THEORY FOUNDATION ABOUT MARKETING
General about Marketing Communications
Communication involves conveying a message through six essential elements: a source, a message, a communication channel, a receiver, and the processes of encoding and decoding The source, which can be an individual or a company, has information to share, such as details about a new service, which constitutes the message This message is delivered via various channels, including sales representatives, advertising media, or public relations tools The intended audience, who engage with the message through reading, listening, or viewing, are identified as the receivers.
Source: Managing Service Marketing, John E.G Baterson, K.Douglas Hoffman
Marketing communications encompass all interactions between an organization and its stakeholders, particularly customers This field, a vital aspect of marketing research, includes traditional promotional methods such as advertising, sales promotions, personal selling, publicity, public relations, direct marketing, and e-marketing However, it extends beyond these methods to cover every point of contact between the organization and other parties.
T he Marketing Communications Mix is the specific mix of advertising, personal selling, sales promotion, public relations, and direct marketing a company uses to pursue its marketing objectives
This article provides a comprehensive analysis and recommendations regarding the marketing communication strategies of securities companies in Vietnam It explores the current landscape of the securities market, highlighting key challenges and opportunities for effective communication The research emphasizes the importance of integrating digital marketing techniques and enhancing customer engagement to build trust and credibility Furthermore, it suggests tailored marketing approaches that resonate with local investors, ultimately aiming to improve brand visibility and market positioning for securities firms in Vietnam.
Figure 1-2: The tools of the marketing communication mix
Setting Marketing Communication Strategy for Service Firms
A successful communications strategy follows a consistent pattern, regardless of whether a company offers goods or services It begins with defining a target audience and establishing clear objectives for the overall communication mix, which comprises advertising, public relations, personal selling, sales promotion, and direct marketing While personal selling typically facilitates two-way communication, the other elements primarily involve one-way communication from the marketer to the customer In the context of services, service providers play a crucial role in enabling two-way communication at the point of interaction.
Figure 1-3: Marketing Communication Strategy for Service Firms
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and customer engagement The findings highlight current trends and challenges faced by these companies, suggesting tailored marketing approaches to improve their outreach By implementing innovative marketing techniques, securities firms can better connect with their target audience and drive growth in a competitive market.
Source: Managing Service Marketing, John E.G Baterson, K.Douglas Hoffman
1.2.1 Define the Target Audience and Objectives Defining the target audience
This article presents a comprehensive analysis of marketing communication strategies employed by securities companies in Vietnam It offers research findings and actionable recommendations aimed at enhancing the effectiveness of these strategies By examining current practices and identifying areas for improvement, the study seeks to optimize marketing efforts within the Vietnamese securities sector, ultimately fostering better engagement with clients and stakeholders.
Identifying the target audience is crucial for developing an effective marketing strategy, as it stems from a deep understanding of consumer behavior Establishing the target customer early in the service design process is essential; otherwise, the entire service formula may become disjointed Unlike physical products, services require a more precise targeting of the audience to ensure success.
Setting communication objectives for services
To ensure that the company's services are perceived as the least risky option, effective communication strategies should be employed to influence the decision-making process.
To ensure that the firm‟s service offering is in the evoked set
To alter the weights attached to different attributes by consumers to favor those on which the company is strong
To alter the score on a given attribute for the company, particularly if there is gap between performance and consumers‟ perceptions
To alter the score on a given attribute given to a competitor, again particularly if there is a gap between performance and consumers‟ perceptions
If the company is not in the evoked set, to build enough awareness of the offering to arouse inclusion
In this phase, consumers play an active role in the production process, making their participation crucial for success For businesses, effective consumer involvement enhances operational efficiency and boosts overall customer satisfaction Conversely, consumers benefit from their successful participation by achieving a higher level of satisfaction with the service received.
This article provides research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of perceived control in enhancing customer satisfaction during the post-consumption phase By focusing on effective marketing communication, securities firms can improve client engagement and overall satisfaction, ultimately leading to better business outcomes.
Effective communication during this phase is crucial for ensuring successful performance, as it provides consumers with a clear script tailored to the specific service operation.
Consumer expectations are influenced by various factors, both controllable and uncontrollable by the services firm These expectations stem from prior experiences with the firm or its competitors, as well as from different forms of communication The goal in this phase is to align customer expectations with the performance attributes of the servuction system.
1.2.2 Divide the Communications Objectives and Target Audiences among the Channels
After establishing the overall objectives and identifying the target audiences for the communication mix, it's essential to allocate tasks among advertising, sales, public relations, and point-of-sale messages This involves aligning tasks with the strengths of various communication channels and understanding how consumers engage with these channels to achieve distinct objectives.
To effectively assign tasks across various communication channels, it’s essential to evaluate how precisely messages can target specific audiences Media advertising varies in its audience reach; for instance, TV ads can engage broad audiences but lack selectivity, primarily influenced by the time of day In contrast, national print media like newspapers and magazines provide a more focused approach, as they cater to distinct consumer segments.
This article explores the marketing communication strategies of securities companies in Vietnam, providing research findings and actionable recommendations It emphasizes the importance of effective marketing communication in enhancing brand visibility and customer engagement within the competitive financial sector The study highlights current trends, challenges, and best practices, aiming to optimize the marketing efforts of securities firms in the Vietnamese market By implementing these recommendations, companies can strengthen their market position and improve overall performance.
