INTRODUCTION
The necessity of the study
Due to the banking industry‟s intense competition, businesses have recently focused on developing marketing tactics that would enhance the way they provide services to clients Given the rising importance of the financial and banking sectors, promotion strategies are the main factor that affects marketing management success In the banking field joint commercial banks, place a high priority on marketing as a part of daily operations Therefore, the effectiveness and quality of a modern commercial bank‟s marketing strategies have a significant role in whether the bank succeeds or fails Based on this reason, the author decided to research direct marketing for joint commercial banks in order to deeply understand the efficiency of direct communication in banking
In order to launch a successful marketing campaign in a very competitive market segment, marketers need to choose an approach that can help banks earn more profit First of all, the author has to clarify two approaches used to connect with customers: mass marketing and direct marketing (Varghese Abraham and Jerin Joseph, 2019) Mass marketing is defined as the way that using the media channels like television, and website… to introduce a product to customers (Lilian Sing‟oei and Jiayang Wang, 2013) On the contrary, direct marketing is concentrated on creating a direct relationship with customers Direct marketing has been an area of marketing that has gained a lot of attention from marketing scholars over the last few years (Varghese Abraham and Jerin Joseph, 2019) emphasis that the extremely important tactic for a bank looking to enhance and maintain a solid client relationship is direct marketing Moreover, the procedure of establishment direct contact with users has been improved due to the innovation of technology such as 4.0 technology (Alanen and Aleksi, 2016) In addition, direct marketing alters the nature of marketing and it towards to reach a target audience with their information so that bank can easily introduce the new product or service to them Apart from this goal, direct marketing is the method by that marketers can find more potential customers with the previous lists When marketing staff has the information of customers by using direct marketing, they can carefully take care of their clients such as: giving the products that are appropriate to their demands, budget, and gender… Besides that, marketers enhance campaign responses and increase the return on their spending by targeting particular clients with customized communications and promotional campaigns
As a branch of a joint commercial bank operating in Ho Chi Minh City, its main tasks include trading in banking and financial services and finding potential customers in this area Maximizing profit with the large resource of clients is one of the primary responsibilities of the Ho Chi Minh City banking sector in general and VPBank – Ho Chi Minh branch in particular Consequently, the main objective of this study is to find out the way that VPBank‟s direct marketing campaign works and evaluate this campaign based on the SWOT model
The implementation and successful completion of direct marketing have significant implications for customer retention and expansion, market share growth, and really good sales support at Vietnam Prosperity Joint Stock Commercial Bank - VPBank - Ho Chi Minh Branch, developing new customers and supporting customer management, and enriching customer databases That is also the reason the author decided to write about "A case study of direct marketing of VPBank in Ho Chi Minh City".
The objective
- Conduct a critical literature review of direct marketing
- Clarify the direct marketing campaigns of VPBank
- Evaluate the SWOT model for direct marketing of VPBank
- To propose a new idea about the direct marketing of VPBank.
The research questions
In order to achieve the above goal, the content of the thesis must address the following research questions:
- What are the current direct marketing campaigns of VPBank?
- How effective are VPBank‟s current direct marketing campaigns in Ho Chi Minh City?
- What are the Strengths and Weaknesses of VPBank‟s direct marketing strategies?
- What are the Opportunities and Threats in the banking industry that VPBank should consider when implementing direct marketing?
- What new direct marketing strategies can VPBank adopt to remain competitive in the banking industry?
The information of VPBank
Vietnam Prosperity Commercial Joint Stock Bank – Trading name: Viet Nam Commercial Joint Stock Bank for Private Enterprises – Abbreviated name:
VPBank Formerly known as Joint Stock Commercial Bank for Non-State Enterprises of Vietnam, it was established on 12/08/1993 under the operating license No 0042/NH-GP of the Governor of the State Bank of Vietnam and license
No 1535/QD-UB issued by the People's Committee of Hanoi on 04/09/1993 The bank officially went into operation on September 10, 1993
Head Office: VPBank Tower, No 89 Lang Ha, Lang Ha Ward, Dong Da District, Hanoi City
Website: www.vbp.com.vn
Email: customercare@vpb.com.vn
Picture 1: The label of VPBank
VPBank is a long-standing joint stock commercial bank in Vietnam with a dynamic and stable financial potential The bank has a network of branches and transaction centers nationwide, with over 27,000 employees VPBank's products and services are always being improved and perfected to maximize advantages and meet customers' needs The bank has received numerous awards and recognition for its excellence in banking, including being named the "Best Bank for
SMEs" in Vietnam by The Asian Banker magazine in 2019 and recognized as the best foreign bond issuer in Asia in 2020 VPBank's stable financial potential and strong track record of growth and profitability make it a reliable choice for those concerned about their money
1.4.2 The overview activities of VPBank:
Fields: Finance - Banking; VPBank operates according to the regulations of the State Bank of Vietnam such as: Capital mobilization; Credit services; Deal
For individual customers: open credit card, card services, borrow, thrifty, current account, VPBank NEO, insurance, personal services, VPBank Loyalty, priority customers (for VPBank Diamond customers)
For business households: unsecured loans, mortgages, insurance, and card services
For SMEs: account services, corporate loans, card services, payment solutions, trade finance, deposit products, online overdraft, online disbursement, and open EKYC (Electronic know your customer) account
For Les: guarantee, credit products, import-export services and financing, account services, financial products, online banking, and email transactions
1.4.3 The business results of VPBank in 2021:
% complete compared to the 2021 plan
2 Customer deposits and valuable papers
4 Individual bank non- performing loan ratio
Table 1: The business results of Vietnam Prosperity Commercial Joint Stock
In recent years, VPBank has developed and achieved significant achievements as of 25/01/2021, VPBank entered the Top 250 most valuable banks globally In 2021, VPBank was honored as the best bank in risk management and regenerative products VPBank became the only financial institution in Vietnam to be honored by The Digital Banker magazine as a bank with the product "Best Mobile Banking Initiatives 2021" for the all-powerful digital banking platform VPBank NEO launched at the end of 6/2021 In addition, VPBank launched a financial brand dedicated to the breakthrough generation – VPBank Prime
VPBank has provided preferential credit packages to support businesses and customers, making it one of the top 50 most efficient companies in Vietnam for five consecutive years The bank has a large equity and serves over 20 million customers in all segments, with total assets expected to reach VND 547,409 billion by the end of 2021 In 2022, VPBank repositioned its brand and set a new mission of "For a prosperous Vietnam" after nearly 30 years of establishment and development.
