surveyed customers who found promotional activities infrequent This lack of repetition hampers brand retention in consumers' minds (Macdonald & Sharp, 2000) Additionally, interviews revealed that current customers struggle to recall VIB's logo and advertising, indicating a short duration of campaigns that fail to establish a strong brand presence Without brand recognition, consumers are less likely to utilize or recommend VIB's products Keller (as cited in Fianto et al., 2014) highlights the importance of brand image in shaping consumer perceptions, which can yield long-term benefits for a company Customers expressed a tendency to recommend other banks due to familiarity, reinforcing the necessity of effective advertising for VIB to enhance revenue.
Product and service innovation is essential for addressing customer needs and enhancing value for both clients and companies (Kotelnikor, as cited in Hamid, 2012) A study revealed that customers perceive a lack of innovation at VIB compared to other banks, which significantly influences their purchasing decisions and contributes to the bank's low revenue Hamid et al (2012) emphasize that effective innovation can expand market size and boost corporate revenue Additionally, customers often recommend competitors like Vietcombank, Sacombank, and Agribank due to their innovative offerings, highlighting the critical role of innovation in customer trust and attraction, and underscoring the reasons behind VIB's revenue challenges.
Cause and effect diagram
The analysis of VIB's declining revenue revealed four key factors: advertising activities, product innovation, product quality, and staff capability A thorough investigation, utilizing literature reviews and data from VIB's current situation, secondary sources, and in-depth interviews with ten customers, indicated that product innovation, quality, and staff capability were not issues However, significant problems were identified in advertising activities, which emerged as the primary reason for VIB's low revenue The accompanying diagram illustrates the cause-and-effect relationship of these findings.
Capability of staf Product Innovation
Figure 2 Cause and effect diagram of Low revenue
Insufficient advertising activity is a common challenge faced by many corporations A study by Huang and Lai (2011) investigated brand management in small and medium-sized enterprises (SMEs) to identify effective strategies for building strong brands within this sector.
In 2011, it was recommended that the Board of Directors enhance their understanding of brand management to better analyze customer demand Additionally, companies should invest in long-term strategies for building and developing brand recognition A key focus should be on improving the quality of products and services, as these elements significantly influence brand awareness Furthermore, effective advertising activities play a crucial role in promoting brand visibility and recognition.
In 2011, it was emphasized that companies need to implement effective marketing strategies to engage their target customers and capture their attention, as a larger customer base leads to increased revenue and a competitive advantage This challenge is not unique to any single corporation For VIB, considering the current circumstances, the author will propose essential and effective solutions to enhance its advertising efforts.
Solutions
Alternative two: Electronic word of mouth
Second alternative is electronic word of mouth (E-WOM) According to Shojaee and Azman
E-WOM, or electronic word-of-mouth, emerged with the rise of the internet in 2013, facilitating communication between unfamiliar senders and receivers Its impact on communication is significant due to the vast number of participants and the rapid dissemination of information across various channels According to Shojaee and Azman (2013), E-WOM is effective not only for sharing genuine user experiences but also for its cost-efficiency, allowing marketers to save substantial budgets Jansen et al (as cited in Shojaee and Azman, 2013) noted that, similar to traditional word-of-mouth, consumers tend to trust messages from fellow customers more than promotional content from companies.
E-WOM (Electronic Word of Mouth) has emerged as a powerful marketing tool, offering a faster, broader, and more cost-effective alternative to traditional marketing methods (Azman, 2013) To effectively harness E-WOM, businesses can engage in various strategies tailored to Vietnamese consumer habits and the growth of social networks Two key activities for promoting E-WOM include utilizing viral marketing through emails and actively communicating with customers via Facebook fan pages, leveraging the influence of social media.
To effectively leverage E-WOM through viral marketing, VIB marketers will design engaging online promotional programs via email Simply sending text-heavy emails is insufficient to capture customer interest; instead, incorporating visuals, vouchers, and interactive elements like games can significantly enhance appeal Insights from in-depth interviews reveal that recipients are more likely to share emails containing valuable information with their contacts, underscoring the importance of crafting informative and engaging email content in advertising efforts.
