(LUẬN văn THẠC sĩ) nâng cao vai trò của marketing mạng xã hội trong lĩnh vực ngân hàng nghiên cứu cụ thể tại BIDV

THE THEORETICAL FRAMEWORK OF SOCIAL MEDIA MARKETING - THE UPDATED TREND AND APPLICATIONS IN BANKING INDUSTRY

Social media marketing channels in banking sector

Chapter 2: Research methodology and data analysis

2.1 Methodology and research methods 2.2 Data analysis

Chapter 3: Valuating the efficiency of using social media marketing channels in BIDV

3.1 Introduction about BIDV 3.2 Analyze the current application of social marketing channels in BIDV

3.3 The advantages and disadvantages of using social media marketing tools in BIDV

Chapter 4: Findings and recommendations for improving the role of social media marketing in BIDV

4.1 Development orientation of BIDV 4.2 Solutions to enhance the importance of social media marketing in BIDV 4.3 Recommendations

 Conclusions, limitations and research contributions

CHAPTER 1 THE THEORETICAL FRAMEWORK OF SOCIAL MEDIA MARKETING - THE UPDATED TREND AND APPLICATIONS IN BANKING INDUSTRY

1.1.Overview of social media marketing

Social media originated in 1978 with the introduction of Bulletin Board Systems that allowed users to exchange data via phone lines As the Internet gained popularity, consumers began to disregard traditional marketing messages, opting instead to share their experiences with products and services through various online platforms such as websites, blogs, forums, and message boards These user-generated conversations have proven to be more impactful on purchasing decisions than conventional marketing strategies Today, social media marketing, particularly through social networks, significantly influences consumer behavior by enhancing word-of-mouth recommendations.

Social Media, as defined by Evans (2008), involves authentic, self-generated conversations among individuals sharing mutual interests, driven by their thoughts and experiences It emphasizes sharing and collective vision, often leading to more informed choices Social Media is dynamic, allowing users to contribute content and evolve alongside advancements in internet technology It encompasses a diverse range of online and mobile platforms, including social networking sites, blogs, discussion boards, and consumer rating websites (Hollensen, 2011) Social Networks, the primary components of Social Media, are online communities where users with shared interests interact and communicate effectively.

Andreas Kaplan and Michael Haenlein [2] define social media as "internet applications based on the technology and ideal of web 2.0, which facilitates the creation and exchange of information by users "

In Vietnam, the Ministry of Information and Communications defines social media as an information system that offers users a network of services for storing, sharing, and exchanging information This includes features such as personal websites, forums, online chat, and audio and video sharing, among other similar services.

Social media usage is rapidly increasing, with 90% of internet users aged 18-24 engaging with social networks at least once a month This trend extends to all age groups, particularly those over 35, who are experiencing significant growth in social media engagement (Hubspot, 2012) On average, individuals worldwide spend approximately 4.6 hours per week on social media platforms, highlighting the global shift towards more social online interactions.

Figure 1: Average hours/week spent on online activities worldwide

As of 2018, active social media users have exceeded 2 billion, with projections reaching 2.44 billion This digital landscape is not limited to millennials; it encompasses users of all ages, particularly on major platforms like Facebook, LinkedIn, and Twitter Notably, individuals aged 25 to 44 represent the largest demographic, yet 62% of online adults aged 65 and older are active on Facebook, and 20% engage with LinkedIn.

With the development of social media, world marketing in general and Vietnam in particular, gradually change to take full advantage of the strong connection of social networks

Social media marketing is a communication strategy that prioritizes people over products, emphasizing the importance of customer feedback and engagement (Diamond, 2008) While companies can showcase their products with various features and promotional tools, the real influence lies in the comments and reviews from customers This shift in control makes social media marketing both daunting and complex for marketers, as negative word-of-mouth can spread rapidly across the globe The surge of online messages through social media significantly impacts consumer behavior, affecting awareness, consideration, information gathering, opinions, purchasing decisions, and post-purchase evaluations Therefore, international marketers must acknowledge the power and critical nature of consumer conversations occurring on these platforms.

