BÁO CÁO TỎNG KÉTĐỀ 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
INTRODUCTION
Reason for choosing the topic
The rapid advancement of 4.0 technology has transformed communication and work dynamics in society, ushering in a new era of social media (SM) through platforms like Twitter, Facebook, and LinkedIn (Saravanakumar & SuganthaLakshmi, 2012) These social networking sites facilitate interaction and relationship-building between individuals and businesses, fostering online communities (Kaur, 2016) Recognizing the potential of SM to engage users in virtual connections, businesses have sought to capitalize on metrics such as “likes,” “shares,” and “comments” to drive profitability (Andriole, 2010; Culnan et al., 2010) Consequently, it has become increasingly common for businesses to launch strategic initiatives on these platforms.
Utilizing platforms like Twitter, YouTube, and blogs allows companies to foster relationships with their customers, which is essential for building brand loyalty Effective communication between businesses and consumers not only strengthens this loyalty but also enhances brand awareness, recognition, and recall Social media serves as a powerful tool for improving brand reputation, attracting and retaining customers, and facilitating product development.
In today's market, marketers must adapt to the empowered consumer by moving away from traditional mass marketing strategies Embracing technology and incorporating social media as a key marketing tool is essential for success Understanding the evolving landscape is crucial for staying competitive in this dynamic environment.
Retail banks must leverage the latest technology to enhance customer interactions, as the complexity of their services necessitates knowledge sharing for value creation Social media (SM) serves as an ideal platform for effective customer relationship management, highlighting the need for clear adoption and implementation strategies that align with marketing efforts As a growing trend, banks increasingly utilize advanced technology in their marketing activities to effectively communicate brand messages and boost business performance Many banks actively engage on social networks to promote financial products, inform customers about regulatory updates, and address complaints, exemplified by institutions like Citibank and Bank of America.
ING Direct and USAA actively engage on social media to foster customer relationships and offer interactive online support through various tools and websites.
As of January 2023, Vietnam boasts around 70 million social network users, with significant engagement on platforms such as Facebook (66.2 million), Instagram (10.35 million), YouTube (63 million), and TikTok (49.86 million users aged 18 and over) This widespread adoption of social media (SM) highlights its growing importance in the Vietnamese market Businesses and self-employed individuals are increasingly leveraging social media marketing due to its benefits, interactivity, and effectiveness as a communication tool In a rapidly diversifying marketing landscape, particularly within the banking sector, targeting Generation Z has become crucial, as this demographic is emerging as a key consumer group and a primary focus for brands seeking to build trust and engagement.
The evolving significance of marketing activities in banks, driven by emerging trends, has led to numerous studies examining the impact of social media (SM) on brand awareness (Bilgin, 2018) However, most research has primarily focused on the general consumer population, leaving a gap in understanding among a key demographic: students This study aims to assess the level of bank recognition through social media marketing channels among Generation Z individuals studying and working in Ho Chi Minh City, titled "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?
To enhance the effectiveness of social media marketing tools in boosting brand awareness among Gen Z customers in Ho Chi Minh City, businesses should focus on creating engaging and authentic content that resonates with this demographic Leveraging platforms popular among Gen Z, such as TikTok and Instagram, is essential for reaching this audience effectively Additionally, incorporating interactive elements like polls, challenges, and user-generated content can foster community engagement and strengthen brand loyalty Collaborating with local influencers who align with the brand's values can further amplify visibility and credibility Finally, analyzing data and feedback will allow brands to refine their strategies and ensure they meet the evolving preferences of Gen Z consumers.
Research object and scope of research
- Research object: The influence of SM Marketing on banking awareness among generation z in Ho Chi Minh city.
+ About space: Gen z at universities in Ho Chi Minh city.
+ Regarding time: The project will be carried out from August to October2023.Data collection using a survey form will be conducted in September 2023.
Research Methods
The authors employed a quantitative research method by designing a comprehensive survey scale and questionnaire to gather data from university students in Ho Chi Minh City The collected data was analyzed using the PLS-SEM linear structural model with SmartPLS 4 data analysis software.
Practical significance
The research findings offer scientific evidence assessing the impact of current social media marketing tools on bank brand recognition among Generation Z students 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.
THEORETICAL FRAMEWORK
Overview of Social Media Marketing
Digital marketing involves managing and executing marketing strategies through electronic channels like the web, email, and wireless media It leverages digital data on customer characteristics and behaviors to enhance marketing effectiveness.
Digital marketing, as defined by the Asia Digital Marketing Association, is a strategic approach that utilizes the Internet for marketing activities and information exchange This method enables businesses and individuals to effectively connect with their target audience at the optimal time, ultimately enhancing brand recognition in a competitive landscape.
Digital marketing encompasses more than just online advertising channels like Facebook Advertising, Google AdWords, and email marketing campaigns; it is often mistakenly equated with Internet marketing or e-marketing In reality, the Internet is merely one of several avenues for reaching customers Additionally, digital marketing serves as a platform for companies to express their digital identity, effectively conveying their image and message to a vast audience of potential customers in the virtual realm.