Trade magazines cater to a highly specialized readership, making them an effective choice for targeted marketing Among various media options, direct mail provides the most precise outreach When selecting media for advertising, it is essential to consider the cost per thousand members of the target audience, as well as the potential risks and expenses associated with misdirected efforts.
Key differences in information usage between goods and services
To effectively craft communication messages for a service, it is essential to recognize the fundamental differences in information usage between goods and services Understanding these distinctions is vital for appropriately segmenting communication objectives, identifying target audiences, and allocating budgets across various channels.
Service consumers tend to seek more information before making a purchase compared to goods buyers, primarily due to the higher perceived risks associated with services This behavior highlights the importance of gathering information to mitigate potential uncertainties before committing to a service purchase.
Marketing Communication Tools
Advertising is a paid, nonpersonal communication method used by identified sponsors to promote organizations, goods, services, or ideas The necessity of payment highlights that advertising space must be purchased It utilizes mass media channels, including TV, radio, and magazines, which lack the immediate feedback characteristic of personal selling.
There are several advantages to a firm using advertising in its communication mix
Advertising effectively captures attention while clearly communicating the benefits of a product or service to potential buyers By purchasing advertising space, companies gain control over their messaging, including the timing and target audience The nonpersonal nature of advertising offers advantages as well; once a message is crafted, it can be uniformly delivered to all individuals within a market segment If the message is thoroughly pretested, businesses can be confident that it will be interpreted consistently across the intended audience.
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective marketing communication in enhancing brand visibility and customer engagement within the competitive financial sector The study identifies key trends and challenges faced by these companies and suggests actionable strategies to improve their marketing efforts By leveraging digital platforms and targeted messaging, securities firms can better connect with potential investors and build trust in their services Overall, the research aims to provide valuable insights for enhancing the marketing communication practices of securities companies in Vietnam.
Advertising can be costly due to the significant expenses involved in producing and placing messages Additionally, the absence of direct feedback complicates the assessment of how effectively the message resonates with the audience.
1.3.1.2 Types of advertisements a) Product advertisements
Focus on selling a good or service, product advertisements take three forms: (1) pioneering (or informational), (2) competitive (or persuasive) and (3) reminder
In the introductory stage of a product's life cycle, pioneering advertisements play a crucial role by educating consumers about the product's features, benefits, and availability The primary goal of these informative ads is to effectively inform the target market, making them both engaging and persuasive Research shows that such ads are not only interesting but also highly effective in capturing consumer attention.
Competitive advertising aims to persuade consumers to choose a specific brand by highlighting its unique features and benefits over competitors A prevalent strategy within this approach is comparative advertising, which emphasizes a brand's strengths in relation to others Companies utilizing comparative advertising must conduct thorough market research and gather test results to substantiate their claims legally.
Reminder advertising serves to strengthen existing awareness of a product, making it particularly effective for well-established items in the mature stage of their product life cycle Additionally, reinforcement ads provide reassurance to current users, confirming that their choice was a sound one.
The objective of institutional advertisements is to build goodwill or an image for an organization, rather than promote a specific good or service Often this form of
This article explores research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of advertising as a tool to enhance public relations and mitigate negative publicity The study identifies four key forms of institutional advertisements commonly employed in the industry, highlighting their effectiveness in promoting a positive image and fostering trust among investors.
Advocacy advertisement states the position of a company on an issue
Pioneering institutional advertisements, like the pioneering ads for products discussed earlier, are used for announcement about what a company is, what it can do, or where it is located
Competitive institutional advertisements promote the advantages of one product class over another and are used in the market where different product classes compete for the same buyers
Reminder institutional advertisements, like the product form, simply bring the company‟s name to the attention of the target market again
Because media costs are high, advertising decisions must be made carefully, using a systematic approach The advertising decision process is divided into (1) developing, (2) executing, and (3) evaluating the advertising program
Development of the advertising program focuses on the four Ws:
Who is the target audience?
What are (1) the advertising objectives, (2) the amounts of money that can be budgeted for the advertising program, and (3) the kinds of copy to use?
Where the advertisements should be run?
When should the advertisements be run? a) Identifying the Target Audience
The first decision in developing the advertising program is identifying the target audience, the group of prospective buyers toward which an advertising program is
This article explores research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of identifying the target audience for advertising programs through thorough marketing research and market segmentation studies Understanding the target audience's profile, including their lifestyles, attitudes, and values, significantly enhances the effectiveness of advertising initiatives Additionally, it outlines specific advertising objectives that align with the firm's products and market needs.
Once the target audience is identified, it's essential to determine the objectives of the advertising campaign Consumers typically follow a hierarchy of effects, progressing through various stages from initial awareness of a product to taking action.
Awareness : the consumer‟s ability to recognize and remember the product or brand name
Increase : an increase in the consumer‟s desire to learn about some of the features of the product or brand
Evaluation : the consumer‟s appraisal of the product or brand on important attributes
Trial: the consumer‟s actual first purchase and use of the product or brand
Adoption: through a favorable experience on the first trial, the consumer‟s repeated purchase and use of the product or brand
When introducing a completely new product, the outlined sequence pertains to the entire product category; however, for a new brand entering an established market, it specifically relates to the brand These steps provide valuable guidance for formulating effective advertising objectives Additionally, establishing a well-defined advertising budget is crucial for successful marketing efforts.