4 Social Media Update 2016, PewResearch Center

Social Media Consequently, the ability of influencing the crowd effectively is the main quality needed by the marketing team (Evans, 2008)

Technology has transformed consumer habits, leading customers to place greater trust in personal recommendations over brand messages The traditional sales funnel, based on the "four A's"—aware, attitude, act, and act again—has evolved According to P Kotler (2016), the modern shopper pathway now includes "five A's."

“Aware” – Consumers become aware of brands through marketing, personal experience or recommendations from other people

“Appeal” – The most attractive brands rise to the top

“Ask” – Buyers seek data online via social networks, reviewers, the media or your brand

“Act” – Buyers select purchases based on their data, buy what they want and use it

“Advocate” – People develop preferences for brands and make repeat buys A query or negative comment can prompt proponents to defend their brand publicly

Across all the demograghics, a growing number of users are relying on online sources, including social media, to support their buying or investment decisions According to a recent report from Google:

- 65% online consumers look up more information online now than they did a few years ago

- 66% of smartphone users turn to their phones to look up something they saw in a

- Searches of businesses “near me” doubles in the past year

- 82% of smartphone users use a search engine when looking for a local business

- 82% of smartphone users consult their phones while in a business deciding what to buy

- Mobile conversation rates have increases 29% in a single year

- One in three millennials say they have purchased a product as a result of watching a how-to video 5

Figure 2: Benefits of Social Media Marketing:

Social media have redefined the way people interact with one another, enabling people to build relationships without geographic and demographic barriers

The Social Media landscape encompasses a vast array of channels, each uniquely defined by marketers In this section, we will explore the most widely recognized model of social media, highlighting its various types and distinctions.

5 Shape Consumers Preferences in their I-Want-to-Buy-Moments, June 2016,

Media Landscape by Fred Cavazza Finally, we will provide our own list of Social Media channels and illustrate them all in our model of Social Media channels

Fred Cavazza, a renowned French web business consultant, has gained recognition for his annual blog posts that outline his perspective on the evolving Social Media Landscape Since 2008, he has categorized Social Media channels into ten primary groups, including publishing, sharing, and social networking Over the years, Cavazza has adapted his model to reflect changes in Social Media Marketing In 2009, he repositioned social platforms at the core of his landscape, organizing them into four key categories: Expressing, Networking, Sharing, and Gaming By 2011, he highlighted Facebook and Google as central figures, linking them to seven essential areas of Social Media: Publishing, Sharing, Discussion, Commerce, Location, Networking, and Gaming.

Figure 3: The Social Media Landscape 2008, by Fred Cavazza

In Fred Cavazza's updated Social Media Landscape, Facebook, Twitter, and Google+ occupy a central position, highlighting their diverse functionalities and role as relays for user activities across platforms The diagram introduces new players, illustrates a generalization of conversations and interactions, and incorporates various device types, including laptops, smartphones, and tablets This comprehensive graph depicts the dense ecosystem of social media, categorizing services into families such as blog engines (WordPress, Blogger), wiki platforms (Wikipedia, Wikia), lifeblog services (Tumblr, Posterous), and dedicated online services for videos (YouTube, Dailymotion), pictures (Flickr, Instagram), links (Delicious, Digg), products (Pinterest), music (Spotify), and documents (Slideshare, Scribd) It also includes major editors (Zynga, Playdom), smaller innovative companies (Digital Chocolate, Kobojo), professional networks (LinkedIn, Viadeo), personal platforms (MySpace, Badoo), and customer intelligence platforms (Bazaarvoice, PowerReviews), along with mobile applications (Foursquare, Path) and socialized city guides (Yelp, DisMoisOu).