To enhance customer engagement, VIB should prioritize visuals over text in their emails, as lengthy messages can bore recipients Incorporating eye-catching images and banners can make emails more appealing In addition to product promotions, these emails should offer coupons or special deals for customers who share the email with others, effectively broadening VIB's reach Emails forwarded by trusted contacts are more likely to be opened and read, tapping into customer psychology Furthermore, VIB can boost interaction by organizing mini-games with attractive prizes, encouraging players to forward the email to their network, thus facilitating rapid information dissemination.
Currently, VIB lacks vibrant customer communication through email, which should be integrated into its advertising strategy, supported by data highlighting the channel's effectiveness A survey by the Direct Marketing Association reveals that email marketing yields an average ROI of over 4,300% for many companies Additionally, emails are nearly 40 times more effective than popular social networks such as Facebook, Instagram, and Twitter in acquiring new customers.
To enhance VIB's advertising effectiveness, a second in-depth interview was conducted to gather customer insights on preferred marketing channels The findings revealed that customers place significant trust in information shared by friends and relatives For instance, Ms My Nu expressed her busy schedule, which limits her ability to meet friends in person, leading her to rely on email communication for trusted information This suggests that email is an effective tool for engaging customers online Additionally, other valuable platforms such as social media networks like Facebook, Twitter, LinkedIn, and Instagram can also be utilized to attract customer attention.
Social media platforms like Facebook and Instagram serve as powerful channels for enhancing advertising activities, particularly for VIB According to Dooley (2013), Web 2.0 platforms facilitate two-way communication, allowing users to share information freely, in contrast to the one-way communication typical of traditional Web 1.0 The qualitative research conducted by Dooley (2013) revealed that users prefer Web 2.0 channels due to their popularity and ease of use compared to earlier Internet platforms Additionally, the viral nature of Web 2.0 enhances the sharing of documents and information, fostering effective communication between participants and businesses.
To enhance engagement on VIB's Facebook fanpage, marketers will focus on three key strategies: updating valuable banking information, organizing interactive mini-games, and sharing entertaining content Regular updates will include essential details like exchange rates, credit card application processes, and loan procedures, ensuring customer inquiries are promptly addressed for maximum satisfaction Mini-games featuring practical prizes, such as VIB-branded handbooks for the fastest correct answers about the bank's birthday, will foster a sense of community and brand loyalty Additionally, the fanpage will feature humorous images and meaningful stories to provide relaxation and enjoyment for customers after their busy days.
To enhance customer awareness of VIB, the fanpage should prioritize promoting its key offerings without excessive time investment It is crucial to include the fanpage link in all VIB advertising materials, such as the website, banners, and leaflets, to increase visibility Currently, the VIB website lacks any reference to the fanpage, and its content is overly simplistic, focusing solely on banking products without engaging activities This limited approach results in customer neglect and reduces the effectiveness of advertising efforts.
To enhance VIB's visibility on Facebook for non-customers, hiring a Facebook advertising agency can effectively promote VIB's content to target audiences through their news feeds The advertising costs begin accruing with each click, averaging around VND 1,500 per click, a widely used and effective digital marketing strategy, particularly among major corporations in the Fast Moving Consumer Goods sector Additionally, the integration of the fan page and website is crucial, as the fan page showcases products to Facebook users, encouraging them to visit the website for more information and purchasing options Conversely, visitors to the website can easily access the fan page through a link in the "Contact" section, allowing them to engage with the company's online activities.
To maximize advertising effectiveness, it is essential to simultaneously focus on both fanpages and websites Additionally, creating engaging content for each advertising campaign is crucial to attract customers Insights from in-depth interviews reveal that customers are particularly drawn to captivating and meaningful marketing campaigns Campaigns that offer practical gifts tend to garner more attention, as consumers increasingly value tangible benefits over superficial advertisements Examples of effective marketing content derived from customer feedback will be elaborated on in the Implementation section.
VIB's current digital marketing efforts are lacking momentum, primarily relying on online advertising on financial websites without engaging directly with customers While VIB maintains a Facebook fan page, its content focuses solely on introducing new programs and products, resulting in a one-sided communication approach that fails to captivate the audience Furthermore, the fan page's address and information are not prominently displayed on the bank's website or promotional materials, limiting customer awareness As a result, VIB has not yet demonstrated the potential effectiveness of social media It is crucial for VIB to enhance its social media advertising strategies to boost customer engagement and improve overall marketing effectiveness.