After establishing the advertising strategy, a company faces the challenge of determining its budget Finding the optimal spending amount is complex, as there is no definitive method to accurately measure the outcomes of advertising efforts.
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective advertising design to enhance brand visibility and attract potential investors By analyzing current trends and consumer behavior, the study suggests tailored marketing approaches that resonate with the target audience Additionally, it highlights the necessity for securities firms to adopt innovative advertising techniques to differentiate themselves in a competitive market Overall, the research aims to provide actionable insights that can improve the marketing effectiveness of these companies in Vietnam.
The core component of any advertising program is the advertisement itself, which includes both the copy and the visual elements designed for the target audience across various media such as magazines, newspapers, and television, as well as audio platforms like radio The advertising message typically emphasizes the key benefits of the product that are crucial for potential buyers when considering trial and adoption.
Advertising messages typically combine informational and persuasive elements, making it challenging to distinguish between the two Essential information like product name, benefits, features, and price is often presented in a way that captures attention and motivates purchases Conversely, even the most compelling advertisements must include basic information to achieve effectiveness.
RESEARCH ON MARKETING COMMUNICATIONS OF
Summary about Vietnam securities market and securities companies
The Vietnam securities market officially began operations in 2000 with the establishment of the Ho Chi Minh Securities Trading Center, now known as the Ho Chi Minh Securities Exchange (HOSE) Initially, the market featured only a limited number of stocks, with total capital at approximately USD 1.7 million Over the first six years, market capitalization grew to USD 0.5 billion However, the years 2006 and 2007 marked a significant turning point, as the Vietnam securities market experienced remarkable growth and achieved a series of impressive records.
In 2006, the estimated market capitalization was USD 13.8 billion, representing 22.7% of the GDP By April 2007, this figure surged to USD 24.4 billion, accounting for approximately 38% of the GDP, marking a staggering increase of 1400% compared to the year 2000 Currently, the number of listed companies has risen to 213, reflecting a remarkable growth of 704% since 2000.
Figure 2-1: Chart of VN Index from 2001 to 2007
Source: http://vndirect.com.vn
The above chart describes the performance of VN Index in 8 years from 2000 to
From its initial value of 100 points on July 28, 2000, the VN Index surged to a remarkable peak of 1170 points by March 2007, highlighting the market's tremendous growth during this period Notably, in 2006 alone, the VN Index experienced an impressive increase of 146%.
Research and recommendations on marketing communication strategies for securities companies in Vietnam highlight significant growth in the market, with the VN Index experiencing a remarkable 43% increase in the first three months of this year Currently, the VN Index hovers around 900 points, representing a staggering 90-fold increase since its inception This upward trend underscores the importance of effective marketing communication in capitalizing on the burgeoning opportunities within the Vietnamese securities market.
As of now, there are 60 securities companies active in the market, with 60 operating on the Ho Chi Minh Securities Exchange (HOSE) and 55 on the Ha Noi Securities Trading Center (HASTC) These firms engage in four primary areas of operation: deposit and brokerage services, consultancy, self-trading, and underwriting.
The total number of trading accounts surged from 50,100 in 2005 to 106,393 in 2006, and by September 2007, it reached approximately 320,000, marking a 300% increase compared to 2006 Notably, over 140,000 new accounts were opened in the first half of 2007 alone.
The chart illustrates the distribution of accounts among various securities companies, highlighting that Sai Gon Securities Incorporation (SSI) leads with 21.20% of the market share, followed by Vietcombank Securities Company (VCBS) and Bao Viet Securities Company Other notable firms include the Securities Company of Asia Commercial Joint Stock Bank (ACBS), BIDV Securities Company (BSC), Agribank Securities Company (AGRISECO), and Incombank (IBS) Collectively, smaller securities companies account for only 20.90% of total accounts These figures indicate that established and reputable securities firms significantly attract customers, posing challenges for new entrants to compete effectively without targeted marketing strategies that enhance investor awareness.
Figure 2-1: Percentage of Accounts Opened at Securities Companies
This article presents research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and building trust with clients The findings suggest that adopting modern digital marketing techniques can significantly improve engagement and outreach Additionally, the study highlights the need for tailored marketing approaches that resonate with the local market's unique characteristics and investor behaviors By implementing these strategies, securities companies can strengthen their market position and foster long-term relationships with their customers.