This report highlights the advantages of Social Media Marketing for businesses, particularly banks, by focusing exclusively on relevant Social Media channels that impact business operations It excludes the analysis of the "Buying" group and its customer reviews, as well as the "Playing" group, which encompasses virtual games and social worlds like World of Warcraft and Second Life Additionally, the report narrows its examination of Cavazza's "Localization" group to Social Events channels only The analysis will also differentiate between Blogs & Microblogs, Wikis, Social Bookmarking News Sites, and discussion forums Ultimately, we will explore seven specific types of Social Media channels that significantly influence businesses.

Content Communities or Media Sharing Sites

(Video/Audio/Photo/Presentations): e.g Flickr, YouTube, Dailymotion, Vimeo, Picasa, Pinterest, Slideshare…

Blogs and microblogs, along with social bookmarking and social news sites, will be consolidated into a single category Figure 9 showcases the Social Media Universe, emphasizing the social media channels that are suitable for businesses and their brands, accompanied by examples represented through their logos.

Figure 7: Social Media Universe for businesses

For businesses utilizing Social Media Marketing, identifying the social media channels where their audience engages is crucial Users often participate across multiple platforms, a behavior known as cross-pollinating By effectively analyzing their target audience's interactions, marketers can uncover vital insights regarding when, where, and how consumers engage within the social media landscape This analysis also aids in recognizing key influencers and understanding their roles in the online community, whether as networkers, casual users, trendsetters, reporters, or opinion leaders.

Table 1: The Social Media channels and their business characteristics:

- Risks related to the content of the posts

- Po-ssible bad comments to handle

1.3.Social media marketing channels in banking sector:

Banks are frequently perceived as cold and impersonal institutions; however, the advent of technology is prompting significant changes in the banking sector A 2017 study by the American Bankers Association explored the state of social media in banking, highlighting how banks leverage social media, the challenges they face, and the opportunities that lie ahead This research underscores the importance of adapting to technological advancements to enhance customer engagement and improve service delivery in the banking industry.

A recent survey of 800 American banks revealed that 76% recognize the importance of social media, with only 10% expressing disagreement Innovative banks are transforming their traditional images by cultivating engaging and personable brands through social media platforms.

• Central National Bank in Waco, Texas, found YouTube stardom with its satirical video on why banks close for Columbus Day  

• First State Bank, headquartered in Gothenburg, Neb., holds a quarterly contest with a local business customer in which each promotes the other‟s business on social media

RESEARCH METHODOLOGY AND DATA ANALYSIS

Methodology and research methods

3.1 Introduction about BIDV 3.2 Analyze the current application of social marketing channels in BIDV

Data analysis

Introduction about BIDV

Social media originated in 1978 with the introduction of Bulletin Board Systems, which allowed users to exchange data over phone lines As the Internet gained popularity, consumers began to take control of their experiences with products and services, leading to a shift away from traditional marketing messages (Evans, 2008) This evolution gave rise to conversations on websites, blogs, forums, and message boards about various brands and companies, significantly impacting consumer purchasing decisions Today, social media marketing, particularly through social networks, plays a crucial role in influencing buying behavior by amplifying word-of-mouth recommendations.

Social Media, as defined by Evans (2008), is an authentic, self-generated conversation among individuals centered on shared interests, driven by their thoughts and experiences It emphasizes sharing and collaboration, aiming to provide informed choices The dynamic nature of Social Media allows users to contribute content at any time, reflecting ongoing technological advancements According to Hollensen (2011), it encompasses a wide range of online and mobile platforms, including social networking sites, blogs, discussion boards, and various multimedia forums Social Media Sites serve as online communities where users with common interests can interact and communicate effectively.

In Vietnam, the Ministry of Information and Communications defines social media as an information system that offers users a network of services for storing, sharing, and exchanging information This includes creating personal websites, participating in forums, engaging in online chats, and sharing audio and video content, among other similar services.

