BỘ GIÁO DỤC VÀ ĐÀO TẠO ĐẠI HỌC KINH TÉ THÀNH PHỐ HÒ CHÍ MINH BÁO CÁO TỎNG KÉT ĐỀ TÀI NGHIÊN CỨU KHOA HỌC THAM GIA XÉT GIÁI THUỎNG ‘’NHÀ NGHIÊN CỨU TRẺ UEH” NĂM 2024 THE INFLUENCE OF SOCIAL MEDIA MARKETING ON BANK AWARENESS OF GEN z IN HO CHI MINH CITY Thuộc nhóm chuyên ngành: 1 TP. Hồ Chí Minh, tháng 2 /2024 1 ABSTRACT This study focuses on determining and evaluating the impact of SM marketing factors on banking awareness of Gen z in Ho Chi Minh City. The research article is based on basic theories synthesized and thoroughly analyzed by the author group about digital marketing, SM marketing, brand awareness and characteristics of Gen z. Factors affecting bank identification are presented through a theoretical framework, summarizing many related studies and surveying opinions from 332 people of generation z.
The research was conducted using quantitative methods, construction of measurement model and regression analysis are used to test the research hypotheses. Research results have proven that all factors shown have a positive influence on brand awareness, including: Brand Story, Customer Interaction, Entertainment, Influencer, Quality Information and electronic Word of Mouth. Through analysis results, the research plays an important role, helping banks and businesses make policies and take full advantage of the potential of SM marketing to interact and personalize more with customers, thereby enhancing brand recognition and attracting Gen z customers. 2 Table of content LIST OF TABLES.
4 LIST OF FIGURES. 5 LIST OF ABBREVIATIONS. Reason for choosing the topic:. Research object and scope of research:.
9 CHAPTER 2: THEORETICAL FRAMEWORK. Overview of Social Media Marketing:. Social Media Marketing:.3 Dimensions of Social Media Marketing. Overview of Brand Awareness.
The role of bank brand awareness:. Brand recognition element:. Gen z's accessibility to SMM channels:. The important role of Gen z :.
Summary of previous research:. 26 CHAPTER 3: RESEARCH METHODS. Research model and hypothesis:. Tests performed in the model:.
35 CHAPTER 4: RESEARCH RESULTS. Descriptive statistical results:. The measurement model:. The structural model:.1 Evaluation of Research Contributions:.
Limitations and future research directions. 49 4 LIST OF FIGURES Figure 1: Social media landscape 2023.14 Figure 2: Research model.41 5 LIST OF TABLES Table 1: Summarize the variables. 34 Table 2: Statistical analysis of data.35 Table 3: Model measurement results. 37 Table 4: Fornell-Larcker results.
39 Table 5: Cross loading results. 39 Table 6: Hypothesis testing results. 42 6 LIST OF ABBREVIATIONS ABBREVIATION KEY ABBREVIATION DEFINITIONS eWOM Electronic word of mouth SEM Search Engine Marketing SM Social media SMM Social media marketing PPC Pay-per-click 7 CHAPTER 1: INTRODUCTION 1. Reason for choosing the topic: The strong development of 4.0 technology today has changed the way society communicates and works.
The development of community websites such as Twitter, Facebook, Linkedln. has opened the way to a new era of SM (Saravanakumar & SuganthaLakshmi, 2012). Social networking sites allow individuals and businesses to interact with each other and build relationships and communities online (Kaur, 2016). Inspired by the power of SM to engage users in virtual relationships, businesses began looking for ways to leverage “likes,” “shares,” and “comments” to make a profit (Andriole, 2010; Culnan et al.
Today, it is not uncommon to see businesses launching “Twitter” accounts, “YouTube” channels, and blogs in an effort to maintain relationships with customers (Mitic & Kapoulas, 2012). Communication between companies and customers helps build brand loyalty (Jackson, 2011; Kaplan & Haenlein, 2010). Furthermore, customer conversations provide companies with new means to increase brand awareness, brand recognition, and brand recall (Gunelius, 2011). SM helps build brand awareness, reputation, attract and retain customers, and develop new products (Bolotaeva & Cata, 2010).
For marketers, the message is simple: surviving in an era of empowered customers requires less reliance on traditional mass marketing tactics; understanding the role of technology in shaping the market and more importantly using SM as part of marketing tools becomes a strategic imperative (naKaơTì)Ầiavoú & AapTĩpíSrig, 2014). Retail banks must use the latest technology to interact with customers (Peng & Spencer, 2006). Due to the complex nature of the services banks offer there is a need to share knowledge to create value across their services, SM provides a perfect platform for customer relationship management. Therefore, there is a need to develop clear SM adoption and implementation strategies to integrate with Marketing.
As an inevitable trend, banks have been applying advanced technology in marketing activities to widely disseminate brand images to customers and improve business performance. Most banks use social networks to promote current and upcoming financial products, update current changes in regulations related to financial products, manage complaints and complaints, customer output (Johns & Perrott, 2008). US banking institutions such as Citibank, Bank of America, 8 ING Direct and USAA demonstrate an active presence on SM, aiming to build relationships with customers and provide interactive online service support through tools and websites (Cochco, 2009; Cohen, 2010; Klimis, 2010; Stone, 2009). According to statistics from We are social (a company specializing in global social network analysis), in Vietnam there are about 70 million social network users in January 2023; 66.2 million people use Facebook; 10.35 million people use Instagram; 63 million YouTube users; 49.86 million Tiktok users aged 18 and over at the beginning of 2023,.