Percentage of Accounts opened at Securities Companies
VCBS BVSC ACBS BSC AGRISECO IBS
Source: Statistics of State Securities Committee in Sep 2007
Base on company size, market share, time of establishment and fame, securities companies in Vietnam can be divided into three groups
Group 1 includes big and well-known securities companies which keep the big market share, at least 5% of total market share Besides, these companies have been established and operated in the market for a long time, at least two years Several companies in this group are:
Sai Gon Securities Incorporation (SSI) Vietcombank Securities Company (VCBS) Bao Viet Securities Company (BVSC) ACB Securities Company
BIDV Securities Company (BSC) Agribank Scurities Companies pany (Agriseco)
Group 2 consists of medium companies These companies are established after the first group for about 6 -12 months and have a relatively well-known market position One common feature of companies in this group is that they are normally a member or closely related to big financial institutions, big banks, big corporation Therefore, they are supported in terms of capital, human resource and customer relationship Some companies in Group 2 are:
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective marketing communication in enhancing brand visibility and customer engagement within the competitive financial sector The findings suggest that securities companies should adopt a multi-channel approach, utilizing both digital and traditional media to reach a broader audience Additionally, the study highlights the need for tailored content that addresses the specific needs and preferences of potential investors By implementing these strategies, securities companies can improve their market positioning and foster stronger relationships with clients.
Thang Long Securities Company Sai Gon Thuong tin Bank Securities Company
An Binh Bank Securities Company VnDirect Securities Company Trang An Securities Companies
Group 3 is companies opened recently, smaller size and less accounts They are joint stock companies that established by rich individuals who take advantage the development of securities market
Dai Viet Securities Company Bien Viet Securities Company Tan Viet Securities Company Viet Tin Securities Company Viet Dragon Securities Company
Research on communication tools used by securities companies
The research was conducted by using depth interview with marketing managers of
6 securities companies, combining with desk research of the author Securities companies have different market positions, different sizes and uses different ways to communicate with customers
In general, securities companies in Vietnam have used some of 6 tools: advertising, PR, personal sales, sales promotion, direct marketing and e- marketing to communication with customers
This article presents comprehensive research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective marketing communication in enhancing brand visibility and customer engagement within the competitive financial sector The study identifies key challenges faced by these companies and suggests innovative approaches to improve their marketing efforts Additionally, it highlights the role of digital marketing and social media in reaching a broader audience and fostering customer relationships Ultimately, the recommendations aim to empower securities companies in Vietnam to optimize their marketing communication for better market positioning and growth.
Public relations (PR) is the most favored tool among securities companies, frequently utilized to engage clients E-marketing through websites is the second priority, aimed at attracting potential customers Additionally, these companies emphasize strengthening their sales force, particularly in brokerage and consultancy departments, to enhance customer outreach Recently, they have introduced more compelling sales promotions with attractive policies However, direct marketing and advertising remain infrequent, often implemented in simplistic manners.
Effective communication between companies and customers is increasingly frequent and widespread, primarily facilitated by public relations (PR) and personal sales strategies Among these, SSI leverages PR activities the most to engage with its customers effectively.
The second group mainly uses combination of PR, advertising and promotions However, the frequency of communication is still less than the frequency of the first group
The recent market downturn has significantly impacted the last group, making it challenging for them to attract customers To capture the attention of new and potential investors, they primarily rely on sales promotions, while their use of public relations and advertising remains infrequent.
The next parts will present detailed about each communication tools that are using by different securities companies
PR is the tool which is used most frequently and seemingly most affect the view of customers Securities companies do PR via three main ways: (1) PR through
This article explores research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the significance of various promotional methods, including traditional media such as newspapers, magazines, and websites, as well as public relations initiatives through television shows and organized conferences or training courses Among these strategies, the use of traditional media is highlighted as the most prevalent approach for effective marketing communication in the securities sector.
2.1.1.1 PR through newspapers, magazines, websites
Many companies publish articles related to their operations and industry news, with popular publications like "Dau tu chung khoan" (Investment Review) and "Dien dan doanh nghiep" (Business Forum) frequently featuring such content Additionally, reputable websites such as VietnamNet and Vnexpress provide timely updates on the developments within securities companies Below are some articles focused on the securities sector.
Figure 2-2: One article about SSI when it first listed on HASTC
Source: http://www.vnn.vn
Figure 2-3: SSI with the event of being listed on HOSE
This article presents comprehensive research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and customer engagement within the competitive financial market The study identifies key trends and challenges faced by these companies, offering actionable insights to improve their marketing approaches By leveraging digital platforms and targeted messaging, securities firms can better connect with their audience and drive growth in the Vietnamese market.
Source: http://www.ktdt.com.vn
Figure 2-4: Announcement about the establishment of STB Securities
Source: http://www.hochiminhcity.gov.vn
Figure 2-5: VNDirect launches new service
Source: http://www.vnexpress.vn
Figure 2-6: Bien Viet Securities with CBV-Index
This article presents research and recommendations on the marketing communication strategies employed by securities companies in Vietnam It highlights the importance of effective communication in enhancing brand visibility and customer engagement within the competitive financial market The findings suggest that adopting innovative marketing techniques and leveraging digital platforms can significantly improve outreach and client relationships Additionally, the study emphasizes the need for securities firms to align their marketing efforts with regulatory requirements and market trends to ensure sustainable growth and customer trust.
Source: http://www.vcci.com.vn
Moreover, by newspapers, magazines and websites, securities companies also do
PR for their representatives such as CEO, Director or Vice-Director, even Manager of important departments like brokerage or research
Figure 2-7: SSI and its CEO Tran Duy Hung
Source: http://www.dddn.com.vn
Figure 2-8: CEO of Vndirect – Mrs Pham Minh Huong
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It explores the current landscape of financial marketing, highlighting the importance of effective communication in building trust and engagement with clients The study emphasizes the need for securities firms to adopt innovative marketing techniques and leverage digital platforms to enhance their outreach Key findings suggest that a tailored approach, focusing on customer needs and preferences, can significantly improve market positioning and client satisfaction The recommendations aim to guide securities companies in optimizing their marketing efforts to achieve sustainable growth in a competitive environment.
