A STUDY OF TRUST FOR DOMESTIC BRANDS
Le Xuan Truc
WHAT? - Definitions and 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
CONCLUSIONRECOMMENDATION
WHAT?
Definitions and theories
What does TRUST mean to you?
‘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’
INTERVIEW
‘The foundation of brand is trust’
Trust Level
Trust Equation - RISK
Perceptual Process
.
WHY?
Culture
Perception
Domestic brands
Do you trust domestic or international brands?
WHO?
A portrait of Vietnamese consumer with respect to trust
“A PERSON LIKE ME IS NOW THE MOST TRUSTED”
123 Respondents…
Family FriendsSeniors
123 Consumers trust in…
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’
Vietnam Culture
70
20
4050
80
PDI IDV MAS UAI LTO
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 society - emotional
Uncertainty Avoidance (UAI): the openness to new ideas and culture diversity; still very risk-adverse.
High Long-term orientation (LTO)values thrift, perseverance, long term and absolute truth.
I’m vey much influence others i.e. my family, friends and seniors. I trust
them
I am feminine
I value long-term
relationship, high brand loyalty
& trust
I am Risk-Adverse
I am Young and quite open to new ideas and culture.
Low in ethnocentrism
I trust international brands more
A Typical Vietnamese Consumer
HOW?
A snapshot of trust relationship between Vietnamese consumers and
domestic brands
TRUST- An Interpersonal relationship
Acquaintance Friendship Life-long partner
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.
1 Straight SellProduct Attributes
2 Hard SellComparative Attributes
3 EndorsementFunctional Benefits
4 MetaphorConsumer Benefits
5 LifestyleFunctional + Emotional
6 SymbolicAbstract Values
7 Post ModernAdvertising itself
Naïve Consumers
Low competition
High competition
Super Consumers
Vietnam Ad Savvy
PR encompass the trustworthiness of the brand
PR reduces risk such as rumors andharmful information
PR entrust brand through 3rd party
Trust is not just 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)
ideal social self image
collectivism
need of affiliation
Family, friends and society
‘Today’s consumers resemble dynamic swarm’
DDBO Chicago, 2008
VOX POPULI
I recommend…
Understand the Vietnamese consumers
Make sure the consumer experience is consistent inside out
Choose right Match-makers
Brand Trust model
In concrete…
an interpersonal relationship
managed by 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…
simply place the name of the brand into the person, we will see how we trust
the brand
Prepared by Le Xuan Truc
Advised by Mr. Cheah Kuan Yean