Advertising on social media has become essential, as highlighted by reports from ComScore Vietnam, which indicate that approximately 41 million people in Vietnam are internet users, accounting for 45% of the population Among these, around 30 million actively engage with social networks, particularly Facebook, which has about 30 million users in the country Notably, 27 million individuals frequently access Facebook via mobile devices, utilizing the platform not just for entertainment and information but also for business and communication purposes A Nielsen report from 2014 revealed that the average person spends about 2 hours online daily, with internet usage comprising 31.5% of total media consumption—a figure expected to rise, especially among younger demographics Furthermore, social networks are trusted by consumers, significantly influencing purchasing decisions (69%), making platforms like Facebook an effective channel for businesses to reach and expand their target audience.
This solution offers a cost-effective approach to advertising, primarily involving the recruitment of a Marketing Executive to manage online marketing initiatives across social media platforms.
To enhance its digital marketing efforts, the bank seeks to hire a skilled marketer with extensive experience and proven achievements, offering a monthly salary ranging from VND 10 million to 12 million based on qualifications Additionally, VIB will allocate funds for customer engagement through vouchers, coupons, and small prizes for online campaign participants, as well as for boosting content on Facebook This strategy is designed to significantly reduce marketing expenses compared to traditional methods, as email marketing, fan page creation, and social media interaction are all free tools available to the bank.
Choosing best solution for VIB
in the whole marketing duration to get the highest effectiveness in advertising activities of VIB.
Implementation
In 2016, VIB will initiate a new advertising strategy, beginning with a trial phase during the first two quarters of the year This initial implementation will focus on gathering and analyzing data to assess the effectiveness of the advertising efforts based on ROI (Return on Investment) Lessons learned from any shortcomings will inform necessary adjustments for the second half of the year The advertising activities will encompass print media, LCD displays in buildings, and E-WOM through emails and Facebook, all managed by the Marketing and Communication team.
Department of VIB This team will assign the tasks for each team member to ensure the success and effectiveness of the four works during the two quarters.
The advertising strategy will begin with the staff contacting editorial offices of selected newspapers to obtain detailed quotations, which, upon approval from leadership, will lead to contract signing for two quarters Additionally, the team will identify at least three advertising agents for LCD displays to ensure the best pricing, focusing on prominent buildings in Ho Chi Minh City such as Centec Tower and Sai Gon Trade Center for ad placements Online advertising efforts will center around email and Facebook to engage customers, with the Customer Care Service Department collaborating with the Marketing Communication team to collect current and prospective customer emails for relationship management When customers interact with VIB, staff will request their official emails to update the customer database for strategic communication Furthermore, a Facebook agency will be hired to promote VIB's fan page to target customers, with a budget of VND 10 million aimed at achieving around 5,000 engaged views, thereby increasing visibility among potential future customers.
To effectively set up advertising activities across four channels, VIB must prioritize the creation of engaging and diverse content that evolves regularly It is essential for the team to develop comprehensive content that can be implemented simultaneously on all platforms, ensuring at least one new program is introduced each month Insights gained from in-depth interviews have generated valuable ideas for VIB's advertising strategies Below are three practical examples of advertising initiatives designed to attract new customers.
The VIB special promotion offers exclusive gifts to the first one hundred customers whose names begin with the letters V, I, or B Eligible names include Vu, Van, Vi, Viet, Isaac, Iris, Binh, Bich, and Bao These customers will receive complimentary benefits such as money transfer services, new MasterCard openings, and delightful gifts like books, handbooks, or phone cases This initiative aims to attract both Vietnamese and international customers, encouraging them to participate and share the promotion widely.
VIB is launching a birthday program that rewards customers with gifts during marketing campaigns, specifically targeting young people who are increasingly interested in horoscopes Research from Psychologies Magazine indicates that 70% of horoscope content is perceived positively, making it more appealing than other newspaper articles Horoscopes, which predict individuals' futures based on their birth dates, consist of twelve signs corresponding to different periods of the year For example, individuals born between July 23 and August 22 fall under the Leo sign VIB plans to capitalize on this by offering valuable gifts, such as a handbook featuring the VIB logo and the customer's horoscope symbol, to those celebrating their birthdays during this timeframe This strategy not only aligns with current trends among young consumers but also resonates with their personal identities, enhancing customer engagement and loyalty.
VIB is launching a customer feedback program aimed at enhancing product quality by gathering insights from current customers with firsthand experience Participants can submit suggestions for improvement, with the top thirty opinions rewarded with valuable gifts Additionally, each of these thirty customers will receive a complimentary master card package to share with a relative This initiative not only seeks to obtain constructive feedback but also provides VIB an opportunity to expand its customer base through referrals from satisfied clients.
