We all know what Tet means – the journey home to celebrate with family, loved ones and old friends. It’s a time to look back on the year past, as well as looking ahead to what the new year holds in store. It’s a time to eat well, meet old friends, make new friends and take time out from the daily grind. Is it though, a holiday of relaxation? Cimigo’s consumer research for TET tells us that for more and more mothers, especially working mums, that’s no longer the case. Continue reading “Mum yearns for appreciation at Tet”
Category: Marketing Asia
Behavioural economics meets Vietnam marketing
Cimigo shares how behavioural economics impacts Vietnam marketing. Cimigo hosted a consumer choices seminar – Learn how consumers think fast and think slow – 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 the audience and outlined the main content for the event.
The keynote speaker – Dr. Graeme Walker, Professor of Economics, Fullbright University gave a presentation on first session: The latest theory on behavior economics and how consumers do make decisions.
All pervasive thinking fast and slow
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 – thinking fast and System 2 – 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.
Vietnam marketing and consumer bias
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 Cimigo’s survey experiments testing just how Vietnam consumers do make decisions.
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.
Vietnam marketing applications
Dr. Walker shared some useful advice on applications for Vietnam marketing challenges including: 1) managing your customer’s experience specifically early in that customer journey and at the end of the end of that customer journey; 2) building empathy with the consumers’ perspective and 3) the clear need to experiment in order to optimise marketing, especially; price, promotions and advertising.
There are many ways to nudge Vietnamese consumers towards your desired action. The Vietnam marketing community can prime consumers with reminders about a sensory experience e.g. images of scent. The Vietnam marketing community can frame choices to make choices easier and nudge consumers in your desired direction. 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.
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.
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@cimigo.com with any questions.
Explore how Vietnamese consumers make buying decisions
Join us to explore how Vietnamese consumers make decisions and the marketing implications for your business. Friday, 15th November 2019 (08:30 AM – 12:00 PM) @ Dreamplex Ampitheater, 195 Điện Biên Phủ, Bnh Thanh District, HCMC.
Learn how consumers think fast (system1) and think slow (system 2)
We will be drawing on our experiments with Vietnamese consumers, the latest theory and the marketing implications in our upcoming seminar series where the latest thinking in behavioural economics meets marketing.
Explore how Vietnamese consumers make decisions and the marketing implications for your business. Decision making is rarely rational, learn how consumers think fast (system1) and think slow (system 2).
The seminar will explore the latest behavioural economics theory, share Vietnamese consumer experiments and the implications for your marketing.
Every event participant will receive:
- A certificate of completion
- Light refreshments midway through the event
Don’t miss out on these important insights to boost your business. Should we go on shorter or longer vacations? Why do we make some purchases, but not others? How much do prices and preferences matter? Do we really value having more to choose from? Is it the experience that matters, or the memory of the experience? In this seminar we will weigh in on the answers to these questions using a simple framework of how the brain functions when making a decision, namely using System 1 – thinking fast – or System 2 – thinking slow.
It will be demonstrated in a variety of contexts how the daily decisions of Vietnamese consumers deviate from what an economist would call “rational” – System 2 thinking – and would more aptly be described as “instinctual” – System 1 thinking. We will explore how the cognitive overload Vietnamese consumers experience from our complex world affect how our brain works, before entertaining the implications for marketing as it relates to pricing and the overall customer experience.
Speakers
Graeme Walker, Professor of Economics, Fullbright University
Richard Burrage, Managing Director at Cimigo
Agenda
- 08:30am: Doors open
- 09.00am: The latest theory on behaviour economics, just how consumers do make decisions
- 10:00am Refreshment break
- 10:30am Evidence from Cimigo’s consumer testing on just how consumers do make decisions
- 11:00am Applications to your marketing challenges
Ticket Information
- General Admission: 1,600,000 VND per ticket
- Group discount (for 5 or more tickets): 1,400,000 VND per ticket
- Red invoices will be provided.
Questions Please email ask@cimigo.com with any questions