CHAPTER 4. CONCLUSION AND SUGGESTIONS FOR SOME POLICIES TO IMPROVE AGRIBANK'S BRAND VALUE
Chapter 3 has determined the order of influence of factors on Agribank's brand value. Chapter 4 will present conclusions, suggest some policies to implement to increase Agribank's brand value, point out the limitations of the topic and suggest further research directions.
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4.1. CONCLUSIONS FROM THE STUDY
Based on the theoretical basis after approaching previous studies, the topic has built a model of factors affecting brand value with the goal of finding the main factors affecting the brand value of the Bank for Agriculture and Rural Development of Vietnam based on the assessment of individual customers.
The topic used SPSS 20.0 software to analyze data. After analyzing descriptive statistics, testing the reliability of the scale, analyzing exploratory factors and analyzing regression, the hypotheses were quantitatively proven, as per Aaker's model, which determined that all 04 factors affect the brand value of Agribank, including: brand awareness, brand association, perceived quality and brand loyalty. In which, 02 factors: brand loyalty and perceived quality have the strongest impact on the brand value of Agribank, so they play an important role in building the brand value of Agribank.
Managers are often limited in resources: money, time and human resources to develop their brand, so this study will help them prioritize and allocate resources appropriately based on factors affecting Agribank's brand value.
4.2. POLICY IMPLICATIONS
4.2.1. Increase brand loyalty
The results of this study show that brand loyalty has the greatest impact on Agribank's brand value. Thus, customer brand loyalty plays a key role in creating Agribank's brand value.
To enhance brand value is not an easy thing, requiring the efforts of all departments and employees of Agribank to make all customers feel truly satisfied and want to commit to the brand for a long time. In fact, service quality is an important factor affecting the formation of good associations about the brand as well as determining customer loyalty. Therefore, to enhance brand loyalty, it is necessary to first improve service quality further by specific measures mentioned in the next recommendation section.
In addition, Agribank must also maintain a close relationship with customers, creating an emotional bond between the Agribank brand and customers. Building a close relationship with customers will help Agribank maintain customer loyalty to its brand. To do so, Agribank must develop a care policy suitable for each customer group to maximize customer satisfaction, creating an emotional bond between customers and the bank. Agribank needs to implement the following measures:
- Strengthen education so that all officers and employees in the entire system are aware of the importance of customer care, considering customers as themselves, as the people who feed the bank.
- Enhance professionalism in communication with customers, implementing the motto "providing services with a friendly smile".
- Organizing customer conferences is an opportunity to listen to feedback from customers using Agribank's services, learn and clear up any problems.
new needs, express the bank's gratitude to customers, honor large customers with rewards and gifts for high service usage, create opportunities for intimate meals between bank staff and customers, organize entertainment, lucky draws, cultural programs and introduce new products and new technologies.
- Enhance customer care through after-sales services: giving gifts to customers on major holidays of the year, weddings, birthdays, business anniversaries, etc.
In addition, the key to maintaining and increasing its market share is that Agribank must not only seek to attract new customers but also retain old customers. Brand loyalty is one of the important factors that help Agribank increase profits and market share. For some customers who have been with Agribank for a long time and have long-term value, there should be special incentives such as sending messages or birthday greeting cards, regularly contacting to ask about their service usage so that they feel cared for, thereby loving the brand and being willing to recommend it to others.
4.2.2. Improve the quality of perception
Perceived quality is the second strongest factor influencing Agribank brand equity after brand loyalty.
Agribank should focus on improving customers' perception of the quality of the Agribank brand because this factor affects their decision to use its products and services. Moreover, perceived quality can help Agribank sell products at high prices as well as help Agribank easily introduce new product and service lines to the market. It should also be noted that quality here is the quality of customers' perception of the Agribank brand, not just the perception of the quality of products and services. In many cases, the product quality of many brands is equal to or higher than the quality of competing products, but if customers do not perceive it, it cannot create brand value. Through the analysis results
The analysis in chapter 3 can suggest some measures to improve the quality of customer perception of the Agribank brand as follows:
Firstly , improving the quality of Agribank's services will determine the trust of customers in the bank. If the quality of customer service is good, customers will trust and choose Agribank's services. When gaining the trust and love of customers, it also means that Agribank has increased the value of its brand assets. In which:
- Agribank needs to develop a specific product and service research and development strategy to have a specific plan and roadmap for product and service research and development.
- Strengthen training and equip professional staff with knowledge of product and service research and development activities.
- Strengthen marketing and advertising activities in the direction of promoting brands associated with specific product lines. Research the economic characteristics of regions to have products and services specific to each region.
- Continue to improve the technology system including: software and hardware systems, focus on training human resources to approach the standards of a modern bank; strive to build Agribank into a leading financial - banking group in Vietnam.
Second is to continuously improve the service quality of Agribank staff, some proposed solutions are as follows:
- Raise awareness among staff about the importance of Agribank brand to banking operations. Help them understand that the brand is not only a logo, slogan, promotional campaign... but it is also created from the dedicated instructions of the tellers, from the dedicated service of the credit officers, from the polite and courteous attitude of the security guards to the diligence of the cleaners. All of these things create a truly sustainable and valuable brand. That will help Agribank staff clearly realize their role in building, promoting and protecting the image.
of Agribank, contributing to significantly improving the service style, working manner, and customer communication skills of employees, thereby improving service quality and bringing satisfaction to customers.