Overview of structure
The thesis is provided in three chapters, including the preface, references, appendix, and conclusions They are as follows:
Chapter 4: Findings – Analysis of direct marketing at VPBanks
LITERATURE REVIEW
Description of direct marketing
Nowadays, most businesses like to have an open line of communication with their clients in order to fully comprehend their needs and cater a particular product to them Direct marketing is a type of interactive marketing that involves using one or more promotional tools to affect consumers' feelings and behavior (Kotler and Armstrong, 2012) Customers who choose from the database to be targeted for a particular campaign are provided with several sorts of information, including demographic data and details on the customer's personal attributes, such as gender, age, and purchase history Researchers have found that targeting specific groups of customers based on their demographics, behaviors, and preferences can significantly improve the effectiveness of direct marketing campaigns For example, a study by (Berger and Nasr, 1998) found that targeting high-value customers based on their past purchase behavior led to a 20% increase in response rates compared to a non-targeted campaign Similarly, a study by (Kotler and Armstrong, 2010)found that targeting customers who were most likely to respond to a direct mail campaign based on their age, income, and interests increased response rates by 30% With the increasing availability of data on customer behavior and preferences, businesses can use sophisticated analytics tools to target the right audience with personalized messages more effectively A study by Alwi et al (2016)found that data analytics can be used to optimize the timing and content of direct marketing messages, leading to improved response rates and customer satisfaction Besides that, direct marketing is a direct communication to a customer that is established to create feedback in the form of a direct request for more information to buy specific goods or services
However, some researchers have also highlighted the potential negative effects of direct marketing, such as consumer privacy concerns and the risk of over-saturation A study by (Peppers and Rogers, 1999)found that customers were more likely to opt-out of direct marketing campaigns if they felt that their privacy was being invaded, or if they received too many irrelevant or annoying messages
As I mentioned before, consumer privacy concerns can be a major issue, and businesses must be careful to obtain customer consent and avoid using data in ways that may be perceived as invasive A study by Kim and Lee (2017) found that consumers are more likely to accept direct marketing messages if they perceive the messages as valuable and relevant to their needs and interests
According to Chris Fill (2011), direct marketing is illustrated to represent the promotion of “through the line” communications For example, “through the line” interactions are represented by the use of direct email, telemarketing, door to door selling On the contrary, some researchers emphasize the form of direct marketing does not just include the three forms above, it includes more than that: such as SMS marketing, social media, … In addition to the theoretical perspective on the forms of direct marketing, it is important to consider empirical research findings For example, a study by Nguyen and Nguyen (2018) found that SMS marketing was the most effective direct marketing channel for banks in Vietnam, followed by email and telemarketing However, social media marketing was found to be less effective for banks in Vietnam compared to SMS marketing, email, and telemarketing This suggests that banks in Vietnam should prioritize SMS marketing as a direct marketing channel, but also consider using email and telemarketing to reach customers who prefer those channels (Nguyen and Nguyen, 2018)
Based on the theoretical areas of (Kotler and Armstrong, 2012), the author established this theoretical framework to facilitate the implementation of research
Figure 1: The form of direct marketing
In this study, the author focuses on understanding the worth of direct marketing in terms of banking Moreover, the author looked for more information from some previous researchers Direct marketing is used to maintain a direct relationship with their customers and especially it is adopted for financial services:
Face to face selling Direct email Tele- marketing
Kiosk marketing New digital marketing banks and insurance (Sadaf Hossein Javaheri, 2007) Mbugua and Gitau (2021) agree to point out to same conclusion findings They confirm that most banks usually use direct marketing as the main way for advertising and maintain brand awareness Regarding George E Belch and Michael A Belch (2003), direct marketing goes beyond direct email and the techniques of direct marketing.
The worth of direct marketing at a commercial bank
Direct marketing has been widely adopted by commercial banks as a strategy to attract and retain customers However, the effectiveness of direct marketing may vary depending on the context and target audience Empirical research has shown that different forms of direct marketing, such as SMS, email, telemarketing, and social media, may have different levels of effectiveness for banks in different countries (Nguyen and Nguyen, 2018) For instance, SMS marketing was found to be the most effective direct marketing channel for banks in Vietnam, followed by email and telemarketing, while social media marketing was found to be less effective (Nguyen and Nguyen, 2018)
Direct marketing can provide banks in Vietnam with a competitive advantage by allowing them to target specific customer segments with personalized offers and messages This can lead to increased customer satisfaction and loyalty, as well as higher response rates and conversion (Trinh and Nguyen, 2017) However, direct marketing is not without its difficulties Recent research has shown that mobile channels, such as mobile banking apps and SMS marketing, can be an effective way for banks to reach customers with targeted messages and offers Banks can use mobile channels to deliver personalized offers based on customers' transaction history and behavior, and to provide real-time alerts and notifications to customers about their accounts (Kshetri and Vo, 2020) However, to succeed in mobile marketing, banks need to focus on providing value to the customer and developing targeted campaigns that are tailored to the individual needs and preferences of each customer (Karjaluoto, H and Pento, 2015)
Despite the potential benefits of direct marketing, there are also potential negative effects that must be considered Customer privacy concerns and over- saturation of direct marketing messages could lead to customer annoyance and opt-out (Vuong et al., 2018) Therefore, banks need to carefully manage their direct marketing campaigns to avoid over-saturation and respect customer privacy concerns (Tran and Nguyen, 2020) Furthermore, personalized direct marketing campaigns may be more effective than non-personalized campaigns in improving customer loyalty and retention for banks in Vietnam Direct marketing can be an effective way to reach customers in Vietnam, but that it requires a customer-centric approach and a focus on providing value to the customer (Nguyen Hong Son and Nguyen Thi Hoa, 2016) Only direct marketing demonstrates consideration, care, and personalization of business connections, resulting in favorable consumer perceptions for organizations Direct marketing maximizes the interactive connection between the bank and the client, it is simple for companies to understand what those demands are Huan and Ngoc (2019) state that direct marketing can be an effective way to build and maintain customer relationships in the Vietnamese banking industry, but that it requires a deep understanding of customer needs and preferences, and a focus on providing personalized offers and messages
In addition to these factors, the adoption and effectiveness of direct marketing in the banking industry may be influenced by the data analytics capabilities of the banks Recent research has shown that data analytics capability can have a positive impact on firm performance in an emerging market like Vietnam(Alwi, Kitchen and Choudhury, 2016) Banks with better data analytics capability may be better equipped to target their direct marketing campaigns to the right customers and improve the effectiveness of their campaigns While direct marketing is often touted as an effective strategy for commercial banks, there is a need for further research to explore the optimal level of personalization and the most effective direct marketing channels for different customer segments in the banking industry in Vietnam For example, a recent study by (Mbugua and Gitau, 2021) examined the marketing strategies adopted by Equity Bank Limited in Kenya, but further research is needed to explore the effectiveness of these strategies in other countries
In summary, direct marketing can be an effective strategy for commercial banks to attract and retain customers, but its effectiveness may vary depending on the context and target audience Banks need to carefully manage their direct marketing campaigns to avoid over-saturation and respect customer privacy concerns.