Source: http://www.vietbao.vn
Television programs such as “Ban tin chung khoan” and “Ban tin chung khoan Info” feature representatives from securities firms who discuss the stock market and promote their companies through interviews and explanations.
Figure 2-9: ‘Chung khoan cuoi tuan” on VTV1
Source: http://www.mof.gov.vn
This article explores the marketing communication strategies of securities companies in Vietnam, providing research insights and actionable recommendations It highlights the importance of effective communication in enhancing brand visibility and customer engagement within the competitive financial sector The study emphasizes the need for tailored marketing approaches that resonate with the unique preferences of Vietnamese investors By implementing these recommendations, securities companies can improve their market presence and foster stronger client relationships, ultimately driving business growth in Vietnam's evolving financial landscape.
Source: http://www.infotv.vn 2.1.1.3 PR by holding conference, training courses for investors
Companies often organize events and conferences to announce updates related to the stock market, such as the introduction of a new continuous marching-order system These events not only engage customers and media but also include free training courses designed to foster closer relationships with clients.
Figure 2-11: Viet Dragon Securities Corp holds training course for customers
Source: http://www.vdsc.com.vn
Up to date, there are no securities company launch big TV commercials to advertise for theirs companies They just stop at posting some box that includes the logo and
This article explores research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It highlights the significance of effective advertising through various channels, including newspapers and websites, where companies often promote their campaigns By analyzing these methods, the article aims to enhance the understanding of how securities firms can optimize their marketing efforts to reach their target audience more effectively.
Figure 2-12: Advertising of Ocean Securities on InfoTV
Source: http://www.infotv.vn
Figure 2-13: Advertising of Thang Long Securities on Investment Review
Source: http://www.tinnhanhchungkhoan.com.vn
Advertisements from securities companies tend to be straightforward and often fail to capture audience interest These ads are infrequently seen, primarily originating from large firms or newly established companies aiming to promote their offerings.
Personal selling in securities companies primarily involves brokerage activities, where brokers not only execute customer orders but also build and maintain a strong customer network This includes providing consultations and fostering positive relationships with clients Currently, SSI boasts around 40 brokers, while VCBS has a comparable number.
Survey on efficiency of marketing communication from securities companies
The survey was conducted to aim at the following purposes:
To evaluate the effective of marketing communication of securities companies with customers It must answer the question “whether the customers get the communication message from securities companies?”
To find the media tools that help securities companies to communicate effectively with customers
2.3.2 Scope of survey and some limitations
This survey was conducted via internet Questionnaires are sent to customers via email The respondents were individuals mainly in Hanoi
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and customer engagement within the competitive financial market The study identifies key areas for improvement, including digital marketing, customer relationship management, and the integration of innovative communication tools By adopting these strategies, securities companies can better connect with their target audience and drive growth in a rapidly evolving industry.
A survey was conducted involving six representative securities companies, categorized into three groups: Group 1 includes SSI and VCBS, Group 2 features medium-sized firms Thanglong Securities Company and Vndirect, while Group 3 consists of smaller, newer companies, Bien Viet Securities Company and Viet Dragon Securities Company Questionnaires were distributed to 50-60 customers from each of these securities firms to gather insights.
Due to limitation of time so the survey is conducted with only 6 companies
Survey respondents are individual customers, not include corporate ones
The area of survey mainly in Hanoi (only Viet Dragon Securities Company in Sai Gon )
2.2.3.1 Findings on the effectiveness of securities companies’ communication with customers
(1) In general, the effectiveness of communication of securities companies is not high This comment can be explained by the following evidences:
The percentage of customers who can identify exactly the logo or slogan of securities companies is not high, only 47% Although these percentages of
Research on the marketing communication strategies of securities companies in Vietnam reveals significant disparities in effectiveness among different groups Prominent firms, such as SSI and VCBS, demonstrate higher engagement levels, with 62% and 58% respectively In contrast, companies in the second and third groups show lower average percentages of 45% and 33%, indicating a need for improved marketing strategies to enhance their communication efforts.
The effectiveness of advertising is low
The evaluation of customers for service of staffs is just normal
The loyalty of customers is not high, especially with new-born companies
In average, there is 31% respondents find a reason to change from current securities company to another one
Despite the overall results being modest, PR stands out as the most effective tool among the four Publishing PR articles in online platforms and investment newspapers enables securities companies to enhance communication with their clients Additionally, innovative PR activities like conferences and training courses effectively engage and attract the interest of investors.
(3) Advertising is not used frequently; mainly appear on website and newspapers, and the effectiveness of this tool is low
(4) The evaluation for the service of staffs in securities companies is normal This somewhat shows that communication of staffs still needs much improvement
(5) The sales promotion is applied with few of securities companies and it takes more time to evaluate
Direct marketing tools such as websites, emails, and SMS messages can be highly beneficial for clients When used effectively, these tools foster and maintain strong relationships between securities companies and their clients.