Social media usage continues to rise, with 90% of internet users aged 18-24 engaging with social networks at least once a month This trend is also evident among older age groups, particularly those over 35, who are experiencing even higher growth rates in social media engagement (Hubspot, 2012) Additionally, the average global time spent on social media has reached 4.6 hours per week, highlighting the increasing importance of social platforms in our daily lives.

As of 2018, active social media users have exceeded 2 billion, with projections reaching 2.44 billion Social media is not limited to millennials; it attracts users of all ages, particularly on major platforms like Facebook, LinkedIn, and Twitter While individuals aged 25 to 44 represent the largest demographic, it's noteworthy that 62% of online adults using Facebook and 20% of LinkedIn users are aged 65 or older.

Social media marketing is a strategic approach that prioritizes human connections over products, emphasizing the importance of customer feedback and engagement (Diamond, 2008) While companies can showcase their products with various features and promotional tactics, the true impact lies in the comments and reviews from consumers This shift in control poses challenges for marketers, as negative word-of-mouth can quickly spread across the globe The rapid dissemination of information via social media significantly influences consumer behavior, affecting awareness, consideration, information gathering, opinions, attitudes, purchasing decisions, and post-purchase evaluations Therefore, international marketers must acknowledge the powerful conversations taking place among consumers on these platforms.

Technology has transformed consumer behavior, leading customers to prioritize personal recommendations over brand messages The traditional sales funnel, which follows the "four A's" model—aware, attitude, act, and act again—has evolved According to P Kotler (2016), the modern shopper pathway now encompasses five A's.

The Social Media landscape encompasses a vast array of channels, each uniquely categorized by marketers In this section, we will explore the most widely recognized model of Social Media classification.

Fred Cavazza, a renowned French web business consultant, has gained recognition for his annual blog posts that outline his perspective on the evolving Social Media Landscape Since 2008, he has categorized social media channels into ten primary groups: publishing, sharing, discussion, social networks, microblogging, lifestreaming, livecasting, virtual worlds, social games, and MMOs Over the years, Cavazza has refined his model to reflect the dynamic nature of Social Media Marketing In 2009, he shifted the focus to social platforms, organizing them into four key categories: Expressing, Networking, Sharing, and Gaming By 2011, he placed Facebook and Google at the center of his framework, linking them to seven essential areas of Social Media: Publishing, Sharing, Discussion, Commerce, Location, Networking, and Games.

In Fred Cavazza's updated Social Media Landscape, Facebook, Twitter, and Google+ occupy a central position, highlighting their extensive functionalities and role as relays for user activities across various platforms The diagram introduces new players, generalizes interactions, and includes device types like laptops, smartphones, and tablets, illustrating the complex ecosystem of social media This landscape categorizes services into families such as blog engines (WordPress, Blogger), wiki platforms (Wikipedia, Wikia), lifeblog services (Tumblr, Posterous), and social Q&A sites (Quora) It also features dedicated platforms for videos (YouTube, Dailymotion, Vimeo), images (Flickr, Instagram), links (Delicious, Digg), products (Pinterest), music (Spotify), documents (Slideshare, Scribd), and various gaming and professional networks (LinkedIn, MySpace) Additionally, it encompasses customer intelligence platforms, purchase sharing sites, recommendation services, social commerce offerings, mobile applications, socialized city guides, and event platforms, showcasing the diverse functionalities within the social media landscape.

This report focuses on the benefits of Social Media Marketing for businesses, particularly banks, by analyzing relevant Social Media channels that impact business outcomes It excludes the "Buying" group, which encompasses customer reviews, and the "Playing" group, including virtual games and social worlds like World of Warcraft and Second Life Additionally, only the Social Events channels from Cavazza's "Localization" group will be examined The report distinguishes between Blogs & Microblogs, Wikis, and Social Bookmarking News Sites, as well as discussion forums In total, we will explore seven types of Social Media channels that influence businesses.

Blogs and microblogs, along with social bookmarking and social news sites, will be consolidated into a single section Figure 9 presents the Social Media Universe, highlighting the various social media channels suitable for businesses and their brands, accompanied by logos that exemplify each type of channel.