RESEARCH METHODOLOGY
Introduction
The contents of Chapter 2 are some of the research-related topics, such as theories, influencing factors, and related studies conducted by (Varghese Abraham and Jerin Joseph, 2019), (Alanen and Aleksi, 2016), (Hany A.Elsalamony, 2014), (Chris Fill, 2011), (Alexander Hiam, 2014) and some researchers In this chapter, research methods will be presented and selected to clarify the research status and the belief of the researcher is also an important factor influencing research methodology
Accordingly, the focus of this chapter is on the benefits of interesting concepts and research methodology This research will use the research framework designed by (Saunders, Lewis, and Thornhill, 2009) to ensure that the results are more valid The methods will be shown in the figure below and some of these methods will be used in this study In the study of business and management, every type of research methodology is significant Depending on the kind of research questions that can be chosen and used to guide the use of various approaches, each method has a unique set of benefits and drawbacks To choose the best research approach, it is crucial that we have a thorough understanding of each one, including how it operates and it advantages
As a result, this chapter highlights the benefits of effective design and research methodology The study is gradually initiated with internal-to-external research layers to answer the research questions (Mark Saunders, Philip Lewis and Adrian Thornhill, 2015)
Research philosophy
According to (Mark Saunders, Philip Lewis and Adrian Thornhill, 2019), the phrase “research philosophy” describes a set of assumptions and attitudes toward the growth of knowledge Therefore, the research philosophy is essential to the consolidation of the research‟s tactics, techniques, and presumptions The choice of research philosophy is a crucial aspect of any research project, as it shapes the research design, methodology, and analysis In this study, interpretivism and realism research philosophies have been selected to provide a comprehensive understanding of VPBank‟s direct marketing campaigns in Ho Chi Minh City
The finance industry is extremely complicated; therefore, the awareness and complexity of understanding will eventually decline if the author uses the positivist approach (Mark Saunders, Philip Lewis and Adrian Thornhill, 2015) believed that interpretivism is an essential method that helps them comprehend the role that individuals play as social actors Besides that, interpretivism has developed as a subjectivist critique of positivism by the above researchers Interpretivism is a research philosophy that emphasizes subjective experiences, perspectives, and meanings This philosophy aligns with the aim of gaining a deeper understanding of how consumers interpret marketing messages and make decisions about whether to respond to them Interpretivism highlights the importance of the researcher's role in understanding the social world and the need for reflexivity in research(Bryman, 2016) The author claimed that interpretivism methodologies in real society are established by human actors According to interpretivism, it is critical for researchers need to define their objectives and intentions regarding the research and comprehend how people differ in order for us to efficiently play the role of social actors (Mark Saunders, Philip Lewis and Adrian Thornhill, 2012) Empirical research has shown that interpretivism is a valuable approach to gaining a deeper understanding of consumer behavior and preferences in direct marketing campaigns For instance, a study by (Vrontis and Thrassou, 2007)state that interpretive analysis can help identify consumer values, beliefs, and attitudes towards banking services and products, which can inform the design of more effective marketing campaigns In the context of direct marketing, interpretivism can help marketers gain a deeper understanding of how consumers interpret marketing messages and make decisions about whether to respond to them This understanding can be used to design more effective marketing campaigns that resonate with consumers
However, one limitation of interpretivism is its potential for researcher bias and subjectivity, which may impact the validity and reliability of research findings
To mitigate this limitation, the researcher should acknowledge their positionality, biases, and assumptions and use multiple sources of data and triangulation to enhance the credibility of research findings (Bryman, 2016)
Realism is one of five philosophies of epistemological viewpoints that researchers use for research related to scientific inquiry Realism is a research philosophy that emphasizes objective reality and the underlying causes and factors that contribute to the success or failure of direct marketing campaigns This philosophy aligns with the aim of analyzing marketing campaigns' effectiveness and identifying best practices for reaching and engaging customers Realism highlights the importance of evidence-based research and the use of quantitative and qualitative methods to collect and analyze data (Bryman, 2016) Empirical research has shown that realism is a valuable approach to analyzing the effectiveness of marketing campaigns and identifying best practices for reaching and engaging customers For example, a study by (Nguyen and Nguyen, 2019)state that realist research methodology can help identify the key factors that influence customer satisfaction with direct marketing campaigns in the banking sector in Vietnam
In this case study of VPBank's direct marketing campaigns in Ho Chi Minh City, a mixed-methods approach will be used to evaluate the effectiveness of the campaigns The study will combine quantitative data analysis of customer satisfaction ratio with qualitative data analysis of customer feedback and perceptions of the campaigns This mixed-methods approach will enable the researcher to identify both objective and subjective factors that affect the effectiveness of VPBank's direct marketing campaigns in Ho Chi Minh City
However, a limitation of realism is its potential to overcome complex social phenomena and ignore the subjective experiences and views of individuals To solve this limit, the researcher should admit the limitations of objective research and consider the role of the social, cultural and powerful context in shaping research results (Bryman, 2016) In short, the selection of real research philosophy can provide an objective understanding of the effectiveness of VPBank's direct marketing campaigns in Ho Chi Minh City However, it is essential to recognize the limitations and potential deviations of realism and use an experimental approach, important to enhance the validity and reliability of the research results rescue.
Research approach
The claim that qualitative data analysis is difficult, time-consuming, and complex with limited conceptual awareness is made frequently A lack of clear instructions on how to analyze qualitative data using particular approaches can make the process unpleasant According to previous researchers, there are two main types of research approaches, which are often used in searching, the deductive approach and the inductive approach Using deductive and inductive methods, this section systematically explains the data analysis process Due to the nature of this study, which is considered a study that uses a qualitative approach The author implements the survey or select data and plus uses the company's available information This is a reason for the author to make a decision to choose the deductive approach as the research approach of this study Azungah (2018) states that the term “approaches that largely use intensive readings of raw data to derive concepts and themes” is used to describe inductive analysis Besides that, in contrast to the inductive approach, which aids in the development of new ideas and generalizations, the deductive approach examines the veracity of assumptions or theories under consideration
Deductive is defined as a research strategy built on natural science that has undergone extensive testing to offer the fundamental justifications for research challenges (Mark Saunders, Philip Lewis and Adrian Thornhill, 2019) Gill and Johnson (2002) confirm that the deductive approach plays a significant role in clarifying the causal relationships between variables in the research Mark Saunders, Philip Lewis and Adrian Thornhill (2019) state that deductive is the predominant study methodology in natural sciences It entails the creation of a theory that is then put to the test using a number of assertions According to Mark Saunders, Philip Lewis and Adrian Thornhill (2007), deductive can be used not only in qualitative data but also in quantitative data Generally, studies using a deductive approach following five stages:
Picture 3: The process of deductive
First and fore more, the author has to make assumptions based on theory
Secondly, researchers have to formulate in operationalizing and putting forward links to between particular variables
Thirdly, the author has to test the hypothesis while putting applicable techniques to use
Fourthly, evaluating the result and either supporting or disproving the idea
Finally, comparing the study findings with those from the literature review is crucial when analyzing test results when a hypothesis is not supported or changing the way
Consequently, the deductive strategy to be employed suggests that the thesis will consider the concepts and use them as the framework The results of the research, as well as the operational effectiveness and direct marketing performance of the VPBank branch, are used to support and serve as the basis for recommendations aimed at enhancing the marketing strategy.
