{"id":1923,"date":"2019-11-21T14:34:29","date_gmt":"2019-11-21T07:34:29","guid":{"rendered":"https:\/\/blog.cimigo.com\/?p=1923"},"modified":"2021-12-04T17:21:01","modified_gmt":"2021-12-04T10:21:01","slug":"behavioural-economics-meets-vietnam-marketing","status":"publish","type":"post","link":"https:\/\/staging.cimigo.com\/en\/trends\/behavioural-economics-meets-vietnam-marketing\/","title":{"rendered":"Behavioural economics meets Vietnam marketing"},"content":{"rendered":"\r\n<p>Cimigo shares how behavioural economics impacts Vietnam marketing. Cimigo hosted a consumer choices seminar \u2013 Learn how consumers think fast and think slow &#8211; at the Dreamplex Amphitheater in HCMC. The seminar attracted 75 attendees to hear how behaviour economics impacts Vietnam marketing.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" style=\"background-color: #a6cc17;\" href=\"https:\/\/staging.cimigo.com\/en\/research-reports\/behavioural-economics-meets-vietnam-marketing\/\" target=\"_blank\" rel=\"noopener noreferrer\">Download the report here<\/a><\/div>\r\n\r\n\r\n\r\n<p>Mr. <a href=\"https:\/\/www.linkedin.com\/in\/richardburrage\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Richard Burrage (opens in a new tab)\">Richard Burrage<\/a>, who is founder and managing director of <a href=\"https:\/\/staging.cimigo.com\/en\/research-reports\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Cimigo (opens in a new tab)\">Cimigo<\/a>, welcomed the audience and outlined the main content for the event.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"wp-image-1928\" src=\"https:\/\/staging.cimigo.com\/wp-content\/uploads\/2019\/11\/Behavioural-economics-meets-Vietnam-marketing-1-1024x683.jpg\" alt=\"Behavioural economics meets Vietnam marketing 1\" \/><\/figure>\r\n\r\n\r\n\r\n<p>The keynote speaker &#8211; <a href=\"https:\/\/www.linkedin.com\/in\/graeme-walker-793466119\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Dr. Graeme Walker (opens in a new tab)\">Dr. Graeme Walker<\/a>, Professor of Economics, <a href=\"https:\/\/fulbright.edu.vn\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Fullbright University  (opens in a new tab)\">Fullbright University <\/a>gave a presentation on first session: The latest theory on behavior economics and how consumers do make decisions.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" style=\"background-color: #a6cc17;\" href=\"https:\/\/staging.cimigo.com\/en\/research-reports\/behavioural-economics-meets-vietnam-marketing\/\" target=\"_blank\" rel=\"noopener noreferrer\">Download the report here<\/a><\/div>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">All pervasive thinking fast and slow<\/h2>\r\n\r\n\r\n\r\n<p>After a brief overview of behavioural economics Dr. Walker explored the connection between economic decisions and human decisions in the everyday life. Thinking fast and thinking slow is all pervasive. Our brain function can be divided into two categories, for making decisions: System 1 &#8211; thinking fast and System 2 &#8211; thinking slow. System 1 is when the brain processes information quickly, effortlessly, intuitively using; heuristics, instant associations and most strongly; emotions. System 2 is when the brain processes information slowly, with effort, often computationally, consciously and most strongly; methodically.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"wp-image-1927\" src=\"https:\/\/staging.cimigo.com\/wp-content\/uploads\/2019\/11\/Behavioural-economics-meets-Vietnam-marketing-2-1024x683.jpg\" alt=\"Behavioural economics meets Vietnam marketing 2\" \/><\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Vietnam marketing and consumer bias<\/h2>\r\n\r\n\r\n\r\n<p>Participants were shown some key consumer biases stemming from theories of time inconsistency and left digit bias, with examples of how customer decision making is influenced by these. Dr. Walker presented evidence from <a href=\"https:\/\/staging.cimigo.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Cimigo\u2019s (opens in a new tab)\">Cimigo\u2019s<\/a> survey experiments testing just how Vietnam consumers do make decisions.<\/p>\r\n\r\n\r\n\r\n<p>Whilst many Vietnamese consumer experiments support the theory, there are subtle differences for the Vietnam marketing community to consider. These biases often impact Vietnamese consumer decision making in subtly different ways. During the seminar, attendees were also asked to do some short experiments and then consider the comparisons to learn how customers thinking can differ depending on the context and social environment.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"wp-image-1930\" src=\"https:\/\/staging.cimigo.com\/wp-content\/uploads\/2019\/11\/Behavioural-economics-meets-Vietnam-marketing-3-1024x683.jpg\" alt=\"Behavioural economics meets Vietnam marketing 3\" \/><\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Vietnam marketing applications<\/h2>\r\n\r\n\r\n\r\n<p>Dr. Walker shared some useful advice on applications for Vietnam marketing challenges including: 1) managing your customer\u2019s experience specifically early in that customer journey and at the end of the end of that customer journey; 2) building empathy with the consumers&#8217; perspective and 3) the clear need to experiment in order to optimise marketing, especially; price, promotions and advertising.<\/p>\r\n\r\n\r\n\r\n<p>There are many ways to nudge Vietnamese consumers towards your desired action.\u00a0 The Vietnam marketing community can prime consumers with reminders about a sensory experience e.g. images of scent. \u00a0 The Vietnam marketing community can frame choices to make choices easier and nudge consumers in your desired direction.\u00a0 The Vietnam marketing community can use implicit associations e.g. Japan = high quality or key opinion leader endorsements that imply a safe and popular choice. The Vietnam marketing community can imply limited availability (in time for an offer or in availability of the limited edition pack) to imply a scarcity value which will increase sales conversions.<\/p>\r\n\r\n\r\n\r\n<p>The seminar closed with a questions and answers session. Several questions were raised concerning the Vietnamese market and consumer trends today. At the same time the speakers also emphasised the importance of experimentation, as no one theory is absolutely right when applied to the market.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"wp-image-1931\" src=\"https:\/\/staging.cimigo.com\/wp-content\/uploads\/2019\/11\/Behavioural-economics-meets-Vietnam-marketing-4-1024x683.jpg\" alt=\"Behavioural economics meets Vietnam marketing 4\" \/><\/figure>\r\n\r\n\r\n\r\n<p>Finally, a big thank you to Dr. Graeme Walker, Mr. Richard Burrage and most of all participants for attending the seminar. Stay tuned and see you at our next consumer choices seminar for all those in the Vietnam marketing community. Please do email us at ask@staging.cimigo.com with any questions.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" style=\"background-color: #a6cc17;\" href=\"https:\/\/staging.cimigo.com\/en\/research-reports\/behavioural-economics-meets-vietnam-marketing\/\" target=\"_blank\" rel=\"noopener noreferrer\">Download the report here<\/a><\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>Cimigo shares how behavioural economics impacts Vietnam marketing. Cimigo hosted a consumer choices seminar \u2013 Learn how consumers think fast and think slow &#8211; at the Dreamplex Amphitheater in HCMC. The seminar attracted 75 attendees to hear how behaviour economics impacts Vietnam marketing. Mr. Richard Burrage, who is founder and managing director of Cimigo, welcomed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17541,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[],"tags":[482,570],"class_list":["post-1923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-vietnam-consumer-marketing-trends","tag-vietnam-market-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Behavioural economics meets Vietnam marketing - Market research Vietnam Indonesia<\/title>\n<meta name=\"description\" content=\"Cimigo shares how consumers think fast and think slow. 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