NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGUAGES DEPARTMENT OF BUSINESS ENGLISH NGUYEN THI HONG NGOC THE EVALUATION OF ONLINE MARKETING ACTIVITIES OF FUBON LIFE INSURANCE COMPANY LIMITED FROM 2019 TO 2021 AND RECOMMENDATIONS NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGUAGES DEPARTMENT OF BUSINESS ENGLISH NGUYEN THI HONG NGOC THE EVALUATION OF ONLINE MARKETING ACTIVITIES OF FUBON LIFE INSURANCE COMPANY LIMITED FROM 2019 TO 2021 AND RECOMMENDATIONS Hanoi, November 2022 Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B ACKNOWLEDGEMENTS First and foremost, I would like to acknowledge and give my warmest thanks to my supervisor Nguyen Lan Ngoc, Ph. for the continuous support during my internship, which enabled me to complete this work. Her assistance and support carried me through every stage of finishing my project. I would like to express my gratitude to the National Economic University and the Faculty of Foreign Languages for Economics for providing me with great opportunity and conditions to achieve this research.
My sincere thanks also go to Fubon Life Insurance Company Limited for giving me the chance to practice at the company to learn and experience the business environment and Ms. Nguyen Hai Yen together with all the staffs at the marketing department for spending a lot of time with me to study documents and give extremely useful advice and orientation. This research is the result of hard effort, time, dedication and passion. Nevertheless, this report will not be able to finish without the fall intern group for the 2021-2022 school year of English class 61 for being my wonderful companions.
Last but not least, I would like to send my parents appreciation for giving birth to me and always spiritually supporting me throughout my life. Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B EXECUTIVE SUMMARY Recent improvements on the internet have opened a new door to conduct business and interact with customers. These technological advancements have resulted in the establishment of online marketing activities. Consequently, the internet has become a new middleman between companies and their clients, which is regarded as a major marketing communication platform competing with the conventional models.
The study on Fubon Life Insurance Company Limited has indicated that the company is well-oriented. Within more than ten years of establishment and expansion, the company has consistently increased annual revenue and built a base of loyal clients. However, there are shortcomings in business operations of the company that remain unsolved, preventing the company from expanding online marketing activities. For this reason, my report is about an overview and evaluation of online marketing activities of Fubon Life Insurance Company Limited from 2019 to 2021.
Furthermore, this report makes some recommendations for the future direction of the activities. The internship report is to improve understanding of the efficiency of various online marketing activities. To reach the aim, my conceptual framework is based on previous studies. Besides, a combination of qualitative and quantitative methods, as well as a case study, were used.
With the purpose of collecting data, face-to-face interviews and surveys are carried out with the participation of employees at Fubon Life Vietnam and its target customer. The findings revealed that the efficiency of the online marketing tools are affected by the attributes towards these tools. They can be helpful at driving favorable results and attracting new visitors to the website if utilized properly and effectively. 1 Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B LIST OF ABBREVIATIONS Abbreviation Meaning AIA American Insurance Association CPL Cost Per Lead CPM Cost Per Mile CTR Click Through rate GDP Gross Domestic Product PPC Pay per Click R&D Research and Development ROI Return on Investment SEM Search Engine Marketing SEO Search Engine Optimization GNI Gross National Income 11 Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B LIST OF TABLES Table 1.
1: Business results of Fubon Life Vietnam from 2019 to 2021. 1: General information of respondents. 2: General information Of CUStOMETS. 1: Statistics about the company's fanpage.
1: Indicators to measure the effectiveness of online marketing tools. 50 1V Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B LIST OF FIGURES Figure 1. 1: Proportion cost and profit in revenue of Fubon Life Vietnam. 2: Fanpage of Fubon Life Vietnam.
3: Website of Fubon Life V1etnam.--- - «+ ssss++x+ssesseersseee II Figure 1. 4: Products on the website of Fubon Life Vietnam. 5: Products on the website of Fubon Life Vietnam. 6: Customer services on the website of Fubon Life Vietnam.
7: The keyword “life insurance company” on the Google search engine ỸẦẢỶỒỈỒŨ. 1: Percentage of customer’s awareness on online channels of Fubon Life áoi r0. 2: Customer reviews on the Fubon Life website. 3: Traffic trend of www.vn from 2019 to 2021.
4: Customers’ feedback on the effectiveness of email marketing in Fubon Life Vietnam (%). 5: The most used metrics for measuring online marketing activities of Fubon Life VI€fTATN.- G1 S9 HH TH HH nà 38 Figure 4. 6: Indicators of business efficiency and costs of Fubon Life Vietnam 39 Figure 4. 7: The keyword “top 10 life insurance company” on the Google search 012i 111177.
1: Examples of branded content. 2: Examples of unbranded content .--- s55 55s*+++++*evs+eexseess 48 Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B TABLE OF CONTENTS ACKNOWLEDGEMENTS. 5< SH 09 0100560500900 i EXECUTIVE SUMMARYY. - -Q LH key ii LIST OF ABBREYVIA TIONS.- TH HH re ili LIST OF TABLES.- --- -Q- Án HH ng nghiệt 1V IDBJ09)80/00.
V TABLE OF CONTTENTTS. nh HH HH HH HH key vi INTRODUCTION. - HH HH HH HH HH r 1 '¬a‹'.-- - SG vn ngư 3 "600. -- Ăn nghệ, 4 CHAPTER 1: AN OVERVIEW OF FUBON LIFE INSURANCE VIETNAM CO), UTD.