Digital marketing leverages CRM data to deliver personalized content to specific customer segments, enhancing the alignment of products and services with customer needs It encompasses all marketing strategies utilizing electronic devices or the internet to effectively connect with potential customers, ultimately driving business objectives.
Digital marketing encompasses two primary channels: digital online marketing and digital offline marketing Digital offline marketing consists of enhanced offline strategies, radio marketing, television marketing, and telephone marketing On the other hand, digital online marketing features various forms, each with its unique advantages.
Search Engine Marketing (SEM) encompasses both search engine optimization (SEO) and pay-per-click (PPC) advertising SEO focuses on enhancing the online visibility of a website or web page in the unpaid search results of search engines This involves a variety of strategies aimed at improving a site's ranking on search engine results pages, including website optimization and link building to ensure that search engines deliver the site for relevant user queries The three main types of SEO are Technical SEO, On-page SEO, and Off-page SEO.
Pay-per-click (PPC) is an online marketing strategy where advertisers pay a fee each time their ad is clicked, effectively purchasing traffic to their website A prominent form of PPC is search engine advertising, which enables advertisers to bid for ad placements in sponsored links when users search for keywords relevant to their business.
Content marketing involves creating, publishing, and distributing valuable content to engage an online audience This strategy helps businesses attract attention, generate leads, and expand their customer base while enhancing brand awareness and credibility.
Social Media Marketing (SMM) encompasses internet-based technologies that enable online interactions through various platforms, including social networking sites, blogs, and chat rooms The primary benefits of SMM include enhancing business visibility, fostering strong personal relationships with customers, and allowing for targeted engagement with individual consumers.
Email marketing involves using email to build relationships with prospects and customers through targeted marketing communications By sharing valuable information and fostering connections, businesses can convert leads into customers and boost sales As a form of direct marketing, email marketing is highly effective due to its rapid delivery and cost efficiency Its key advantage lies in the ability to segment potential customers, enabling companies to track reader engagement and responses This data-driven approach allows for precise audience classification, ensuring future communications are tailored to the recipient's interests and needs.
Affiliate marketing is a form of promoting products or services that a supplier wants through online promotion channels (blogs, fanpages, groups ) of publishers to customers.
Native advertising is a form of paid content designed to blend seamlessly with the platform's interface and functionality, making it challenging for users to identify it as an advertisement.
The role of digital marketing for banks
In today's competitive banking market, digital marketing has become essential for success, serving as a vital link between banks and their customers The expansive reach of social networks, paired with advanced data analysis tools, presents both opportunities and challenges for banks To thrive in the digital landscape, banks must not only attract new clients but also nurture existing relationships Digital marketing facilitates interaction and target engagement while providing insights into customer behavior and market trends through analytics tools like Facebook Insights and Google Trends This understanding allows banks to adapt their strategies effectively Additionally, by delivering valuable content and maintaining active engagement, banks can foster trust and build a loyal online community.
Digital marketing is essential for a bank's success in a competitive and expanding market By harnessing social media and digital technology, along with a thorough understanding of customer needs and market dynamics, banks can create a robust brand image and foster long-term engagement and success.
Social Media Marketing (SMM) effectively promotes websites and businesses by engaging current and potential customers through social media channels Research by Pentina & Koh (2012) highlights that SMM fosters viral communication within community groups and brand pages on platforms like Facebook and Twitter As social networks expand, they increasingly attract more customers, positioning themselves as powerful marketing platforms (Saravanakumar & SuganthaLakshmi, 2012) This modern marketing tool captures user attention through social networks (Jara et al., 2014) and offers cost-effective strategies to reach and engage customers at various stages of the buying cycle.
In today's digital age, social networks play a crucial role in shaping the decisions of Gen Z, serving not only as platforms for communication but also fostering empathy among young users (Kim & Ko, 2012).
Overview of Brand Awareness
The concept of "brand" has gained significant attention in recent years, with various definitions highlighting its importance Brands are considered intangible assets that enhance shareholder value, as noted by Seetharaman et al (2001), who describe a brand as an asset that lacks physical existence and whose value is only realized through specific business transactions Fombrun (1996) emphasizes that these intangible assets, particularly brands, are crucial in reflecting a company's true worth and providing a sustainable competitive edge Ultimately, brands create added value for both businesses and consumers, which can be understood as brand equity.
Brands play a crucial role in helping consumers navigate the complexities of product choices by clearly differentiating between options They instill confidence in shoppers, allowing them to make informed decisions A trusted brand not only signifies product quality but also aids in distinguishing its offerings from competitors, ultimately reducing perceived risk and minimizing post-purchase regret.
An organization aims to shape its brand image through strategic branding and advertising; however, consumers interpret these messages based on their personal perspectives This subjective interpretation leads to varying responses to brands, highlighting the individual nature of brand image formation in consumers' minds (Gordon, 1999).
Brand equity, as defined by Farquhar & Equity (1989), refers to the additional value a brand contributes to a product, enabling companies to achieve high consumer acceptance despite intense competition This valuable asset not only supports new product launches and licensing opportunities but also helps mitigate market share losses during price wars and promotions (Kamakura & Russell, 1991) Furthermore, strong brand equity offers resilience against competitive threats (Aaker & Equity, 1991).