Research strategy
The research strategy for this study is descriptive, as it aims to describe and analyze the effectiveness of VPBank's direct marketing campaigns in Ho Chi Minh
City The study uses a mixed-methods approach, which involves using multiple methods of data collection and analysis, such as surveys and personal observation
The survey questionnaire is created in two steps The first step involves conducting preliminary interviews with a variety of consumers and bankers to decide on the survey's subject matter The interviews help to identify key factors that affect the effectiveness of VPBank's direct marketing campaigns, and the questionnaire is designed based on these factors and the study's goal of maintaining uniformity The questionnaire is sent to the respondents with a link to access it, and they are instructed to complete it on their own time
The data collected from the survey questionnaire and interviews are analyzed using statistical techniques and qualitative analysis, respectively The results are then integrated and interpreted to draw conclusions and insights about the effectiveness of VPBank's direct marketing campaigns in Ho Chi Minh City
In conclusion, the research strategy for this study is descriptive, and it uses a mixed-methods approach with a survey questionnaire and interviews as the primary methods of data collection The data collected are analyzed using statistical techniques and qualitative analysis, and the results are integrated and interpreted to draw conclusions and insights about the effectiveness of VPBank's direct marketing campaigns
Survey method: The questionnaire is based on the applied Likert – type scale Accordingly, MS Excel software is used to summarize and calculate percentages Then the average value is analyzed in the scale according to the distance formula: Distance value = (Max value – Minimum value)/ Total scale = (5- 1)/5 = 0.8 The meaning of the levels is described as follows:
Excel software is applied to analyze the collected data, using a 5-level Likert scale from "very poorly" to "very well"
Survey period: The survey will begin in early April 2023 and end in mid-April
Convenient sampling method; Questionnaires were randomly sent to respondents who had transacted at VPBank, Ho Chi Minh City branch The total number of questionnaires delivered was 150 and valid return questionnaires were
150 Respondents' answers will reveal what factors influence VPBank's direct marketing activities From there, incentives and proposals will be released to better reinforce
The author use SWOT analysis module too investigate the efficiency of a direct marketing campaign of VPBank in Ho Chi Minh City, findings and describing the data regarding direct marketing are necessary to be able to give an accurate and impractical analysis In this study, the goal is to understand the operation of promotion for banking, specifically direct marketing So, the author decided to use a case study of the VPBank branch in Ho Chi Minh City for this study Firstly, the author wants to learn about the critical literature of direct marketing from overall to particular Next, the investigator clarifies the forms of this promotion that VPBank uses After doing the above goal, describing is the main point of this paper In this way, describing the direct marketing activities of VPBank in order to show the author‟s awareness of this topic and the conclusion of this process
The data for the SWOT analysis was obtained through personal observations During researcher‟s internship, the researcher observed the sales department and customers to gain a better understanding of the marketing methods being used and how customers respond and react to them This type of observation can provide valuable insights into an organization's operations and customer behavior, which can inform a SWOT analysis By observing the sales department, the author were able to identify strengths and weaknesses in their marketing methods, as well as potential opportunities and threats in the market By observing customers, researcher were able to gain insight into their preferences and behaviors, which can help inform marketing strategies Similarly, (Hammersley and Atkinson, 2019)argue that observation can provide a more nuanced understanding of social behavior than other research methods, such as surveys or interviews From the observation, the authorhave noticed that VPBank use direct marketing and email tactics to attract customers.Additionally, VPBank send targeted email campaigns to existing or potential customers, using catchy headlines and engaging content to grab their attention To increase customer trust and confidence, bank can provide accurate and comprehensive information about their offerings, including fees, interest rates, and account features It's also important for banks to offer attractive promotions and incentives to entice customers to open accounts or use specific services Providing training for staff to provide professional and effective customer service can also improve customer satisfaction and loyalty Finally, VPBank should establish efficient channels for customers to provide feedback and resolve complaints, such as a dedicated customer service hotline or online support syste.Therefore, using observation to inform a SWOT analysis is a valid and reliable research approach, and should be supported with relevant academic literature.
Research selection
Mark Saunders, Philip Lewis and Adrian Thornhill (2015) provided three techniques, which they referred to as the mono-method, the mixed method, and the multi-method
The choice of research philosophy is a crucial aspect of any research project, as it shapes the research design, methodology, and analysis In this study of VPBank's direct marketing campaigns in Ho Chi Minh City, a mixed-methods approach is deemed appropriate to address the research objectves and main findings A mixed-methods approach involves using multiple methods of data collection and analysis, run as surveys, to gain a more comprehensive understanding of the direct marketing campaigns This approach can help to triangulate data moreover, a mixed-methods approach allows for a more nuanced and comprehensive understanding of complex social phenomena, run as consumer behavior and preferences
For example, a study by (Khuong, Nguyen and Nguyen, 2020)used a mixed- methods approach to evaluate the effectiveness of direct marketing campaigns in the banking sector in Vietnam, combining qualitative interviews and quantative surveys This approach enabled the researchers to identify objective and subjective factors that affect customer behavior and preferences in direct marketing campaigns
In conclusion, a mixed-methods approach is deemed approved for this study of VPBank's direct marketing campaigns in Ho Chi Minh City This approach can provide a more comprehensive understanding of the direct marketing campaigns and the factors that influence customer behavior and preferences.
Time frame
The time horizon of a study indicates the time frame used to conduct a study Basis of this, Mark Saunders, Philip Lewis and Adrian Thornhill (2019) state that there are two classifications: cross-sectional and longitudinal When a study is conducted over a lengthy period of time, such as several years, and is repeated periodically, it is said to be longitudinal This paper‟s objective is to closely monitor and look at change and development in a specific direction (Saunders, Lewis and Thornhill, 2009) Research is considered to be a cross-sectional study when research is conducted once in a period of several weeks or months to provide views about that particular time, the purpose is to provide a “snapshot” of an event or situation in progress (Mark Saunders, Philip Lewis and Adrian Thornhill, 2012)
In this study, due to the fact that the investigation must be finished within three months, from the end of December 2022 to the end of April 2023, the time period for this study was established as partial This is because the qualitative data collection was carried out a specific time and did not span a time frame The bank implemented a variety of marketing strategies despite the short monthly time frame Only five months but yet includes all the regular and noteworthy actions of banks in Vietnam.