For businesses engaged in Social Media Marketing, identifying the channels where their audience actively engages is crucial Many users participate across multiple platforms, a phenomenon known as cross-pollinating By effectively monitoring and analyzing their target audience's behaviors, marketers can uncover key insights about when, where, and how consumers interact within the social media landscape This process also aids in recognizing influencers and understanding their roles in the online community, whether as networkers, everyday users, trendsetters, reporters, or opinion leaders.

Banks are frequently perceived as impersonal institutions, but the rise of technology has prompted significant changes within the banking sector A 2017 study by the American Bankers Association explored the impact of social media on banking, highlighting how financial institutions are leveraging these platforms to identify challenges and seize opportunities This research sheds light on the evolving landscape of banking and the potential future developments in this area.

A survey of 800 banks in America revealed that 76% acknowledge the importance of social media for their institutions, while only 10% disagree Innovative banks are transforming their traditional reputations by cultivating engaging and relatable images through social media platforms.

The advantages and disadvantages of using social media marketing tools in BIDV

Social media originated in 1978 with Bulletin Board Systems enabling data exchange among users via phone lines As the Internet gained popularity, consumers began to disregard traditional marketing messages, opting instead to share their experiences with products and services This shift led to the emergence of discussions on websites, blogs, forums, and message boards, which have proven to be more impactful on purchasing decisions than conventional advertising Today, social media marketing, especially through social networks, significantly influences consumer behavior by amplifying word-of-mouth recommendations.

Social Media, as defined by Evans (2008), is an authentic, self-generated conversation among individuals about shared interests, driven by their thoughts and experiences It emphasizes sharing and collective vision, often leading to more informed choices Social Media is dynamic, allowing users to contribute content at any time, and evolves with advancements in internet technology that introduce new features It encompasses various online platforms, including social networking sites, blogs, discussion boards, and multimedia content sharing (Hollensen, 2011) Social Networks, the primary components of Social Media, are online communities where users with common interests engage and communicate in diverse ways.

In Vietnam, the Ministry of Information and Communications defines social media as an information system that offers users a network of services for storing, sharing, and exchanging information This includes features such as personal websites, forums, online chat, and audio and video sharing, among other similar services.

Social media usage continues to expand rapidly, with 90% of internet users aged 18-24 engaging with social networks at least once a month Notably, this trend is also affecting older age groups, particularly those over 35, who are experiencing even higher growth rates in social media engagement (Hubspot, 2012) Furthermore, the average global user spends approximately 4.6 hours per week on social media platforms, highlighting the increasing social nature of online activities.

As of 2018, the number of active social media users has exceeded 2 billion and is projected to reach 2.44 billion This growing digital landscape is not limited to millennials; users across all age groups actively engage, particularly on major platforms like Facebook, LinkedIn, and Twitter While individuals aged 25 to 44 represent the largest demographic, it is noteworthy that 62% of online adults using Facebook and 20% of LinkedIn users are aged 65 or older.

Social media marketing is a communication strategy that prioritizes engaging with people rather than just promoting products According to Diamond (2008), while companies can showcase their products with various features and promotional tools, the real influence lies in customer feedback and reviews This reliance on user-generated content makes social media marketing both daunting and challenging for marketers, as they no longer have control over the narrative Negative word-of-mouth can spread rapidly, highlighting the significant impact of social media on consumer behavior, including awareness, consideration, information gathering, opinions, attitudes, purchasing decisions, and post-purchase evaluations It is crucial for international marketers to understand the power and importance of consumer conversations happening on these platforms.

Technology has transformed consumer habits, leading customers to rely more on personal recommendations than on brand messaging The traditional sales funnel, which followed the "four A's" model—aware, attitude, act, and act again—has evolved According to P Kotler (2016), the modern shopper pathway now consists of "five A's."