Brand awareness encompasses the names, terms, symbols, and designs that identify a brand's products or services, distinguishing them from competitors (Aaker & Equity, 1991) It indicates how strongly a brand is perceived in consumers' minds (Pappu et al., 2005) and relates to the brand's memory trace (Sirgy, 1982) This awareness manifests in two primary forms: brand recall and brand recognition (Keller, 1993) Brand recall happens when a brand name is triggered by a cue, such as a product category (e.g., "When you think about clothes, which brand comes to mind?") (Hutchinson et al.).
1994) Brand awareness refers to a consumer's ability to verify previous exposure to a brand when the brand is presented as a cue (Hutchinson et al., 1994; Keller, 1993).
Brand awareness is fundamentally rooted in a business's ability to create unique products that distinguish it from competitors As competition intensifies, it becomes crucial for businesses to effectively communicate their distinct features and values to the public Branding strategies serve as vital tools for conveying a company's identity to consumers and stakeholders Additionally, the marketing mix, particularly the 4Ps—Product, Price, Place, and Promotion—plays a significant role in building brand awareness Ultimately, a strong brand awareness strategy allows a company to express its personality and uniqueness to all relevant audiences.
2.2.3 The role of bank brand awareness:
Building a strong corporate image is a primary goal for banks, as it enhances brand recognition and attracts stakeholders, ultimately leading to increased profits A distinctive brand identity allows banks to differentiate themselves from competitors, fostering customer recognition and recall Research indicates that a solid reputation cultivates trust, encouraging positive responses to financial products Customers are more likely to choose and remain loyal to banks with reputable brand identities, as these evoke confidence and reliability Furthermore, strong brand recognition facilitates expansion into new markets, generating customer interest and supporting overall growth.
Brand awareness is fundamentally built on various non-brand elements that trigger recognition in consumers, including logos, taglines, colors, sounds, characters, images, and package shapes (Zaichkowsky, 2010) These elements play a crucial role in boosting brand equity by enhancing awareness, recognition, and recall (Childers & Houston, 1984; Hartnett et al., 2016; Perry & Wisnom, 2003; Sharp & Romaniuk, 2016) They serve as essential components in creatively strengthening brand presence in advertising and purchasing contexts, helping to explain the brand (Kohli et al., 2007) and adding meaningful imagery that aids in memory retention (Dahlen & Rosengren, 2005; Hartnett et al., 2016; Keller, 2009) Consequently, brands become more accessible to consumers through improved memory and recognition (Childers & Houston, 1984; Perry & Wisnom, 2003) Additionally, the creative versatility of these brand awareness elements enhances integrated marketing communications, fostering a cohesive brand identity (Luxton et al., 2015; Nandan).
Consistent use of a cohesive color palette across various media platforms enhances brand integrity, ensuring a unified message and clear voice at all consumer touchpoints (Romaniuk, 2018) This unified brand awareness reduces cognitive effort for consumers, facilitating quicker identification and recognition of the brand in both advertising and retail environments (Hartnett et al., 2016) Strong brand elements attract attention, enhance visibility, and help brands stand out amidst advertising clutter (Major, 2014; Van den Bosch et al., 2005) In fast-paced shopping settings, recognizable brand identifiers serve as mental shortcuts, simplifying the purchasing process (Gaillard et al., 2005; Hoek & Gendall, 2010; Olson, 2004) For successful brand awareness, these identity elements must be distinctly linked to the brand in consumers' memories, promoting retrieval activation that evokes specific brand associations (Keller, 1993).
Gen Z
Generation Z, commonly known as Gen Z, is the demographic cohort that follows the Millennials and precedes Generation Alpha This group, identified as those born from the late 1990s to the early 2010s, represents the second generation after Generation X According to Oxford, Generation Z consists of individuals reaching adulthood in the second decade of the 21st century.
In particular, Generation z is often considered the first generation to grow up in a technological and digital environment from a very young age Therefore, their exposure to
SM channels will be much higher than other generations.
2.3.2 Gen z’s accessibility to SMM channels:
Experts emphasize that Generation Z seamlessly navigates both the real and virtual worlds, viewing them as complementary environments (Zarczynska-Dobiesz & Chomatowska, 2014) This ability allows them to efficiently source and verify information while rapidly sharing it with others Their communication is continuous and dynamic, facilitated by various devices and social media platforms.
Social media users, particularly Generation Z, maintain extensive online networks, interacting with daily relationships through various platforms while still valuing personal meetings (Csobanka, 2016) This generation utilizes a range of mobile devices to share their opinions on platforms like Twitter, Instagram, and YouTube Growing up with early access to the Internet, Generation Z is uniquely positioned as digital natives, fully embracing Internet technology The Web 2.0 revolution has significantly enhanced their educational opportunities, providing access to resources that were previously unimaginable (Turner, 2015).
"digital connection to the Internet", and argues that this can help with the mental and emotional problems that young people often face when not online.
Generation Z showcases impressive professionalism and adaptability in engaging with social media platforms This proficiency not only creates fresh opportunities for businesses but also enhances creativity in content creation and marketing strategies.