Sampling
As the author of this study, I have conducted a survey of 150 users to determine the effectiveness of VPBank's direct marketing campaigns in Ho Chi Minh City To ensure the accuracy and reliability of my findings, it is important to determine whether this sample size is appropriate for my research
Determining the appropriate sample size for a study depends on a variety of factors, including the population size, the level of precision desired, and the confidence level required Previous research has recommended using statistical tools such as sample size calculators to determine an appropriate sample size based on these factors
In conclusion, the appropriate sample size for this study depends on several factors, including the population size, the level of precision desired, and the confidence level required While a sample size calculator may recommend a larger sample size, a sample size of 150 may be appropriate depending on the research objectives and the level of precision needed to achieve them Researchers should consider the trade-off between precision and cost when determining an appropriate sample size.
Analytical method
In specific research, qualitative and quantitative methods are believed to play an important role in research works Some specific researchers argue that both methods will help researchers collect data accurately and quickly However, these methods are the opposite in terms of how and by how they work Quantitative research focuses on evidence testing and qualitative research is based on knowledge Quantitative research is frequently utilized by researchers to access study objectives such as experiments and surveys (Mark Saunders, Philip Lewis and Adrian Thornhill, 2019) The qualitative research method is a form of research frequently used to investigate and discover opinions Qualitative research can still be a valuable method for analyzing data collected through surveys and from companies While surveys typically collect numerical data, such as ratings or Likert scales, qualitative research methods can help to provide a more nuanced understanding of the survey responses In addition, data collected from companies, such as reports or financial data, can be analyzed using qualitative research methods to identify patterns and themes Qualitative research can help to provide context to the numerical data and can help to identify the underlying reasons behind the patterns observed in the data Furthermore, qualitative research methods, such as interviews or focus groups, can be used to gather additional data beyond what is available through surveys or company reports These methods can provide detailed insights into customers' experiences and perceptions, which can help to identify areas for improvement in VPBank's direct marketing campaigns
With the scope of the research, the qualitative method is selected as the most feasible solution for community surveys and assessments In addition, qualitative research is said to be more accurate because it is supported by precise measurement tools and theoretical standards methods.
Research ethics
Research ethics is an important part of designing your research Therefore, in the modern era, the connection between ethics and scientific research is become increasingly important, gathering significant attention globally in general and in Vietnam in particular Social ethics, which includes rules and standards, includes ethics in scientific study It can appear at any point throughout the course of conducting scientific research The goals of voluntary and autonomous administrative regulation of scientists in scientific research activities
With the above research steps and methods, the author believes that the information and disclosure obtained by the mentioned study processes and methodologies have a high degree of dependability and the research findings are fully supported by scientific implications
The research issue can be disproved by the theoretical foundation of the thesis The effectiveness of assumptions, such as the study's relevance and practical problem-solving of VPBank‟s direct marketing operations in Ho Chi Minh City, is tested using key findings The choice of the research topic has been taken into account and modified to comply with the ethical norms of research Also, choosing data collection techniques and strategies in accordance with suggestions made by ethical consideration
To enhance scientific reflection and application in commercial banks, the study is totally open, impartial, and extensively disseminated.
FINDINGS – ANALYSIS OF DIRECT MARKETING AT VPBANK
Introduction
Direct marketing is seen as a technique to assist the language sales team's operations (Patrick De Pelsmacker, Maggie Geuens and Joeri Van Den Bergh, 2017) In fact, direct marketing is a staple of personal selling in the banking sector Because it helps to reduce expenses when selling directly to clients, including foreign currency fees, and it also helps to enhance customer interaction rates Direct marketing is then used to monitor sales made through direct marketing platforms
VPBank's innovative marketing strategies and emphasis on direct marketing have made it the most mentioned bank in Vietnam and contributed to its dominance in the banking sector By engaging in direct interaction with customers, VPBank has improved customer experiences and benefits, leading to improved retention rates and customer loyalty The bank's philosophy of "Customer is the emphasis" has driven its constant improvement of goods and services VPBank's targeted marketing campaigns and personalized communication have reduced customer acquisition costs and increased revenue and expense savings Overall,
VPBank's direct marketing strategies have been instrumental in its success and have set it apart from traditional marketing approaches.
Applicable for direct marketing at VPBank
The two main tool categories used in direct marketing are classic direct marketing and modern direct marketing The primary tools in the traditional set of techniques are direct email order, telemarketing, newsletters, direct response advertising, and door-to-door marketing In recent years, a variety of contemporary techniques have been created, including social networking, email marketing, and text messenger marketing
In terms of VPBank, the bank uses a few forms of direct marketing to establish a close relationship with customers, such as direct email, and telemarketing (VPBank.com)
In a marketing campaign, direct email is a type of direct promotion that aids in consumer outreach and the promotion of the company's goods and services, especially prospective customers (Chris Fill and Sarah Turnbull, 2019) In comparison to other media, direct email has a number of advantages, including selectivity, customization, flexibility, and testability It allows organizations to target people with known purchase histories or specific demographic or psychographic attributes that match an advertiser's customer profile The direct email has a number of advantages over other means The physical nature of direct email and its ability to stand out from the clutter of online advertising are some of the main reasons it is considered so effective Direct email advertising is quite effective, but only when it is inexpensive, according to several prior research Localizing the target advertising audience, or the consumers who are most likely to use the company's services and goods aids firms in increasing advertising effectiveness and minimizing expenses fee This is a way to thoroughly convey all product and service-related information to consumers while also demonstrating the company's seriousness and professionalism For this kind, if there is a need, the receiver will immediately seek guidance from the company's side after reading the promotional letter Businesses can use business strategies such as discounts, promotional gifts, and sale programs to attract customers to order by email or phone
According to Statista (2023) figures, email is the preferred method of communication for almost 58 percent of internet-related operations The email has changed from being used only internally to being utilized extensively worldwide
Picture 4: Most popular online activities in Vietnam in 2021
Today, direct email is still widely used by businesses and the financial system in Vietnam Like many other banks, VPBank makes use of direct email advertising
We may infer this from the fact that we receive bank promotional emails every day, every hour, with information offering their goods and services to customer service
Source: The author’s collection based on VPBank’s mail to customers
Picture 5: The example of VPBank's email
VPBank provides assistance to customers at their branches to ensure they know how to use their services, but they also discovered that email communication can provide top-notch care experiences and increase sales Emails can be used for more than just advertising and can be used to provide fantastic client experiences, whether it's transaction invoices, order confirmations, or promotional emails
VPBank has to develop a practical email marketing strategy in order to achieve its present success and large client base:
Step 1: Gather reliable email data
To ensure that email marketing is sent to the correct recipients and reaches the proper target audience, marketers must build a trustworthy and high-quality database, which can be done through creating a sign-up form, gathering information from current customers, and requesting personal information during transactions