The budget allocated for each program is VND 30 million If four programs with comparable budgets and content are executed over four quarters in a year, the total advertising cost would amount to approximately VND 7.33 billion, which remains within the estimated budget.
To maximize outreach, VIB should utilize various advertising channels, including newspapers, magazines, LCDs, email, and Facebook, to effectively disseminate information to a broad audience These channels have been identified as the most effective means of connecting with VIB's target customers based on prior analysis.
Conclusion
Advertising is a crucial strategy for corporations to launch products, attract customers, and increase revenue Current research indicates that VIB faces challenges in its advertising efforts, which are essential for boosting revenue By implementing clearly defined and feasible solutions, VIB can achieve significant revenue growth in the near future Each proposed solution has its own advantages and disadvantages, but the key is to foster creativity during implementation to maximize strengths and minimize weaknesses The author is confident in the potential for substantial revenue growth for VIB based on the in-depth analysis conducted in this research.
Supporting Information
Research methodology
Two qualitative research studies were conducted to identify the challenges faced by VIB and explore potential solutions Utilizing in-depth interviews as the primary technique, the first study took place in Ho Chi Minh City, yielding valuable insights into the issues at hand.
The study involves interviews with a total of ten customers, comprising five current VIB clients who will provide insights on VIB products and five customers from other banks who will discuss their perceptions of VIB's advertising efforts.
- Age of interviewees: The age of interviewees is from twenty to thirty years old because they are young people and office staffs who are the target customers of VIB.
- Place: University of Foreign Trade and D&D Company in Ho Chi Minh City.
This qualitative research aims to investigate the key issues facing VIB by gathering insights on factors that directly influence revenue, such as advertising strategies, product innovation, product quality, and staff capabilities.
- Report of the first qualitative research:
A recent survey of five current VIB customers revealed several insights about their perceptions of the bank Firstly, participants were unaware of VIB's current advertising programs, logo, and main colors Additionally, they noted a lack of innovation in VIB's products compared to other banks, describing the quality of these products as average However, respondents expressed satisfaction with the friendly and supportive attitude of VIB staff and the quality of customer care services Despite this positive feedback, when asked about recommending a bank to relatives, they preferred more familiar names such as Vietcombank, Sacombank, and Agribank.
A survey of five customers from different banks revealed that none were aware of VIB's current advertising activities They indicated that their interest in bank advertisements is primarily driven by the relevance of the programs to their immediate needs Consequently, advertising initiatives from other banks significantly influence their purchasing decisions.
The second qualitative research was conducted with the following information:
In a recent study, five customers from various banks, including VIB, shared their insights on the factors that capture their interest in advertising programs Their feedback highlights the importance of understanding customer preferences, suggesting that insights from any bank's clientele can provide valuable ideas for enhancing marketing strategies.
- Age of interviewees: The age of interviewees is from twenty to thirty years old because they are young people and office staffs who are the target customers of VIB.
- Place: at the living places of interviewees in Ho Chi Minh City.
This qualitative research aims to identify the key factors in advertising and advertising channels that capture customer interest By engaging customers in discussions about specific elements of advertising programs, the study seeks to understand how these factors influence their attention and ultimately guide their purchasing decisions.
- Report of the second qualitative research:
In a comprehensive interview, customers expressed a strong interest in advertising programs that feature engaging and meaningful content, along with useful mini-gifts such as vouchers, stationery, and special banking benefits They recommended that VIB incorporate these appealing elements into their advertising activities Additionally, interviewees highlighted their preferred channels for banking information, predominantly online platforms like Facebook and email, while noting that television advertisements receive minimal attention.
In this report, secondary data from reliable sources in below table have been used to support identifying problem of VIB and finding solutions.
Table 7 List of sources of secondary data
No Sources of secondary data Description
1 Comscore Vietnam Global media measurement and analytics company
2 Direct Market Association National trade organizations that seek to advance all forms of direct marketing
4 Kantar Media Vietnam Research, data and insight company
Dedicated to educating professionals in the areas of Digital Media and Internet Marketing to promote career growth in the Digital Media global job market.