2.3.3 The important role of Gen z :
Generation Z is significantly transforming business marketing strategies on social media platforms, necessitating organizations to adapt their approaches to align with Gen Z's distinct priorities and consumer behaviors, which differ from those of Millennials Known for their financial savvy, Gen Z engages deeply and actively with digital technologies, utilizing platforms like Instagram, TikTok, and Snapchat in innovative ways They hold businesses to higher standards, prioritizing transparency, honesty, and ethical considerations in their purchasing decisions Unlike Millennials, Gen Z is more responsive to brands that demonstrate a clear social mission and align their actions with the values that matter to this socially conscious generation.
To build trust and foster long-term relationships with Gen Z, businesses must implement effective outreach and engagement strategies on social media platforms Understanding the diverse and evolving needs of Gen Z, in contrast to previous generations, is crucial Organizations must demonstrate flexibility and adaptability in their business strategies to align with the advancements and shifting mindsets of this new generation.
Summary of previous research
A study by Sheak & Abdulrazak (2023) explores the effects of social media marketing activities (SMMA) on TikTok in enhancing brand awareness Utilizing quantitative research methods, including purposive sampling and a 5-point Likert scale, the study examines key variables such as Entertainment, Customization, Interaction, eWOW, and Trendiness The findings reveal that SMMA on TikTok significantly contributes to increasing brand awareness, highlighting the importance of these factors in effective marketing strategies.
"Entertainment" is the most important and "Customization" is the least important From there, the author offers policy implications for brands that can lake advantage of the
Incorporate engaging background music and trending memes into your branded content to enhance its entertainment value Utilize humor to depict relatable situations and leverage popular Gen-Z terminology to resonate with your audience Additionally, develop unique and entertaining branding challenges that capture attention and encourage participation.
A study by Kosakarika (2020) investigates the impact of social media marketing (SMM) on brand awareness and purchase intention among online customers in Thailand Through a survey of over 400 participants, it reveals that factors such as interaction and electronic word of mouth significantly enhance brand awareness Additionally, the findings indicate that SMM plays a crucial role in shaping the purchasing intentions of Thai consumers Key elements like brand recall, top-of-mind brands, and word-of-mouth further influence these intentions The research underscores the importance for businesses and marketers to prioritize word-of-mouth communication via social media, emphasizing unique brand characteristics and engaging marketing activities that foster entertainment and customer interaction, ultimately driving brand recognition and purchase intent.
A study by Maria et al (2019) examined the effects of social media marketing, word of mouth, and advertising effectiveness on brand awareness among 50 respondents using transportation services in Samarinda Analyzed using SPSS, the research identified social media marketing and the effectiveness of direct advertising as significant positive influences on brand awareness, with advertising effectiveness being the most critical factor Consequently, the study suggests that businesses should enhance their advertising creativity and frequency across various media to boost brand awareness among customers.
This study investigates the impact of social media marketing (SMM) on brand awareness, brand image, and brand loyalty, while also analyzing how brand awareness and brand image influence brand loyalty Utilizing quantitative methods and structural equation modeling (SEM), the research identifies independent variables such as Entertainment, Interaction, Trendiness, Advertisement, and Customization Findings reveal that SMM activities significantly affect brand image and loyalty, with Customization and Entertainment being the most influential factors Conversely, Trendiness and Interaction received the lowest ratings from consumers The study suggests that businesses should prioritize personal communication with customers on social networks and focus on consistently sharing engaging and entertaining brand content, rather than solely relying on news, advertising, or promotional materials (Bilgin, 2018).
A study by Sohysiak & Suraj (2014) explored young people's perceptions and preferences regarding online banking, surveying 897 respondents aged 20-25 from Subcarpathian universities The findings reveal that over 60% of the younger generation views online banking as essential, potentially replacing traditional banking methods Factors influencing their banking choices include the availability of online services, the number of ATMs, social influences from family and friends, and the associated fees and convenience This research highlights the significant interest and reliance on online banking among young adults.
In their 2021 study, Ra'd Almestarihi et al aimed to identify, evaluate, summarize, and synthesize previous research on the impact of social media (SM) marketing on brand equity The researchers classified the studies based on brand equity components, platforms, SM dimensions, and industry types, following the PRISMA statement for study selection An extensive online search across 11 databases utilized a comprehensive set of keywords and predefined eligibility criteria, resulting in 26 articles that met the inclusion standards The findings indicated that SM marketing significantly influences brand awareness, brand associations, perceived quality, and brand loyalty, with Facebook emerging as the dominant platform Overall, the study concluded that SM marketing positively affects customer-based brand equity (CBBE) dimensions.
Ahmad (2020) conducted a study to explore the impact of social media (SM) marketing on small businesses, focusing on its role in enhancing brand awareness and fostering customer relationships Utilizing a qualitative approach grounded in traditional hermeneutic methods, the research involved semi-structured interviews with ten small business owners worldwide The inductive method facilitated the identification of key themes through thematic analysis Findings indicated that paid advertising, strategic marketing positioning, and effective communication via SM significantly contribute to a positive brand image and strengthen customer relationships The study concludes that social media marketing plays a crucial role in helping small businesses create brand awareness and build strong, positive connections with their customers.