The Social Media landscape encompasses a vast array of channels, each uniquely categorized by marketers In this section, we will explore one of the most widely recognized models in the realm of Social Media.

Fred Cavazza, a prominent French web business consultant, has gained recognition for his annual blog posts that analyze the evolving Social Media Landscape Since 2008, he has categorized Social Media channels into ten primary groups, including publishing, sharing, and social networking Over the years, Cavazza has adapted his model to reflect changes in Social Media Marketing In 2009, he repositioned social platforms at the center of the landscape, organizing them into four key categories: Expressing, Networking, Sharing, and Gaming By 2011, he emphasized the significance of Facebook and Google, linking them to seven core areas of Social Media: Publish, Share, Discuss, Commerce, Location, Network, and Games.

In Fred Cavazza's updated Social Media Landscape, Facebook, Twitter, and Google+ occupy a central position, highlighting their diverse functionalities and their role as relays for user activities across platforms The graph introduces new players and categorizes interactions, showcasing a dense ecosystem of social media services It includes various families such as blog engines like WordPress and Blogger, wiki platforms like Wikipedia, lifeblog services like Tumblr, and social Q&A sites like Quora Additionally, it features dedicated online services for videos (YouTube, Dailymotion), images (Flickr, Instagram), links (Delicious, Digg), products (Pinterest), music (Spotify), and documents (Slideshare, Scribd) The landscape also encompasses major editors like Zynga, smaller innovative companies like Digital Chocolate, professional networks like LinkedIn, personal platforms like MySpace, customer intelligence tools like Bazaarvoice, and mobile applications like Foursquare, illustrating the vast and varied nature of social media interactions.

This report highlights the benefits of Social Media Marketing for businesses, particularly banks, by focusing on relevant Social Media channels that impact business operations It excludes the analysis of "Buying" and its customer reviews, as well as the "Playing" category, which encompasses virtual games and social worlds like World of Warcraft and Second Life Additionally, the report will concentrate solely on the Social Events channels from Cavazza's "Localization" group while incorporating other relevant categories The study distinguishes between Blogs & Microblogs, Wikis, Social Bookmarking News Sites, and discussion forums Ultimately, we will examine seven types of Social Media channels that influence businesses.

Blogs and microblogs, along with social bookmarking and social news sites, will be consolidated into a single section Figure 9 depicts the Social Media Universe, highlighting the social media channels that are suitable for businesses and their brands, with various examples represented by their logos.

For businesses engaged in Social Media Marketing, identifying the social media channels where their audience interacts is crucial (Evans, 2010) Consumers tend to engage with multiple platforms, a behavior known as cross-pollinating By effectively reading, listening, and analyzing audience activities, marketers can uncover vital insights about when, where, and how consumers participate in the social media landscape This analysis also aids in recognizing key influencers within the community, categorizing them as networkers, everyday users, trendsetters, reporters, or opinion leaders.

Banks are often perceived as impersonal institutions; however, the rise of technology has compelled the banking sector to adapt to significant changes A 2017 study by the American Bankers Association explored the state of social media in banking, revealing how banks leverage social media to identify challenges and opportunities, while also predicting future trends in the industry.

A recent survey of 800 American banks revealed that 76% recognize the importance of social media, with only 10% expressing disagreement Innovative banks are transforming the industry's traditional image by cultivating relatable and engaging personas through social media platforms.

FINDINGS AND RECOMMENDATIONS FOR IMPROVING THE ROLE

Tiêu đề	Improve The Role Of Social Media Marketing In Banking Sector – The Case Study Of BIDV
Tác giả	Lê Thúy Ngân
Người hướng dẫn	PGS.TS. Nguyễn Việt Khôi
Trường học	Vietnam National University, Hanoi
Chuyên ngành	Business Administration
Thể loại	thesis
Năm xuất bản	2020
Thành phố	Hà Nội

Định dạng
Số trang	102
Dung lượng	6,28 MB