Picture 6: Example of getting customer information from VPBank
By assisting you in sending emails to the appropriate target audience and preventing the delivery of converted or outdated data, this step will increase the effectiveness of your email marketing plan
Step 3: Establish the campaign's objective
To ensure a successful email marketing campaign, a strategy with specific objectives for each phase and campaign should be developed and used as a powerful tool to reach the correct target client group
Step 4: Conduct research and create an email marketing content draft
The content of email marketing plays a crucial role in portraying the company's image, and it can be created in various ways to effectively communicate the brand's message to the audience
Step 5: Important email subject lines
The subject line of an email plays a critical role in getting customers to open it, and to ensure a high open rate, it should avoid buzzwords and clearly communicate the name of the business, its brand, and its offerings with intriguing headlines
Over the past 20 years, telephone usage in direct marketing has increased significantly Statista (2022) projects that there will be around 75.06 million smartphone users in Vietnam by the year 2023 Accordingly, it is anticipated that up to 2028, there will be an annual growth in the number of phone users
Picture 7: Forecast the number of smartphone users in Vietnam from 2013 to
Telemarketing is a service that helps organizations in identifying customer requirements, gathering data, collecting feedback, and generating leads via the phone (Chris Fill and Sarah Turnbull, 2019) Telemarketing is the practice of calling prospective consumers to sell them goods or services It has the ability to produce fresh leads in large quantities and is also a helpful tool for monitoring direct marketing initiatives Because it has cheap running expenses and is customer- friendly, this is a well-liked strategy for approaching clients to draw in long-term deposits (Xie et al., 2023) In addition, marketers work to thoroughly evaluate customer data in order to increase the efficiency of telemarketing If done correctly, telemarketing may be effective in fostering the growth of client relationships Chris Fill and Sarah Turnbull (2019) demonstrate the value of one-on-one conversational calls (Chris Fill and Sarah Turnbull, 2019) consider one-on-one conversational calls are an effective way to create deep connections with clients
In fact, it was clear that VPBank used telemarketing to introduce new incentives and cross-sell its consumers on other goods and services The consultant may identify the customer's demands over the phone and match them with the right deals As an illustration, a customer service representative may suggest insurance products that banks are selling, such as homes and vehicles, when the consumer calls for customer support following the usage of a deposit service
Even while most other banks, including VPBank, use telemarketing, there are still certain issues that need to be resolved The success rates of these calls can be low, and dropped calls can waste resources The bank can then maximize earnings However, the bank's unwillingness to purchase a credit package demonstrates that the clients do not have a need at that moment Customers won't receive pointless calls if marketing to the incorrect demographic is kept to a minimum
Through the observation, the author indicates this, VPBank has gathered feedback from a variety of clients who complain that they get too many daily sales calls from various banks and businesses After hearing those concerns, VPBank balanced and altered its telemarketing efforts to prevent upsetting consumers Before phoning, VPBank specifically developed a list of clients and will inquire as to whether they are available to continue the conversation at this time The consultant will make a note of the list if the client does not currently require the bank's services.
Survey results of the impact of direct marketing on customers when using VPBank’s services
The present study involved conducting a survey to collect data on direct marketing practices in the banking industry in Vietnam The survey was administered to a random sample of customers of VPBank The data collected were analyzed using statistical software, specifically the Statistical Package for the Social Sciences (SPSS)
Descriptive statistics were used to provide a summary of the data collected Specifically, measures of central tendency, such as means and medians, were calculated to describe the average values of the variables of interest, including the frequency of promotional emails and telemarketing calls received from banks Additionally, measures of variability, such as standard deviations and ranges, were calculated to describe how much the data varied from the average
According to the official questionnaire completion, data was collected from the respondents who transacted at VPBank Ho Chi Minh After the questionnaires were delivered to the respondents, 150 fulfilled questionnaires were received by the author, including 150 valid questionnaires
Table 2: Descriptive statistics of sample by gender
Source: The author’s calculation was based on SPSS
In the survey sample, there are 82 male respondents, accounting for 54.7% of the observed sample, 68 female respondents, accounting for 45.3% of the sample Only 76 out of 150 respondents were under 35 years old, making up 50.7% Respondents over 55 years old made up the lowest proportion in the survey sample with quantity of 23 persons, equivalent to 15.3% The results were detailed in table 2.3 below
Cumulative Percent Valid Under 35 years old
Table 3:Descriptive statistics of sample by age
4.3.2 The effectiveness of direct marketing of VPBank to customers:
Direct email of VPBank-Ho Chi Minh
Branch have a good support and care mode
Direct email of VPBank-Ho Chi Minh
Branch use clear and compelling calls-to- action
Direct email of VPBank-Ho Chi Minh
Branch use visual elements (e.g images, videos)
Direct email of VPBank-Ho Chi Minh
Branch personalize the content to customer‟s needs and interests
Direct email of VPBank-Ho Chi Minh
Branch communicate the benefits of their products or services
The survey results unveiled that the realiable of direct email is highly appreciated by majority of respondents with viewpoint of “Direct email of VPBank-
Ho Chi Minh Branch have a good support and care mode” with 4.06 scores indicates that customers felt well-supported and taken care of by the bank through their direct email communications Following that is the viewpoint of “Direct email of VPBank-Ho Chi Minh Branch use clear and compelling calls-to-action” with 3.99 scores suggests that customers found the bank's emails to be effective in prompting them to take action It proved that VPBank-Ho Chi Minh Branch has been successful in crafting direct email communications that are both reliable and compelling In additions, both factor “Direct email of VPBank-Ho Chi Minh Branch use visual elements (e.g images, videos)” and “Direct email of VPBank-Ho Chi Minh Branch personalize the content to customer‟s needs and interests” with 3.95 scores proved that there is room for improvement in these areas To address these issues, VPBank may need to invest more in creating visually appealing and engaging content that captures the attention of customers Additionally, the bank could explore ways to personalize the content of their emails based on individual customers' preferences and behaviors, such as by using data analytics and segmentation techniques to deliver more targeted messaging
N Minimum Maximum Mean Telemarketer from VPBank-Branch
Ho Chi Minh introduce themselves and the purpose of the call
Ho Chi Minh address customer‟s specific needs and interests during the call
Branch Ho Chi Minh handle any questions or concerns that customers wonders
Branch Ho Chi Minh address any potential objections or concerns that customers raised during the call
Ho Chi Minh conclude the call and provide customer with any necessary follow-up information
Relative influences on telemarketing were also assigned with a great significance The results unveiled that the factor: “Telemarketer from VPBank-Branch Ho Chi Minh address customer‟s specific needs and interests during the call.” were received with the highest evaluation, 3.99 scores Research shows that, for customers to make a decision to use services through the form of telemarketing at VPBank Ho Chi Minh Branch is due to the attitude of telemarketers when communicating with customers, for example such as introducing clearly, politely to the customer, stating the purpose of the conversation so that the customer feels respected The element “Telemarketer from VPBank-Branch Ho Chi Minh introduces themselves and the purpose of the call.” highly rated with 3.98 points
As for the remaining 3 factors, the score is 3.95, 3.93, 3.92, corresponding to
“Telemarketer from VPBank- Branch Ho Chi Minh conclude the call and provide customer with any necessary follow-up information”, “Telemarketer from VPBank – Branch Ho Chi Minh address any potential objections or concerns that customers raised during the call” and “Telemarketer from VPBank – Branch Ho Chi Minh handle any questions or concerns that customers wonders” proving that VPBank's telemarketing activities still have some shortcomings, which need to be overcome to get better and better