- To improve the attitude and service style of employees, on the one hand, Agribank focuses on training in professional skills and customer communication skills for employees, setting general rules and standard behavioral models such as building a standard code of conduct for employees in each situation. On the other hand, managers need to create conditions for transaction staff to always feel comfortable, happy and promote creativity. It is necessary to change the general concept and perception of the entire bank about the staff, especially transaction staff, making them see that they play a very important role in building the image of Agribank.
- For staff who directly deal with customers, it is necessary to ensure clear, accurate and complete advice on Agribank's regulations so that customers can understand.
- There should be a unified training process for employees on professional skills and customer communication skills to ensure professionalism for the bank. Agribank should also organize periodic tests on professional skills of employees, especially transaction staff, to ensure that the quality of service is always stable and guaranteed.
Third , it is necessary to build a system of customer feedback on product and service quality; staff's style and attitude in dealing with customers... This is an extremely effective information channel for Agribank to receive customer opinions, evaluate the quality of operations, quickly and promptly see shortcomings and promptly correct them. In addition, Agribank managers can also use this information to find ideas for developing new products or innovating old products.
Suggestion boxes or email addresses can be placed at branches and transaction offices to ensure that all customers can contribute their opinions and reflect on issues. This requires Agribank branches and transaction offices to regularly update emails and suggestion letters and handle complaints and inquiries.
quickly acknowledge customers' contributions to further enhance Agribank brand value in the minds of customers.
4.2.3. Enhance brand association
Agribank must focus its resources on enhancing the brand association factor of customers because this factor has an extremely large influence on customers' decisions to transact with Agribank. Customers who have a strong association with the Agribank brand will help create a position for the brand compared to competitors, creating value and differentiation for the Agribank brand in the minds of customers.
Good brand association is when the brand leaves a good impression in the customer's mind, to achieve this requires the service quality factors to be met and satisfy customers, making customers immediately think of the good aspects when mentioning that brand. Some measures that need to be taken to enhance the Agribank brand image are given as follows:
To build a good image as well as bring more information about Agribank into the minds of customers, in the coming time, Agribank needs to continue to maintain and increase the effectiveness of activities such as being a sponsor in supporting difficult circumstances, charity, for the poor...; sponsoring sports and music events, awarding scholarships to poor students... Agribank's Board of Directors needs to make a detailed annual budget for these activities and consider them as a brand building activity.
Reasonable priority is given to developing modern services (E-banking, SMS banking, Phone banking, Home banking, Internet banking), integrating more utilities and added values for customers to provide high quality services.
In addition to improving service quality, Agribank also needs to have really attractive promotional programs to retain customers who are interested in fees and interest rates. The service market is changing rapidly, so
Agribank needs to develop a competitive pricing policy (interest rates and fees) that covers costs and is consistent with the market.
One of the issues that businesses in general and commercial banks in particular often care about when building a brand image is the color of the employee uniform. Currently, although Agribank has unified the uniform for all employees as a red ao dai - yellow pants, white shirt - dark pants on working days of the week. However, Agribank's uniform is similar to the uniforms of many other businesses and banks, so the bank still retains these costumes but can use colors that are specific to Agribank. How can customers, when entering the bank gate or meeting any Agribank employee anywhere, always understand that they are standing at Agribank, associate and immediately think of the Agribank brand.
4.2.4. Enhance Agribank brand awareness
The analysis results in chapter 3 show that individual customers’ awareness of the Agribank brand is not high. Specifically, customers are not highly aware of the logo, slogan, signboard, cannot distinguish the Agribank brand from other competing bank brands and is not the first brand that customers think of. Therefore, to improve customers’ brand awareness, Agribank managers need to have the following specific and reasonable policies:
Effective investment in promoting Agribank's image and brand starts with reasonable planning to implement activities to enhance brand awareness not only for Agribank's customers but also for potential customers in many different areas.
To convey relevant information about logos, slogans, signs, images, etc. to customers, Agribank needs to increase the placement of billboards, posters, banners, music, videos, etc. introducing Agribank as well as promotional programs in crowded and visible places such as major roads, shopping centers, supermarkets, stadiums, entertainment areas, hotels, restaurants.
... to attract customers' attention. Contact us to advertise and decorate on means of transport and public places such as buses, airports, train stations, bus stations ...
A strong brand not only needs good quality products and services but also must know how to combine with promotion through mass media. In recent years, Vietnamese commercial banks have increasingly tended to promote their bank brands through mass media, especially through television, a media with great information transmission power. Currently, Agribank brand promotion does not pay much attention to advertising on this media, so if Agribank wants to build its image as well as inform customers about the Agribank brand, it must increase advertising on television. Only then can the brand achieve a higher level of awareness, thereby attracting many new customers.
Internet promotion is also an activity that Agribank needs to promote because besides the current website, Agribank does not have many advertisements on other websites so that customers and people can know more information about the brand and services that Agribank provides. Agribank should also encourage company employees to participate in social networks, forums and place the Agribank logo on them to increase brand awareness.
Strengthening public relations activities because this is necessary to create and maintain a positive image of Agribank in the hearts of customers. Some activities can be carried out to target customers and be consistent with Agribank's image such as: organizing seminars, customer conferences; organizing Agribank's website design contest or sponsoring competitions at universities... Two customer groups: civil servants, public employees and those who
Business people are the majority of customers (44.9% and 40.3%) and also have a lot of potential, so Agribank can contact advertising, promote Agribank's image such as publishing brochures, posters, leaflets... in densely populated areas, in office buildings... to attract this group more easily.