Overview of Fubon Life Insurance Vietnam Co. Foundation and deVeÌODII€HÍ. Vision, mission And Core VAÏHe@S.-oẶẶ25<<cc Sex 6 1. Development orientation of the COIIDđHV.
Business results of Fubon Life Vietnam from 2019 to 2021. Online marketing activities of Fubon Life Vietnam. SWOT analysis for the company's online marketing activities —. 13 CHAPTER 2: LITERATURE REVIEW.- --- - - cà LH HH ng nh Hư 16 2.
Online marketing de@ƒÏHÌfiOH. The importance of online marketing. Tools of online marketing. Factors affecting online marketing.
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HS HH HH nrệt 25 2. Customer retention TQ É€. SG SE KH ghi 25 2. Return ON LHV€SÍHHCHHE.
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Qualitative data analysis technique. Quantitative data analysis teCÏHÏqH€. sec S-<2 32 CHAPTER 4: ANALYSIS AND FINDINGS. The current situation of online marketing activities at Fubon Life Viet aim 000186.
Online platforms utilized in the online marketing activities of Fubon Life Vietnam. Criteria for evaluating online marketing activities of Fubon Life Vietin a. Annual online marketing costs of Fubon Life Vietnam. Factors affecting Fubon Life Vietnam’s online marketing ACTIVITIES 1.
Sàn SH Hiện 42 VII Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B 4. An overall evaluation of Fubon Life Vietnam’s online Marketing aCfÏVÏÏ€S. Án HH HH HH HH He 44 4. SHOVECOMINGS nen hố.
44 CHAPTER 5: RECOMMENDA TIONS. Recommendations to improve operating cycle of the business 46 5. Enhancing the coordination between departments. Allocating budget for marketing activities.
Recommendations to improve the efficiency of using online 18 (C01/010/100) 500006088. Search engine 0DfHIHHZ@fÏOHI. Sà Sc se ssiieireererrke 48 5. Tnhh nh rệt 49 5.
Indicators to measure the effectiveness of online marketing 1 eee 50 5. Recommendations to promote the using of metrics in evaluation of online marketing acfivifies. Summary of findings. Limitations of the research.-- --- S5 se seiseireerrereek 52 HH.
Suggestions for further research. 54 APPENDIX 1: INTERVIEW QUESTIONS .cccecccceseseeeeeeeeeeeeees 1 APPENDIX 2: QUESTIONNATRE.-- Gà Sàn 2 APPENDIX 3: DOCUMENT ANALYSIS. --- 5c ccceieeeere 5 vill Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B INTRODUCTION 1. Rationale In this day and age, people tend to save money and use it as a financial source for long-term profitable investments, life insurance is considered as one of them.
According to The Bank (2022), with a population of approximately 100 million people and only about 12% of the population participating in life insurance, many experts predict that Vietnam's insurance market has potential for enormous growth. Doctor Can Van Luc, Chief Economist of the Bank for Investment and Development of Vietnam (2022), said that economic development and the expansion of the middle class made more people show much consideration for investment demand and buying potential insurance products. Information from ATA Exchange (2022) indicated that around 8 million people in Vietnam own at least one life insurance policy and this figure is likely to rise quickly in the coming years. Besides, external concerns such as the environment, aging population structure and growing hospital expenses boost Vietnamese people's demand for life insurance in general and health insurance packages in particular.
According to statistics from the Department of Population, Vietnam's population is aging rapidly with the proportion of the population aged 45 and over increasing from 26% in 2010 to 31% in 2016, which is the cause of increasing medical expenses to the society as well as the economy of each household. Health care services have emerged as a major trend when customers choose life insurance for financial protection and future payback plans. In consequence, the appearance of competitors with the ambition to replace the dominance of the top enterprises has made the Vietnamese life insurance market fiercer than ever. It is undoubted that Fubon Life Insurance Company Limited has contributed a significant part to this competition.
In the above context, the companies, in addition to investing resources to develop product quality, also investing in marketing activities, especially online marketing, is an approach that many businesses implement. According to a report by WeareSocial and Hootsuite (2021), Vietnamese people aged 16 to 64 spend 6 hours and 47 minutes a day using the Internet, of which 34% of the time is spent on accessing social networking sites. Therefore, online marketing is an important marketing activity that has a significant impact on the business operations of life Nguyễn Thị Hồng Ngọc — 11193819 — Business English 61B insurance companies in general and Fubon Life Insurance Company Limited in particular. However, currently, online marketing activities for Fubon Life are facing some main problems from the lack of investment in business.
Specifically, the company only focuses on the Facebook platform, but the marketing content is quite fragmented and the tools do not have a good integration. According to the staff at the marketing department of the company, “Due to the impacts of the Covid 19 pandemic, the budget and online marketing activities for Fubon Life were cut down on, leading to results that did not bring positive effects to customer perception. In 2022, the company's leadership found that investing in online marketing activities is an essential approach for the company to adapt and develop online sale channels in the era of e-commerce development and unpredictable changes in the epidemic situation.” As a result of all this, the author finds that the research topic “The evaluation of online marketing activities of Fubon Life Insurance Company Limited from 2019 to 2021 and recommendations” is necessary and appropriate with the needs of businesses as well as keeping up with market tendency with the aim of helping online marketing activities become more effective, thereby contributing positively to business performance.