This article provides an in-depth analysis and recommendations for enhancing the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in building brand awareness and trust among investors By leveraging digital marketing tools and strategies, securities firms can improve their outreach and engagement with potential clients The research highlights key trends and challenges in the Vietnamese market, offering actionable insights for companies to optimize their marketing efforts Ultimately, the article serves as a guide for securities companies aiming to strengthen their market position through improved communication practices.
Question 1: Identify the exact logo/slogan of securities companies
In conclusion, a significant number of clients struggle to recognize the logos and slogans of securities companies, indicating a low level of brand awareness These visual symbols are crucial for client recognition, and their ineffective communication may contribute to this disappointing outcome.
- Have you ever seen/read/watched/heard the advertisement of your securities company?
This article presents an in-depth analysis of marketing communication strategies employed by securities companies in Vietnam It highlights the current practices, challenges, and opportunities within the industry The research offers actionable recommendations aimed at enhancing the effectiveness of marketing communications to better engage clients and boost market presence By focusing on innovative approaches and digital marketing techniques, securities firms can improve their outreach and customer relationships in a competitive landscape.
Have you ever seen/read/watched/heard the advertisment about your securities company?
- What kind of advertisement did you often see/read/watch/hear?
Answers Newspapers Web TV Radio
Advertisement on websites and newspapers that have news about stock market appears most to clients
- Do you feel impressed with the advertisement of your securities company?
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and customer engagement within the financial sector The study identifies key challenges faced by these companies and suggests innovative marketing approaches to improve their outreach and client relationships By leveraging digital marketing tools and tailored messaging, securities firms can better connect with their target audience and foster trust in their services Overall, the findings aim to guide securities companies in optimizing their marketing communication efforts for greater success in the competitive Vietnamese market.
Do you feel impressed with the advertisement?
Conclusion: The effectiveness of advertisement is low
Have you ever come across an article that highlights the strengths and achievements of your securities company, discusses its future plans, or shares relevant information about the organization?
Have you read the article?
- Do you remember the content of the article?
This article explores research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and customer engagement within the competitive financial market The findings suggest that leveraging digital marketing tools and personalized communication can significantly improve outreach and client relationships Additionally, the study highlights the need for compliance with regulatory standards while implementing innovative marketing approaches to build trust and credibility among investors Overall, the recommendations aim to guide securities companies in optimizing their marketing efforts to achieve sustainable growth in Vietnam's dynamic financial landscape.
Do you remember the content of the article?
- You mainly read such kind of article on…?
In conclusion, public relations efforts through online and newspaper articles prove to be effective, with 75% of respondents indicating they have read such articles, and 58% recalling their content Notably, the majority of readers prefer accessing these articles online rather than in traditional print newspapers.
- Have you ever taken part in conference/meeting or training course held by your securities companies?
You mainly read such kind of artle on…?
This article presents comprehensive research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and building trust among investors The study identifies key challenges faced by these companies and suggests actionable strategies to improve their marketing efforts By focusing on digital marketing, customer engagement, and tailored messaging, securities firms can better connect with their target audience and drive growth in a competitive market.
- Do you find this (these) conference/meeting or training course beneficial?
Do you find this (these) conference/meeting/trainging course beneficial?
In conclusion, participation in conferences, meetings, and training courses organized by securities companies has been limited, likely due to the recent introduction of these PR activities However, those who do attend often find them valuable As a result, this form of public relations can serve as an effective communication tool for companies to engage with their clients.
- How do you feel about the service of staff in your securities companies?
Answers Very bad Bad Normal Good Very good
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective marketing communication in enhancing brand visibility and customer engagement within the competitive financial sector The study analyzes current practices and identifies key areas for improvement, suggesting tailored approaches to better connect with target audiences By implementing these recommendations, securities companies can strengthen their market position and foster trust among investors.
RECOMMENDATIONS
Define the target audience and objectives of communication
3.1.1 Define the target audience of communication strategy
Effective communication in securities companies hinges on clearly identifying both the message sender and the target audience In this context, securities companies serve as the senders, while their customers are the recipients of the communication By precisely defining their target customer groups, securities companies can enhance the efficiency of their communication efforts They can characterize their target customers using specific criteria to tailor their messaging effectively.
This article presents comprehensive research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and customer engagement within the competitive financial market The findings highlight key areas for improvement, including digital marketing integration, targeted messaging, and the use of social media platforms to reach a broader audience By adopting these strategies, securities companies can strengthen their market position and foster stronger relationships with clients.
Personal criteria Criteria related to investment
Place of living and working
Time spending for investment follow-up
For example securities companies can draw a table with criteria and describe theirs customers Here are recommendations for 3 groups of securities companies
Gender Both but more focus on male
Both but more focus on male
Both but more focus on male Place Hanoi, Ho Chi Minh, and other big cities, provinces nationwide
Hanoi, Ho Chi Minh and nearby cities
Job Those are working in areas that relates to enterprise business, especially kinds of investment and have high position in companies
Those are working in areas that relates to enterprise business, especially kinds of investment
Everybody in different working fields,
Education High education Medium and high education
Every level of education Foreign
Foreign and domestic Domestic Domestic
Characteristic Very active, high risk tolerance
Active, medium and low risk tolerance
Income Rich, high income High and medium income
This article explores research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective marketing communication to enhance brand visibility and customer engagement in the competitive financial market The study identifies key criteria for successful marketing practices, including the use of digital platforms, targeted messaging, and regulatory compliance By implementing these strategies, securities companies can improve their market positioning and foster stronger relationships with clients Overall, the findings provide valuable insights for enhancing marketing communication in the Vietnamese securities industry.