Research gaps
A review of previous studies highlights the influence of social media marketing (SMM) on brand recognition through various aspects, including entertainment, customization, interaction, electronic word of mouth, and trendiness Notably, Nguyen Ngoc Anh (2018) proposed a model that identifies key factors affecting brand awareness on social media in Vietnam, such as brand storytelling, digital word of mouth, high-quality information, and customer interaction However, the impact of SMM on bank brand recognition remains an area that requires further research.
While much of the existing research examines the overall effects of social media marketing (SMM) on brand awareness, there is a notable lack of comprehensive studies specifically addressing the influence of SMM on awareness within the banking sector.
- Most research focuses on customers of different ages, with no specific research on the Gen z
- Most previous research was conducted in other countries, with very few specific studies on this topic in Vietnam.
- Although research by Nguyen Ngoc Anh (2018) has provided a model of factors affecting brand awareness in the Vietnamese context, there has been no empirical testing.
This article investigates the influence of Social Media Marketing on banking awareness among Generation Z in Ho Chi Minh City, highlighting the significant role of influencer marketing in boosting brand awareness (Agustian et al., 2023) The authors aim to experimentally test Nguyen Ngoc Anh's (2018) model, incorporating the variable of "famous people" to enhance the existing framework The findings will provide valuable insights for bank leaders, enabling them to develop effective marketing strategies This research addresses critical gaps in the current Vietnamese context, making it both innovative and essential.
Reality
The banking industry, traditionally viewed as conservative, has undergone significant transformation due to technological advancements In Vietnam, research indicates that over 70% of individuals born after 1975 have internet access, enabling commercial banks to utilize digital marketing strategies to enhance customer engagement As the popularity of e-wallets continues to grow, banks must adopt a more customized marketing approach to effectively meet the evolving needs of their customers.
A study conducted in 2013 found that over 70% of commercial bank customers utilized at least one internet connection method, primarily seeking information about banking services through social networks and websites Furthermore, the research highlighted that in light of current retail trends, banks are required to engage with customers via electronic platforms rather than relying solely on traditional partners.
Social networks have become a crucial platform for information dissemination across various sectors, including science, business, politics, and crisis management In Vietnam, banks are increasingly leveraging social media for advertising and marketing, with notable success Commercial banks like VIB, VPBank, and Techcombank are actively consulting on credit products and services through these platforms According to the "Most Outstanding Brands on Social Networks 2022" ranking by YouNet Media, banking brands have adopted innovative strategies to enhance customer engagement across multiple platforms Key activities focus on establishing digital banking brand positioning and promoting payment and credit card services VIB leads this ranking, driven by dynamic media campaigns, particularly the MyVIB 2.0 application promotion linked to the gameshow "The Masked Singer Vietnam."
BIDV, a major bank in Vietnam, has enhanced its brand presence by establishing fan pages on various social media platforms, including Facebook, LinkedIn, YouTube, and Zalo, where it shares promotional updates and instructional videos This strategy allows BIDV to engage a diverse customer base Similarly, MB Bank has leveraged multiple advertising channels, such as newspapers, television, email marketing, and social networks, to reach potential clients Notably, TPBank stands out in the industry for its marketing efforts, having appointed popular singer Son Tung MTP as its brand ambassador in 2020 to attract younger consumers through engaging video content.
The marketing campaign on social media platforms has effectively connected Vietnamese banks with customers, enhancing brand loyalty and engagement However, in response to market fluctuations and increasing customer awareness, banks must continually refine their communication strategies to maintain this connection.
RESEARCH METHODS
Research model and hypothesis
The model is mainly inspired by the research of (Ahmad, 2020) After reviewing related studies, the research team decided to propose the following research model:
- Dependent variable of brand awareness (BA):
Brand recognition is evaluated through 3 criteria:
+ Recognizability (BAI): is the brand's ability to penetrate the customer's mind (Chandon, 2003).
+ Familiarity (BA2): is the consumer’s ability to access brand knowledge, thereby helping customers remember the brand that already exists in memory (Campbell & Keller, 2003).
+ Brand characteristics (BA3): factors help customers choose to fully trust the brand, expressed through customers’ trust in the brand's reputation and capabilities (Lau & Lee, 1999).
Independent variable: The research model evaluates the impact of 6 independent variables on the dependent variable, specifically as follows:
Brand story is measured through 3 criteria:
+ Authenticity (BS1): factor makes customers believe that the brand story is true and choose to accept that story (Chiu el al., 2012).
+ Conciseness (BS2): conveying the message to customers in the shortest possible time while still ensuring the key points of the message (Chiu Ct al., 2012).
+ Transformation (BS3): A surprising turning point event that causes customer emotions to reach unexpected intensity, giving customers a deep impression of the product (Chiu et al., 2012). eWOM is measured through 3 criteria:
Negative reviews, or electronic word-of-mouth (eWOM), significantly influence customer perception and can severely harm a brand's reputation based on prior experiences (Pavlou & Gefen, 2005; Zhang et al., 2016) Additionally, the reliability of the message plays a crucial role in shaping consumer trust and their decision to utilize a product (Zhang et al., 2016).
