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Brand Trust : Domestic vs. International brands in Vietnam
- 1. A STUDY OFTRUST FOR DOMESTIC BRANDS Le Xuan Truc
- 2. WHAT? - Definitionsand theories WHY? - Culture, perception, domestic brand WHO? - A portrait of Vietnamese consumer with respect to trust HOW? - A snapshot of trust relationship between Vietnamese consumers and domestic brands CONCLUSION RECOMMENDATION
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- 4. What does TRUSTmean to you? INTERVIEW ‘I believe that I will not be cheated’ ‘Trust is the foundation decision making’ ‘Trust is the confidence based on the past experience’ ‘It would be very difficult to trust a person/product/brand again, if that person/product/brand fails my expectation’
- 5. ‘The foundation ofbrand is trust’
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- 7. Trust Equation -RISK
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- 9. WHY? Culture Perception Domestic brands
- 11. Do you trustdomestic or international brands?
- 12. WHO? A portrait ofVietnamese consumer with respect to trust
- 13. “A PERSON LIKEME IS NOW THE MOST TRUSTED”
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- 15. 123 Consumers trustin… Family Friends Seniors
- 16. 123 Consumers explain about brand trust ‘My experience in using it’ ‘good packaging, good quality - consistency ’ ‘I trust the brand because it has a long history of establishment and I have used it in a long time’ ‘my friends have used it’ - ‘my family recommend it to me’ Or simply … ‘it is International’
- 17. Vietnam Culture High Power Distance Index (PDI) with respect to seniority in relationship Low Individualism (IDV) A ‘We’ is more important than an ‘I’ Masculinity (MAS) infer a feminine 80 society - emotional 70 50 Uncertainty Avoidance (UAI): the 40 openness to new ideas and culture 20 diversity; still very risk-adverse. High Long-term orientation (LTO) PDI IDV MAS UAI LTO values thrift, perseverance, long term and absolute truth.
- 18. I am Youngand quite open to new I’m vey much ideas and culture. influence others i.e. Low in my family, friends ethnocentrism and seniors. I trust them I trust international I am brands more feminine I am I value Risk-Adverse long-term relationship, high brand loyalty & trust
- 19. A Typical Vietnamese Consumer
- 20. HOW? Asnapshot of trust relationship between Vietnamese consumers and domestic brands
- 21. TRUST- An Interpersonal relationship Life-long Acquaintance Friendship partner
- 22. Make acquaintance by Advertising It leads to trial. ‘Trial leads to Trust’ Association -Ads recall the good experience TVCs are still the King to trigger the consumer interest and attention.
- 23. Vietnam Ad Savvy Super Consumers 7 Post Modern Advertising itself 6 Symbolic Abstract Values Low competition 5 Lifestyle Functional + Emotional 4 Metaphor Consumer Benefits High competition 3 Endorsement Functional Benefits 2 Hard Sell Comparative Attributes 1 Straight Sell Product Attributes Naïve Consumers
- 24. PR entrust brandthrough 3rd party PR encompass the trustworthiness of the brand PR reduces risk such as rumors and harmful information
- 25. Trust is notjust about you and the brand ! Trust is established not only based on an actor's own experiences (individual trust), but also based on the trust that other actors (collective trust)
- 26. Family, friends andsociety collectivism need of affiliation ideal social self image
- 27. ‘Today’s consumers resemble dynamicswarm’ DDBO Chicago, 2008
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- 30. Understand the Vietnamese consumers Chooseright Match-makers Make sure the consumer experience is consistent inside out
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- 33. an interpersonal relationship managedby individuals but influenced by the society varies for different level of relationship It takes great time and effort to make sure that we understand the other well and be able share a good lifetime experience It happens the same to brand trust…
- 34. simply place thename of the brand into the person, we will see how we trust the brand
- 35. Prepared by LeXuan Truc Advised by Mr. Cheah Kuan Yean