6 Nielsen Holdings Global measurement company with leading market in marketing and consumer information, television, online intelligence and mobile measurement
The women’s magazine that seeks to enrich emotional life by gathering the most compelling thinking and translating it into personally insight and guidance.
8 Vina Research A Vietnamese online research company
Result of the first qualitative research
6.2.1Interview five current customers of VIB in the first in-depth interview
Table 8.The answers of current customers of VIB
No Name Ms Ngoc Ms
Ms Vy Ms Ngoc Mr Hien
1 Do you remember the logo or main colors of VIB?
“Yes, I do They are blue and orange”
“No, I do not remember exactly the logo and main colors of VIB”
“They are yellow and blue”
“No, I do not remember exactly the logo and main colors of VIB”
2 Do you know about the last and present advertising programs of
“I also remember one recent advertising program of VIB but I do not remember exactly”
“No, I do not remember and know about the advertising programs of VIB because it is not advertised widespread”
3 Do you see the innovation in
“I feel products of VIB are so normal and I also do not see any innovation in VIB products in compare with other banks”
4 How do you feel about quality of VIB?
“I feel quality of VIB products is normal, not bad but also not very good”
5 Were you satisfied with attitude of VIB staffs?
“I am satisfied with attitude of VIB staffs When communicating via phone, they are very friendly, support and willing to solve my confuses”
6 Do you introduce VIB for your relatives?
“No, I will introduce another bank”
“At present I am not sure about that”
“No, I think I will introduce other banks like Vietcombank, Sacombank,
Agribank because their brand names are familiar with many people”
6.2.2 Interview five customers of other banks in the first in-depth interview
Besides five current customers of VIB, author also interviewed five customers of other banks to investigate their knowledge about advertising program of VIB
Place: 102 AB Cong Quynh Street, District 1, HCMC
Type of interview: In-depth interview
Nhat Linh, an MBA student at ISB Institute of University of Economy, is currently working on a thesis focused on improving the effectiveness of advertising strategies for Vietnam International Bank (VIB) In this interview, he seeks insights related to the bank's advertising programs.
Please spend a little bit of your time for sharing your opinions to this topic Firstly, tell me your name and current job?
Ms Huyen: My name La Dieu Huyen and I am a Sales Executive.
Interviewer: At present, do you use products of any bank?
Ms Huyen: I am using product of Vietcombank
Interviewer: Ok You are customers of Vietcombank but now I would like to ask you something about another bank Do you know some advertising activities of VIB in recent times?
Ms Huyen: I do not know about it.
Interviewer: In case of seeing advertising programs of VIB in somewhere, do you pay some attention to it?
Ms Huyen generally does not focus extensively on banking options; instead, she primarily researches specific banks to enhance her knowledge When she has a need for particular products or services, she pays closer attention to relevant advertising programs from those banks and considers using their offerings.
The condition for your interest in a bank's advertising program hinges on several factors, including the quality of the program's content and its relevance to your current needs.
To effectively attract customers, advertising content must be engaging and aligned with current demand, prompting potential buyers to consider trying the advertised product.
Interviewer: So, the advertising programs also really affect your purchasing decision on condition of including the two above factors, right?
Ms Huyen: That is right.
Interviewer: Thank you for your sharing I will use your opinions in my thesis
Place: 102 AB Cong Quynh Street, District 1, HCMC
Type of interview: In-depth interview
Nhat Linh, an MBA student at ISB Institute of University of Economy, is currently conducting research for a thesis focused on enhancing the effectiveness of advertising strategies for Vietnam International Bank (VIB) In this interview, Linh seeks insights into the bank's advertising programs.
Please spend a little bit of your time for sharing your opinions to this topic Firstly, tell me your name and current job?
Mr Hung: My name is Hung and I am working for Mobifone Company.
Interviewer: At present, do you use products of any bank?
Mr Hung: I am using product of Vietcombank.
Interviewer: Ok You are customers of Vietcombank but now I would like to ask you something about another bank Do you know some advertising activities of VIB in recent times?
Mr Hung: I do not know about it.
Interviewer: In case of seeing advertising programs of VIB in somewhere, do you pay some attention to it?
Mr Hung frequently pays attention to banking programs, as he prefers using banking cards for shopping instead of carrying cash His habit of avoiding cash leads him to stay informed about various bank offerings.
Interviewer: You used products of many banks So why do you want to continue studying about other banks?