The purpose of eWOM3 highlights that when customers question the motive behind a message, it can lead to distrust in the brand This skepticism creates significant barriers to building a trustworthy relationship with consumers, as noted by Zhang et al (2016).
+ Message authenticity (eWOM4): Refers to whether the messages come from the people directly benefiting or whether they can impersonate someone else to carry out those actions (Zhang et al., 2016).
+ Post on platforms (eWOM5): Consumption sharing has become so popular, this is a very important factor in assessing brand awareness (Zhang et al., 2016).
Quality information is measured through 3 criteria:
+ Accuracy (QI 1): refers that the information communicated to customers must ensure content to avoid unnecessary consequences that damage brand recognition (Petter et al., 2008).
+ Timeliness (QI2): Brand information must be updated as quickly as possible to customers through the brand's communication platforms (Petter et al., 2008).
+ Understandability of the brand page (QI3): the ability to easily understand and grasp important information presented on the brand page (Petter et al., 2008).
Customer interaction is measured through the following 5 criteria:
+ Reliability (CIl): is the performance of the service promised by the brand reliably and accurately (Lewis & Mitchell, 1990).
+ Responsiveness (CI2): refers to the ability to provide service quickly and be willing to help customers (Lewis & Mitchell, 1990).
Assurance (CI3) emphasizes the professional qualifications and courteous behavior of employees in delivering services to customers, as highlighted by Lewis & Mitchell (1990) Meanwhile, Tangibility (CI4) pertains to the tangible benefits associated with the facilities and overall appearance that customers experience when selecting a particular brand, according to Lewis & Mitchell (1990).
+ Empathy (CI5): is the care that the brand has for its customers (Lewis & Mitchell, 1990).
Entertainment is measured by 5 criteria:
+ Characteristics (El): refers to the entertainment features that make it suitable for target users (Marti Parreno et al., 2013; Um & Kim, 2014).
Effectiveness (E2) highlights the importance of engaging messages that entertain customers, enhancing brand recognition and popularity Prominence (E3) focuses on communicating the unique characteristics of the brand to the target audience Excitement (E4) emphasizes creating a sense of interest and eagerness in customers, motivating them to experience the product immediately.
+ Creativity (E5): the message that makes a difference, making the brand unique and making a strong impression on customers (Lieberman & Esgate, 2002).
Finally, Influencers are measured by 3 criteria:
+ Effectiveness (II): celebrity messages increase the brand's recognition level (Biaudet, 2017; Leung et al., 2022).
+ Followers (12): The larger the number of followers, the more coverage the message will have, helping to increase brand recognition (Biaudet, 2017; Leung et al., 2022).
+ Platform used (13): The platform the celebrity uses will correspond to the number of potential customers the brand reaches its target (Biaudet, 2017; Leung et al., 2022).
Hypothesis development
A story is defined as an oral or written representation involving multiple individuals recounting past or anticipated experiences (Boje, 2019) In the context of brand image development, media narratives play a crucial role, as brand stories are often symbolic and metaphorical Consumers create their own narratives around marketed products and share them with others (Brown et al., 2003) While brand owners influence the content of these stories, the rise of social media, blogs, and digital forums has enabled users to freely discuss and shape brand narratives, making it challenging for brand owners to maintain control over the information (Hennig-Thurau et al., 2010) Consequently, user-generated content tends to build trust among audiences, prompting brand owners to guide this information to foster a positive and relatable brand story Based on this analysis, the research team proposed the following hypothesis.
Hl: Brand stories have a positive impact on brand awareness. eWOMs
Marketers often invest millions in advertising to boost brand recognition, but a powerful and cost-effective alternative is word-of-mouth recommendations from trusted sources (Bughin et al., 2010) As online community platforms rapidly evolve, electronic word of mouth (eWOM) plays a crucial role in shaping brand image It enables consumers to gather insights not only from acquaintances but also from a vast, diverse audience This shift provides companies with innovative opportunities to connect with consumers and sway their opinions, prompting the research team to propose a new hypothesis.
H2: Electronic word of mouth has a positive impact on brand awareness.
High-quality information on social media platforms significantly enhances users' understanding of brands, fostering a supportive community that empowers informed decision-making and boosts brand awareness (Zhang & Watts, 2008) This valuable information aids users in learning about products and services while seeking advice on specific topics Ultimately, the quality of information is crucial in delivering benefits to users and elevating brand visibility (Zheng et al., 2013).
Social media (SM) offers consumers reliable, updated, and rich information, giving it a distinct competitive advantage over traditional media (Jang et al., 2008) High-quality information on SM platforms, which includes reliability, timeliness, and diversity, makes these platforms more appealing (Gorla et al., 2010) However, the presence of low-quality content can lead to information overload, causing users to feel overwhelmed and potentially withdraw from these platforms The quality of information shared also influences brand awareness over time (Biedenbach & Marell, 2010; Smith & Swinyard, 1982), as high-quality content helps users remember brands Thus, we hypothesize that sharing high-quality information on individual SM profiles enhances brand awareness and strengthens recognition.