4.3.4 The features of direct marketing to customers:
N Minimum Maximum Mean Direct marketing of VPBank communicate the benefits of their products or services
The commitment of direct marketing of VPBank sastify customer satisfaction
The unique value proposition in the direct marketing of VPBank taht customer received
The features of products or services in the direct marketing of VPBank that customer received
The policy of direct marketing of
Table 6: The features of direct marketing
Specifically, the participants were asked to rate the perceived quality of several communication elements, namely, the benefits, commitment to customer satisfaction, unique value proposition, features, and privacy policy of VPBank's products and services, as presented in the received marketing materials The mean ratings for each criterion were found to be 4.01, 3.96, 3.99, 4.05, and 4.02 for the benefits, commitment, value proposition, features, and privacy policy, respectively Overall, the results suggest that the perceived quality of VPBank's direct marketing communication was positive, as indicated by the high mean scores The standard deviations for each criterion were relatively low, indicating that the responses' ratings were consistent and uniform Furthermore, the valid N for all criteria was 150, suggestive that there were no missing responses
In conclusion, the findings of the survey indicate that VPBank's direct marketing communication strategies were perceived as effective by the responses However, it should be noted that the survey was practiced among a limited sample size and may not be representative of the wider population Therefore, further research may be needed to generalize the results to the overall context
4.4 Evaluate the direct marketing at VPBank by using the SWOT analysis module:
Direct marketing can be an effective way for businesses to reach out to customers and promote their products or services However, in order to maximize the effectiveness of direct marketing, companies can use a SWOT analysis to evaluate their internal strengths and weaknesses, as well as the external opportunities and threats in the market(Phadermrod, Crowder and Wills, 2019) By conducting a SWOT analysis, companies can tailor their direct marketing campaigns to highlight their unique features and address potential concerns about pricing Through direct marketing, VPBank can reach a large audience and promote their products to potential customers However, challenges such as low response rates and the potential for negative feedback must also be considered
By using a SWOT analysis, VPBank can identify ways to capitalize on their strengths and opportunities while addressing their weaknesses and threats to create more effective direct marketing campaigns
The ability to monitor and interact with the marketing activity
Direct marketing, especially email marketing, has been shown to provide a higher return on investment (ROI) than other forms of communication (Jenkins, 2009) VPBank has leveraged this strategy by segmenting its customer base and using micro-targeting in its email marketing campaigns, as well as accurately tracking the performance of these campaigns in real time Through the author‟s observations while interning at VPBank's office, researcher found that VPBank's email marketing campaigns are well-designed and personalized, with attention- grabbing headlines and engaging content This email is usually designed to grab the customer's attention, with catchy subject lines and compelling content
Telemarketing is another direct marketing method used by VPBank that has been effective in reaching potential customers and addressing their queries and concerns (Nash and EBSCO ebooks, 2000)has shown that direct marketers often offer their clients the opportunity to respond to promotional materials within a predetermined timeframe, and telemarketing serves as an effective means of communication, results to facilitate this interaction The author find that VPBank's telemarketing team is well trained and provides professional and personalized customer service that can help build trust and loyalty with potential customers According to the author's observations, the author has witnessed a number of training courses for employees in good interaction and good relationship with customers
Furthermore, using telemarketing as a lead generation method can help companies like VPBank expand their customer base beyond the local market This is because telemarketing allows for remote sales, which can reach more domestic and international customers than face-to-face meetings or visiting customers' homes The author once observed that an employee named Uyen at the personal customer office advised and guided a Vietnamese guest who was on a business trip to Germany when she had some credit card problems By leveraging both email and telemarketing as part of its direct marketing strategy, VPBank is able to increase customer engagement and loyalty as well as expand its market reach
Merisavo and Raulas, (2004) has been shown that email marketing is a low- cost communication channel that allows for quick and easy outreach to a large number of customers Due to the cost of sending an email to one customer is the same as sending an email to a hundred customers VPBank has leveraged this strategy to save on marketing costs and resources by building an email switchboard to access information and receive feedback about their marketing campaigns Through the observations of author, researcher have noticed that VPBank's email marketing campaigns are well-designed and personalized, with attention-grabbing subject lines and engaging content For instance, VPBank's email marketing campaigns are well-designed and personalized, with attention- grabbing subject lines and engaging content Compared to traditional marketing methods, such as print or television advertising, email marketing requires minimal investment of time and money Additionally, the low cost of sending an email to a large number of customers makes it a cost-effective approach for reaching a wider audience with personalized messaging
Similarly, VPBank's telemarketing approach is also cost-effective Instead of investing in a large marketing and customer service team, VPBank trains their staff to sell products and services over the phone and provide personalized customer service This approach eliminates the need for expensive travel costs associated with in-person meetings, such as airline tickets and meals Moreover, by collecting valuable customer feedback through telemarketing, VPBank can continuously improve their marketing strategies and customer experience, all while saving on marketing costs
CONCLUSION – RECOMMENDATION
Conclusion
Based on the primary findings in the previous discussion, it is clear that direct marketing is an important strategy for banks in Vietnam, including VPBank However, there are challenges associated with this approach, such as opt-out, negative perception, and competition These challenges are consistent with previous research on direct marketing in the banking industry, which has highlighted the need for banks to be mindful of local regulations and cultural sensitivities, and to tailor their marketing messages to specific customer segments Several Vietnamese studies have explored the use of direct marketing in the banking industry and have highlighted the importance of personalized and targeted marketing to enhance customer engagement and loyalty For example, a study by Quang and Nguyen (2021) found that personalized offers and promotions are effective in increasing customer satisfaction and loyalty in the Vietnamese banking industry Another study by Hoang et al (2020) emphasized the importance of digital channels, such as social media and email marketing, in reaching younger customers in Vietnam The findings from these studies reinforce the importance for banks in Vietnam to adopt a customer-centric approach to their marketing strategies, with a focus on personalization, targeting, and digital channels By doing so, banks can effectively reach their target audience, build stronger relationships with their customers, and drive business growth in the rapidly developing Vietnamese market
Research has also shown that personalized and targeted marketing can be effective in enhancing customer engagement and loyalty, as well as driving business growth This is consistent with the findings in the previous discussion, which highlighted the importance of tailored offers and promotions in building stronger relationships with customers
Additionally, research has shown that digital channels are becoming increasingly important for banks in Vietnam, as customers become more comfortable with digital banking services This is consistent with the trend observed in the previous discussion, where VPBank is investing in social media advertising, email marketing, and SMS marketing to reach its customers
Overall, the implications for industry management and managers in the banking industry in Vietnam are clear Banks must be mindful of local regulations and cultural sensitivities, and tailor their marketing messages to specific customer segments Additionally, they must invest in digital infrastructure and prioritize personalized and targeted marketing to enhance customer engagement and loyalty By doing so, banks can remain competitive and drive business growth in the rapidly developing market of Vietnam.