Mr Hung emphasizes the importance of product convenience, stating that even as a customer of specific banks, he actively researches and compares the products and services of other banks to ensure he selects the best benefits for himself.
Interviewer: So, the advertising programs of other banks also really affect your purchasing decision, right?
Mr Hung emphasizes the importance of researching and comparing advertising programs from various banks, stating that he carefully analyzes marketing efforts from different institutions before making a final purchasing decision.
Interviewer: So, the advertising programs of other banks really make you have purchasing decision to change into a different bank if necessary, right?
Mr Hung: Yes, that is right.
Interviewer: Thank you for your sharing I will use your opinions in my thesis
Place: 102 AB Cong Quynh Street, District 1, HCMC
Type of interview: In-depth interview
In an interview, Nhat Linh, an MBA student at ISB Institute of University of Economy, discusses his thesis focused on enhancing the effectiveness of advertising for Vietnam International Bank (VIB) He aims to explore various advertising programs of the bank to identify potential solutions for improvement.
Please spend a little bit of your time for sharing your opinions to this topic Firstly, tell me your name and current job?
Mr Phat: My name is Phat and I am working for a Construction and Engineering company.
Interviewer: At present, do you use products of any bank?
Mr Phat: I am using product of HD Bank, BIDV, Techcombank, Agribank, Vietcombank.
Interviewer: When you were customer of a certain bank, do you often pay attention on advertising programs of other banks?
Mr Phat: I also pay attention and have comparisons between them but it is not very often At present, I have banking cards of HD Bank, BIDV, Techcombank, Agribank, Vietcombank and
I just often pay attention on advertising programs of these banks, not other bank.
Recently, VIB has been actively engaging in various advertising campaigns to enhance its brand visibility and attract new customers These initiatives include innovative marketing strategies and promotions designed to showcase the bank's services and benefits Customers have noted VIB's emphasis on digital banking solutions, reflecting the bank's commitment to modernizing its offerings and improving customer experience.
Mr Phat: I do not know about it.
Interviewer: In case of seeing advertising programs of VIB in somewhere, do you pay some attention on it?
Mr Phat: It depends If on duration of advertisings, I have demand of products that are advertising, so I will pay attention on them.
Interviewer: So, the advertising programs of other banks also really affect your purchasing decision, right?
Mr Phat acknowledges that advertising programs from other banks significantly influence his purchasing decisions, particularly when he has a need for the advertised products, prompting him to pay close attention to these promotions.
Interviewer: When paying attention on a certain advertising program of a bank, what do you often do?
Mr Phat emphasizes the importance of researching and comparing different banks when considering their advertising programs and marketing efforts By taking the time to explore information online, he ensures that he makes an informed decision before finalizing his banking choices.
Interviewer: Thank you for your sharing I will use your opinions in my thesis
Place: 102 AB Cong Quynh Street, District 1, HCMC
Type of interview: In-depth interview
In this interview, Nhat Linh, an MBA student at ISB Institute of University of Economy, discusses his thesis focused on improving the effectiveness of advertising strategies for Vietnam International Bank (VIB) He seeks insights related to the bank's advertising programs to enhance his research.
Please spend a little bit of your time for sharing your opinions to this topic Firstly, tell me your name and current job?
Ms Tien: My name is Tien and I am Human Resources Staff for a Construction and Engineering company.
Interviewer: At present, do you use products of any bank?
Ms Tien: I am using product of HD Bank, Agribank.
Interviewer: When you were customer of a certain bank, do you often pay attention on advertising programs of other banks?
Ms Tien: No, I do not often pay much attention on them.
Interviewer: Why do not you pay attention on them?
Ms Tien primarily uses banking services for receiving payments from her company and transferring money to her family, without focusing on other banking products or services.
Interviewer: Do you know some adverting programs of VIB in recent times?
Ms Tien: I know VIB, but I don’t know its advertising programs As I said, I do not care about this.
In a recent interview, the interviewer questioned whether the interviewee values bank programs focused on transfer services The interviewee expressed a lack of interest in such programs, emphasizing that their primary concern lies solely in the efficiency of transferring services This highlights a common perspective among customers who prioritize practical banking functionalities over promotional offers.
Ms Tien: Yes, I do If a bank advertises programs regarding to transferring services at the time
I am having demand, I also feel interest in them.
Interviewer: So, the advertising programs of other banks also really affect your purchasing decision but they should be appeared at your right time when having demand, right?