Knowledge Have much knowledge related to investment
Experience Much experience Not much experience Not much experience
Time A little time More time Much time
The target audience for each communication campaign can vary significantly based on specific objectives, and may represent only a small segment of the overall target group for companies Additionally, the intended audience for each communication tool may differ, highlighting the importance of tailoring messages to meet diverse needs.
Communication objectives should be set up following 3 phases of service consumption
The communication objectives of securities companies can be set up base on the consumption phase as following:
Pre-consumption To introduce about company and services
To inform the customer about preference they can have if they use service of securities companies
To emphasize on the strength of company, such as very good at OTC brokerage or strong analysis team, ext
To build up a image of company in the mind of customer,
This research provides valuable insights and recommendations for enhancing the marketing communication strategies of securities companies in Vietnam By focusing on effective communication techniques, companies can improve their market positioning and better engage with their target audience Implementing these strategies will not only strengthen brand awareness but also foster trust and credibility among investors Ultimately, this approach aims to drive growth and competitiveness in the dynamic Vietnamese securities market.
Consumption To increase the volume of consumption, for example, increase trading value, frequency of using value-added service
Post-consumption To show the customer that the company is doing to enhance customers satisfaction
To tell customer what they can get from keeping using the services (to strengthen the loyalty of customers)
Divide the target audience and objectives of communication among the
To effectively implement a communication strategy, it's essential to identify the target audience and objectives, then segment them into smaller groups tailored to various channels such as advertising, public relations, personal selling, sales promotions, direct marketing, and e-marketing Securities companies typically accomplish this by organizing their findings in a structured table.
This article presents a comprehensive analysis and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and attracting potential investors The research identifies key challenges faced by these companies and suggests tailored marketing approaches to improve engagement and foster trust among clients By leveraging digital marketing tools and personalized communication, securities firms can significantly enhance their market presence and drive growth in a competitive landscape.
Define communication messages
In the theory foundation, the guideline to define communication messages is presented Securities companies can apply these guideline to design their communication messages:
Guidelines Applications for securities companies
In the securities market, credibility and reliability are crucial for brokers and securities companies Brokers who make unattainable profit promises risk losing customer trust and future business Similarly, securities firms must communicate within their capabilities to maintain transparency Therefore, it is essential for securities companies to convey trustworthy messages that reflect their credibility, ensuring that audiences can rely on the information provided.
Securities companies possess valuable intangible assets, including high-quality service, expertise in analysis, and extensive networks that create investment opportunities for clients To effectively communicate these intangible benefits to customers, firms must convey them through various non-verbal messages that enhance customer understanding and trust.
Good customers care: quick order- matching,
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effectively disseminating market information and promoting favored stocks to engage clients and enhance investment decisions By analyzing current practices, the study aims to improve communication techniques, ensuring that investors receive timely and relevant updates Ultimately, the goal is to strengthen the relationship between securities firms and their clients through improved marketing communication.
Holding events, conference to demonstrate analysis ability
Suggest investment opportunities in both listed and OTC market
Feature the working relationship between customer and provider
The messages which are sent out should show that the relationship between securities companies and customers is featured by main characters like high creditability, mutual benefit
Reduce consumer fears about variations in performance
To ensure long-term and sustainable growth, securities companies must demonstrate reliability and compliance with regulations Customers are unlikely to trust or deposit funds with firms that face frequent penalties from the State Securities Committee or experience regular transaction errors Building a solid reputation is essential for attracting and retaining clients in the competitive securities market.
Determine and focus on relevant service quality dimensions
To enhance service quality, it is essential to streamline account opening procedures, optimize the trading process, and offer personalized consultancy for customers Providing valuable information and insights can significantly benefit users, while extending special preferences to VIP and loyal customers fosters stronger relationships Implementing these strategies will ultimately lead to improved customer satisfaction and retention.
To effectively implement a communication strategy, it is essential to refine the core messages for each communication tool, ensuring they align consistently with the overarching themes Key elements such as the logo, slogan, and imagery play a crucial role in reinforcing these messages.
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of maintaining consistency in colors and presentation forms across all communication activities to enhance brand recognition and trust By implementing cohesive marketing practices, securities companies can effectively engage their target audience and improve their overall market presence.
Put communication mix together
Base on the theory foundation and the survey result, general recommendations for securities companies in implementing communication mix include:
Different marketing communication tools must be associated to each other in a planed and consistent way All tools must show the message designed in marketing communication strategy
The prioritization of tools varies based on each company's specific conditions, with managers making strategic decisions accordingly For startups, focusing on sales promotion and advertising is crucial for growth In contrast, medium-sized companies can enhance their competitiveness against larger firms by leveraging e-marketing strategies, including engaging with investors through blogs and forums.