H3: High quality information has a positive impact on brand awareness.
Customer reviews significantly influence both current and potential customers, highlighting the importance of brand interaction, which encompasses both intellectual and emotional elements (Haven, 2007; Hollebeek, 2011) Key factors in this interaction include intimacy, interaction, involvement, and influence (Haven, 2007) Brands can enhance engagement by sharing updates through images or videos, prompting immediate reactions and discussions among fans (Manning-Schaffel, 2009) Collecting customer feedback fosters positive interactions that improve service quality and customer satisfaction (Moorthi, 2002) Moreover, social media is crucial in enhancing credibility and connection between brands and customers (Bhattacharya & Sen, 2003).
H4 Customer interaction on SM has a positive impact on brand awareness.
Entertainment plays a crucial role in how viewers emotionally engage with media, serving as a key strategy for effective marketing (Saadeghvaziri & Hosseini, 2011; Shashikala & Mahapatro, 2015) Research indicates that the entertainment value of a message significantly influences consumers' perceived value and attitudes (El Ashmawy & El-Sahn, 2014) High levels of engagement on media channels enhance emotional responses, fostering comfort and positivity among users (Nguyen, 2020) This emotional connection makes consumers more receptive to products and services, while increased entertainment value can elevate brand awareness in a rapidly changing marketing environment (Nguyen, 2020) Thus, the research team has formulated the following hypothesis.
H5: Entertainment has a positive impact on brand awareness.
Celebrities are people who have influence and are of interest to the community. Shaping a brand's style through inviting celebrities has been growing According to (Li,
Research indicates that endorsements from online celebrities can significantly influence consumer behavior, often more effectively than traditional advertising methods (2018) These influencers not only share promotional content but also provide authentic comments and reviews, enhancing their followers' trust Their involvement positively shapes brand image and boosts brand awareness (Hermanda et al., 2019) Consequently, the research team formulated the hypothesis:
H6: Influencers have a positive impact on brand awareness.
Variable Symbol Sign expectations Source
Brand story BS + (Chiu et al., 2012) cWOMs cWOM + (Line ct al., 2020;
Entertainment E + (Marti Parreno et al., 2013; Um & Kim,2014)
Research data
The research employs a 5-level Likert scale to assess the influence of banking services among Gen Z users, utilizing data collected via Google Forms from September 1 to October 5, 2023 Although the study aimed to gather 350 samples, it ultimately achieved 332 valid responses due to time constraints Following the data collection, invalid responses—such as incomplete answers, uniform selections, and inconsistent patterns—were removed, resulting in a final sample size of 329 for analytical evaluation.
Tests performed in the model
The study employs Partial Least Squares Structural Equation Modeling (PLS-SEM) and Bootstrapping for statistical analysis, utilizing SmartPLS 4 software for testing It assesses convergent validity through Average Variance Extracted (AVE) and external factor loadings, while reliability is evaluated using Cronbach's Alpha and composite reliability scales to enhance the model's robustness For measurement model evaluation, the research analyzes correlations among model variables using p-values, coefficients of determination, and path coefficients.
RESEARCH RESULTS
Descriptive statistical results
Table 2: Statistical analysis of data
Statistics reveal that men represent 46.69% and women 55.31% of the surveyed population, with first-year students making up 48.64% of respondents, followed by second-year students at 24.93%, and senior students at 12.77% This demographic is particularly relevant as it reflects a tech-savvy age group that frequently engages with social media, influencing their banking decisions The predominance of first-year students indicates a critical transition period in their university life, where they require banking services for various transactions, highlighting a significant opportunity for banks to enhance their visibility and attract this emerging customer base.
The measurement model
This study employs both Cronbach's Alpha and Composite Reliability to assess the reliability of the scale, with both metrics requiring a minimum value of 0.7 (DeVellis & Thorpe, 2021; Davis et al., 1989) As shown in Table 2, all items successfully met these criteria, falling within the designated confidence intervals.
Convergent validity assesses the positive correlations among observed variables of a latent variable, determining the strength of these correlations through the average variance extracted (AVE) An AVE value of 0.5 or higher indicates that the latent variable accounts for at least 50% of the variance in each observed variable As shown in Table 2, the composite reliability values and Cronbach's Alpha coefficients range from 0.6 to 0.9, reflecting a high level of reliability, with all AVE values exceeding 0.5, thereby meeting the established criteria.
Convergent Validity Internal Consistency Reliability
Note: AVE: Average extracted variance value.
To evaluate the model's discriminant validity, both cross loadings and the Fornell-Larcker criterion were analyzed The Fornell-Larcker criterion assesses the correlations between latent variables against the square root of the Average Variance Extracted (AVE) values (see Table 3) For accurate cross loadings calculations, each indicator's loading must exceed that of related variables The results indicate that the cross-loading criteria are satisfied (refer to Table 4), with all loading coefficients for the variables exceeding the threshold of 0.7.
The structural model
The research model was evaluated by examining the relationships between dependent variables through path coefficients and R-square values The path coefficient indicates the strength of the relationship between independent and dependent variables, while the R-square index reflects the proportion of variance in the dependent variable that can be explained by the independent variables R-square values range from 0 to 1, with values nearing 1 suggesting a stronger explanatory power of the independent factors on the dependent variable.