Recommendation
5.2.1 Establish a high-response direct marketing strategy:
The following actions might be taken by VPBank to reduce opt-out:
First and foremost, VPBank must be able to guarantee that the content of its email marketing and direct telemarketing campaigns corresponds with the interests and demands of its clients This can lessen the amount of rejections you receive and raise the likelihood that you'll receive a favorable answer
Additionally, VPBank may provide clients the choice to take part in telemarketing and direct email advertising This lessens compulsion since otherwise the customer would not feel free Furthermore, VPBank offers promotions that are designed to draw clients The taboo in the process of acquiring clients is that VPBank could modify the frequency
Certainly, here are some more specifics on how VPBank may put these tactics into practice to increase favorable client awareness through direct marketing:
Giving individualized financial guidance is the first step Customer information may be used by VPBank to develop customized advertising campaigns that offer suggestions and advise on personal finance For instance, a bank may email customers with large savings account balances to recommend investments that fit their financial objectives
Afterward, utilize digital channels: Digital platforms allow VPBank to reach clients whenever and wherever they are For instance, a bank can send tailored email messages to clients who have just used the bank's website or mobile application Additionally, VPBank may communicate with consumers on social media platforms and provide special offers or discounts.VPBank offers educational materials to assist clients in making decisions regarding their financial status Articles, movies, or webinars on financial management issues including investing, saving, and budgeting should be included VPBank can improve client loyalty and retention by establishing itself as a reliable source
For customers who recommend friends or family to the bank, VPBank may provide incentives or awards For each new customer referred, a bank can, as an example, provide the consumer a bonus or credit to their account Positive word- of-mouth can result from this, which will promote attracting more clients
In conclusion, by putting these ideas into practice, VPBank may increase favorable client perceptions through direct marketing and cultivate a solid customer base As a result, the bank may see a rise in earnings and sustained performance
5.2.3 Develop a direct marketing strategy to enhance competitiveness:
VPBank must precisely define the target market in order to stand out in a crowded market VPBank may use customer data to identify young professionals who have expressed interest in investment and digital banking services
Once the market is identified, it is necessary to conduct market research through surveys, focus groups, or social listening to gather insights into the banking needs and preferences of the target market This This research can help VPBank craft the right message for this audience and position the bank as a trusted resource
VPBank may distinguish itself from its competitors by providing individualized financial guidance, affordable fees, and cutting-edge online tools As an illustration, VPBank might offer an automated advice platform that generates tailored investment recommendations depending on a client's financial objectives
Additionally, VPBank has access to a variety of platforms via which it can connect with this target audience, including email, social media, and mobile messaging For instance, VPBank might advertise on social media to attract young professionals who are interested in investment and personal finance
Overall, VPBank may effectively target a particular consumer category through the use of this direct marketing technique and stay out of the banking sector's rivalry This may boost client loyalty and contribute to the bank's long-term success Once the market has been identified, market research must be done through surveys, focus groups, or social listening to learn more about the target market's banking needs and preferences This This study can assist VPBank in developing the ideal message for this audience and establishing the bank as a reliable source
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THE IMPACT OF DIRECT MARKETING ON CUSTOMERS WHEN USING
I am undertaking a project: “A case study of direct marketing of VPBank at
HoChiMinh City” Please spend a little time to answer the following questions based on your own point of view I hereby undertake that the information you provide will be kept confidential and used only for research purposes
Expect your cooperation Thank you!
Age: Under 35 years old 35 - 55 years old
1 How well did VPBank communicate the benefits of their products or services in the direct marketing
2 How well did VPBank communicate their commitment to customer satisfaction in the direct marketing materials you received?
3 How well did VPBank communicate their unique value proposition in the direct marketing materials you received?
4 How well did VPBank support and take care customers in the direct marketing materials you received?
5 How well did VPBank 1 2 3 4 5 communicate the features of their products or services in the direct marketing materials you received?
6 How well did the telemarketer from
VPBank introduce themselves and the purpose of the call?
7 How well did the telemarketer from
VPBank address your specific needs and interests during the call?
8 How well did VPBank communicate their privacy policy in the direct marketing materials you received?
9 How well did VPBank use clear and compelling calls-to- action in their direct marketing emails?
10 How well did VPBank use visual elements
(e.g images, videos) in their direct marketing emails?
11 How well did VPBank personalize the content of their direct marketing emails to your needs and interests?
12 How well did VPBank communicate the benefits of their products or services in their direct marketing emails?
13 How well did the 1 2 3 4 5 telemarketer from
VPBank handle any questions or concerns you had about the product or service they were offering?
14 How well did the telemarketer from
VPBank address any potential objections or concerns you raised during the call?
15 How well did the telemarketer from
VPBank conclude the call and provide you with any necessary follow-up information?
Thank you for your cooperation.
RESEARCH ETHICS CHECKLIST FORM Section I: Applicant Details
1 Name of Researcher (applicant): LE NGOC BAO UYEN (Student ID:
2 Status (please click to select): Undergraduate
3 Email Address: lnu1ocd@bolton.ac.uk
5 Project Title: A case study of direct marketing of VPBank in Ho Chi Minh City
Section III: For Students Only:
6 Course title and module name and number where appropriate
Banking University Ho Chi Minh city
7 Supervisor‟s or module leader‟s name:
8 Email address: a.begum@bolton.ac.uk
Declaration by Researcher (Please tick the appropriate boxes)
X I have read the University‟s Code of Practice
X The topic merits further research
X I have the skills to carry out the research
X The participant information sheet, if needed, is appropriate
The procedures for recruitment and obtaining informed consent, if needed, are appropriate
The research is exempt from further ethics review according to current University guidelines
Please answer each question by ticking the appropriate box:
1 Will the study involve participants who are particularly vulnerable or who may be unable to give informed consent
(e.g children, people with learning disabilities, emotional difficulties, problems with understanding and/or
2 Will the study require the co-operation of a gatekeeper for initial access to the groups or individuals to be recruited
(e.g students at school, members of self-help group, residents of nursing home)?
3 Will deception be necessary, i.e will participants take part without knowing the true purpose of the study or without their knowledge/consent at the time (e.g covert observation of people in non-public places)?
4 Will the study involve discussion of topics which the participants may find sensitive (e.g sexual activity, own drug use)?
5 Will drugs, placebos or other substances (e.g food substances, alcohol, nicotine, vitamins) be administered to or ingested by participants or will the study involve invasive, intrusive or potentially harmful procedures of any kind?
6 Will blood or tissues samples be obtained from participants? X
7 Will pain or more than mild discomfort be likely to result from the study? X
8 Could the study induce psychological stress or anxiety or cause harm or negative consequences beyond the risks encountered in normal life?