Three forms of communication including advertising, direct marketing and e-marketing should be applied more frequently and more creatively
It‟s necessary to set up a system to evaluate the effectiveness of each tools and of the mix, so that company can have experience for future application
Effective communication programs should be extensively promoted throughout the organization, ensuring that both managers and staff are proficient communicators This collective effort is essential for conveying the right messages to the appropriate audience.
This article explores the marketing communication strategies of securities companies in Vietnam It provides in-depth research and offers actionable recommendations to enhance their marketing effectiveness By analyzing current practices and identifying key areas for improvement, the study aims to help these companies better engage with their target audience and strengthen their market presence The findings emphasize the importance of adopting innovative communication techniques to stay competitive in the evolving financial landscape of Vietnam.
3.4.2 Recommendations for particular communication tool
Base on particular conditions, securities companies can choose its advertising objective among five following objectives:
To enhance brand recognition, it is essential for companies to effectively present key information, including their name, logo, slogan, and contact details for head offices and branches Advertisements should aim to create a memorable and distinctive impression that captures customer attention immediately For newly established securities firms, prioritizing this objective is vital for fostering awareness and ensuring that potential clients can easily recall their brand and offerings.
Advertisements for securities aim to boost trading account sign-ups and encourage customers to utilize services like brokerage, OTC brokerage, portfolio management, and investment delegation To achieve this, the advertising content must clearly communicate the benefits customers will receive from opening an account or engaging in these services Companies in groups 2 and 3 can effectively target their advertising to meet this objective.
To effectively evaluate securities companies, advertisements should highlight their unique strengths compared to competitors For instance, a company with a long-established presence and extensive relationships can showcase its productive OTC services as a key selling point By emphasizing such advantages, companies, particularly those in Group 1, can enhance customer perceptions and strengthen their competitive position against larger firms in their advertising campaigns.
This article presents research and recommendations on the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of effective communication in enhancing brand visibility and customer engagement The study identifies key challenges faced by these companies in the competitive market and suggests innovative marketing approaches to improve their outreach By leveraging digital platforms and targeted messaging, securities firms can better connect with potential investors and build trust Overall, the findings aim to guide companies in optimizing their marketing efforts to achieve greater success in the Vietnamese financial sector.
(4) Trial: This advisement must create a interest to test the service of securities companies The content can be announcement of sales promotion Group 3 need to implement such kind of activity
Adoption advertisements typically emphasize the strong connection between companies and their customers, encouraging continued use of services It is advisable for companies in groups 1 and 2 to prioritize this approach.
To effectively achieve their objectives, securities companies should establish an advertising budget This budget can be determined by analyzing the ratio of marketing and advertising expenses to total revenue or by using competitors' budgets as a benchmark for adjustments.
Companies should explore more sophisticated advertising strategies, particularly through TV commercials, as few securities firms currently utilize this approach Instead of relying on simple and basic content in newspapers and websites, businesses should focus on impactful visuals and effects Incorporating celebrities from the investment sector can significantly enhance brand representation and engagement.
About advertising on newspapers, as the survey results, securities companies can choose three following papers
Information documents of HOSE and HASTC
To advert on news websites, best options are:
http://www.vir.com.vn
This article presents comprehensive research and recommendations on the marketing communication strategies of securities companies in Vietnam It highlights the current challenges faced by these companies in effectively reaching their target audience The study emphasizes the importance of utilizing digital marketing tools and social media platforms to enhance visibility and engagement Additionally, it suggests adopting a customer-centric approach to build trust and foster long-term relationships with clients The findings aim to provide actionable insights for improving marketing practices within the Vietnamese securities sector.
http://forum.vietstock.com.vn
http://www.chungkhoan24h.com.vn Three T.V shows that can be used to post advertisement are:
“Ban tin tai chinh” on VTV1
“Ban tin tai chinh” on InfoTV
“Khoanh khac vang” on VTC1
To enhance brand visibility, it is essential to utilize public relations (PR) as a primary tool while diversifying efforts across various channels such as newspapers, websites, interviews, events, and conferences Organizing conferences and training courses can particularly draw customer interest, as many view these activities as beneficial Additionally, establishing "Investment Clubs" for customers and investors can foster relationship-building and information sharing Engaging in charitable activities after achieving significant investment profits can further enhance the company’s image through positive PR efforts.
Sales promotions are highly effective for newly established companies looking to attract customers To maximize the impact of these promotions, it is essential to implement targeted advertising strategies that ensure potential investors are aware of the sales events and motivated to take advantage of the offers.
To enhance sales promotion strategies, it is essential to diversify methods beyond traditional coupons and reduced transaction fees Securities companies can effectively engage customers through contests and product samples For instance, hosting a contest that rewards the 1,000th customer with a high-value gift can create excitement and drive traffic Additionally, providing samples allows customers to experience products firsthand, fostering greater interest and potential sales.
This article explores research and recommendations regarding the marketing communication strategies of securities companies in Vietnam It emphasizes the importance of value-added services, such as portfolio management and specialized brokerage, which provide investment advice to customers on demand By implementing these strategies, securities firms can enhance customer engagement and improve their competitive edge in the market.