It can be seen that SM is being widely approached and developed in Vietnam. Developing advertising via social networks is no longer new to businesses as well as self-employed individuals. The benefits, interactivity and high directionality help SM Marketing begin to be used as an extremely effective communication tool. In the context that the market is diversifying marketing channels for its products specifically in the banking sector, young people's intention to choose to trust banks, generation z - is the potential target of The current consumer market is gradually taking over the Y gene to become the top target market of brands.
Because the importance of marketing activities in Banks always changes with new trends, there have been many studies in the past to learn about the influence of SM on brand awareness (Bilgin, 2018) but most of them target consumers in general and there is limited research focusing on students - extremely potential customers. Originating from the idea of wanting to evaluate the level of recognition of banks through SM Marketing channels for generation z studying and working in Ho Chi Minh city, the author group conducted the topic: " The influence of Social Media Marketing on bank awareness of Gen z in Ho Chi Minh city ". Research objectives: The research was conducted to clarify a number of specific objectives as follows: - First, measure the influence of factors in SM Marketing on bank brand awareness of Gen z in Ho Chi Minh City. - Then, propose solutions based on the results of the research to upgrade banking SM Marketing tools.
Research questions: From the research objectives, the questions that need to be asked are as follows: - What are the factors in SM Marketing and how do they impact banking awareness of Gen z in Ho Chi Minh City? - What is the appropriate solution to develop the effectiveness of SM Marketing tools in raising the level of brand awareness for Gen z customers in the city? Ho Chi Minh City? 1. Research object and scope of research: - Research object: The influence of SM Marketing on banking awareness among generation z in Ho Chi Minh city. - Research scope: + About space: Gen z at universities in Ho Chi Minh city. + Regarding time: The project will be carried out from August to October 2023.
Data collection using a survey form will be conducted in September 2023. Research Methods: Quantitative research method: rhe authors conduct quantitative research by building a complete survey scale and questionnaire. Then collect data from students from universities in Ho Chi Minh city. From the collected data, the authors analyzed using the PLS - SEM linear structural model using SmartPls 4 data analysis software.
Practical significance: - The research results provide scientific evidence to evaluate the level of influence of cuiTent SM Marketing tools on bank brand recognition for generation z at universities in Ho Chi Minh city. - Providing practical solutions to develop and improve the effectiveness of banking SM Marketing channels to attract more generation z customers in the future. 10 CHAPTER 2: THEORETICAL FRAMEWORK 2. Overview of Social Media Marketing: 2.
Digital marketing Digital marketing is the management and execution of marketing work by using electronic advertising media such as the web, email, or wireless media in combination with other digital data about customer characteristics and behavior (Chaffey & Ellis-Chadwick, 2019). According to the Asia Digital Marketing Association, "Digital Marketing is a strategy that uses the Internet as a medium for marketing activities and information exchange." This is a method that helps businesses or individuals reach the right target customers at the right time, thereby increasing brand recognition in a competitive market. In many studies, digital marketing is approached as a typical online advertising channel like Facebook Advertising, Google Adwords or email marketing campaigns. Digital marketing is often considered synonymous with Internet marketing or e-marketing, but this is a mistake because the Internet is just one of many ways to reach customers.
Besides, digital marketing is a way of expressing a company's digital identity through which it conveys its image and message in the virtual world to a large number of potential customers (Sawicki, 2016). Thanks to digital marketing along with data from the CRM system, companies can send personalized content to each specific customer. This information will be reflected in the company's products and services to selected customer groups (Hanson, 1999). In general, Digital marketing can be understood as including all marketing efforts that use electronic devices or the internet to create channels to reach potential customers to more effectively meet their needs, thereby achieving business goals (Desai & Vidyapeeth, 2019; Sawicki, 2016).
Digital marketing channels Digital marketing includes two main channels: digital online marketing and digital offline marketing. In particular, digital offline marketing includes: enhanced offline marketing, radio marketing, television marketing, and telephone marketing. Digital online marketing includes many different forms and each form has its own strengths. SEM - Search Engine Marketing 11 SEM includes: search engine optimization (SEO) and Pay-per-click (PPC).
SEO is the process of influencing the online visibility of a website or a web page in the “unpaid results" of a web search engine. Search engine optimization is a set of methods aimed at improving the ranking of a website in search engine results pages. Such methods include optimizing the website and building links to the page so that search engines select the appropriate website to serve internet searchers for a specific keyword queried by users. Three popular types of SEO are: Technical SEO, On-page SEO and Off-page SEO.
Pay-per-click is an internet marketing model in which advertisers pay a fee each time one of their ads is clicked. It's basically a way to buy visits to a website. Search engine advertising is one of the most popular forms of PPC. It allows advertisers to bid for ad placement in a search engine's sponsored link when someone searches for a keyword related to their business offering.
Con ten t marketing Content marketing is a form of marketing that focuses on creating, publishing, and distributing content to an online audience. It is often used by businesses to attract attention and generate leads, expands the customer base and helps increase brand awareness or credibility. Social media marketing SMM are internet-based technologies that facilitate online conversations, including a variety of online, word-of-mouth forums such as social networking sites, blogs, company- sponsored discussions, chat rooms, emails between website consumers, and consumer product forums. The advantage of SMM is that it helps to highlight the presence of the business, build strong personal relationships as well as provide the opportunity to target each customer of the business.