Hypothesis Path Path t Values p Values Confidence Intervals Significance
Hl Brand Story -> Brand Awareness 0,128 2,323 0,020 0.018 0,233 Yes
Path analysis, as illustrated in Figure 3 and detailed in Table 5, provides p-values and path coefficients that validate each hypothesis The findings confirm that all hypotheses are supported, demonstrating significant paths between the independent and dependent variables.
The proposed research model has met the research objective and determined the impact of Social Media Marketing on banking awareness among the GenZ generation in
Ho Chi Minh City emphasizes six key criteria that significantly enhance brand awareness: compelling brand stories, effective digital word of mouth, high-quality information, active customer interaction, engaging entertainment, and celebrity endorsements.
The proposed research model has met the research objective and determined the impact of Social Media Marketing on banking awareness among the GenZ generation in
Ho Chi Minh City effectively enhances brand awareness through a structured approach that incorporates six key criteria: compelling brand storytelling, digital word of mouth, high-quality information, customer interaction, entertainment, and celebrity endorsements These elements work together to create a positive impact on how brands are perceived and recognized in the market.
Hl (B = 0.128; p < 0.05) describes the relationship between brand story and brand awareness.
Brand stories play a crucial role in enhancing brand recognition among users, particularly among Gen Z in the Ho Chi Minh City market (Cohen, 2010; Moin et al., 2020) However, the prevalence of banking brand narratives has led to a saturation point, diminishing their ability to capture the attention of this demographic As Gen Z continues to explore a wider array of banking services, their engagement with traditional brand storytelling is declining.
H2 (B = 0.122; p < 0.05) describes the coiTclation between digital word of mouth and bank awareness.
This study highlights the significant influence of digital word of mouth (eWOM) on bank brand recognition, aligning with earlier findings by Keller (1993) eWOM acts as a crucial information source during the decision-making process for purchases or services, offering insights into product performance and the psychological and social implications of potential purchases As consumers are more acquainted with the eWOM sources, they perceive the information as more reliable The research demonstrates that eWOM is an effective and impactful tool that positively enhances the image of bank brands.
H3 (B = 0.120; p < 0.05) describes the relationship between high quality information and brand awareness.
High-quality information significantly influences brand awareness, aligning with the findings of Bicdcnbach & Marell (2010) and Smith & Swinyard (1982) It is essential for delivering various benefits to customers, as highlighted by Zheng et al (2013) While information quality enhances brand awareness over time, excessive low-quality user contributions can lead to information overload, causing customers to feel overwhelmed by unwanted information.
H4 (B = 0.140; p < 0.05) describes the relationship between customer interaction and bank awareness.
The rapid evolution of information channels on the Internet has enabled young people to access desired information with ease, yet the overwhelming volume of related articles has diminished the significance of high-quality content, often leading to annoyance from irrelevant advertisements Research by Hutter et al (2013) highlights the impact of customer interaction on brand recognition, revealing that while such interaction has a measurable effect on brand awareness among GenZ in Ho Chi Minh City, it is not substantial Furthermore, studies indicate that users invest time in sharing product reviews to assist others, driven by intrinsic motivation (Dorner et al., 2020; Qiao et al., 2021) However, brands across various sectors are increasingly incentivizing customer interactions, which shifts focus from intrinsic motivations to extrinsic rewards, potentially diminishing genuine behavioral intentions (Deci, 1971) Consequently, GenZ, with its quick adaptability, has become skeptical of user reviews, recognizing biases and low-quality information.
H5 (B = 0.363; p < 0.05) describes the relationship between entertainment and brand awareness.
The findings reveal that entertainment significantly impacts bank identification, with most survey participants acknowledging that entertaining messages enhance brand awareness Given that Gen Z has grown up in a noisy, information-saturated environment, advertising campaigns featuring entertainment elements like humor, puzzles, and games are likely to resonate more with them This aligns with Chi et al (2020), emphasizing that enjoyable brand experiences foster emotional connections (Belaid & Temessek Belli, 2011), which in turn cultivate brand identification and loyalty (Park et al., 2010; Shimul et al., 2019).
H6 (B = 0.146; p < 0.05) describes the relationship between celebrities and brand awareness
Research indicates that the celebrity structure positively impacts bank brand recognition among Gen Z, aligning with findings by Andreani et al (2021) and Booth & Matic (2011) Businesses can enhance customer communication by collaborating with social media influencers as brand ambassadors This strategy has been utilized in Vietnam's banking sector for years, with notable partnerships such as Shinhan Bank's collaboration with Coach Park Hang Seo in 2018 and Sacombank's partnership with young entrepreneur Ly Qui Khanh in 2020 Despite previous studies highlighting the effectiveness of influencer marketing on customer brand awareness, particularly among Gen Z (Booth & Matic, 2011; Purwaningwulan et al., 2018; Royan, 2004; Sharon et al., 2018), this approach remains underdeveloped in Vietnam's banking industry Results may vary in different sectors based on the research focus and timing.