A MODEL OF BRAND EQUITY INDICATORS FOR THE FINTECH STARTUP INDUSTRY IN THAILAND
Keywords:
Keywords: Brand Equity, Startup Industry, FintechAbstract
This research aims to develop a model of brand equity Indicators for the fintech startup industry in Thailand based on Aaker’s (1991) conceptual framework. The study examines the relationships among brand equity, marketing communication, CEO branding, trust in technology (trust), and the Technology Acceptance Model (TAM) in order to assess the consistency of the proposed model with empirical data. A mixed-methods approach was used. The research began with qualitative interviews with nine stakeholders to develop the survey instrument. Subsequently, quantitative data were collected from 415 respondents who had previously used fintech services in Thailand. The data were analyzed using confirmatory factor analysis and structural equation modeling.
The findings reveal that marketing communication and CEO branding positively influence brand equity, and brand equity, in turn, has a positive influence on trust, which subsequently affects the intention to use services through variables aligned with TAM. While marketing communication does not directly affect trust, it does have a direct impact on the intention to use services. CEO branding, on the other hand, exerts both a positive influence on trust and a negative influence on the intention to use services, but its effect on intention to use becomes positive when mediated through trust. The study suggests that entrepreneurs should develop marketing communication plans and CEO image-building strategies in conjunction with strengthening brand equity to enhance trust and stimulate service usage.
References
Aaker, D. A. (1991). Managing brand equity: Capitalizing on the value of a brand name. The Free Press.
Aaker, D. A. (1996). Building strong brands. The Free Press.
Belch, G. E., & Belch, M. A. (2021). Advertising and promotion: An integrated marketing communications perspective (12th ed.). McGraw-Hill Education.
CB Insights. (2021). The top 12 reasons startups fail. https://www.cbinsights.com/research/startup-failure-reasons-top/
Chen, H.-M., & Chung, H.-M. (2016). How to measure personal brand of a business CEO. Journal of Human Resource and Sustainability Studies, 4(4), 305–324. https://doi.org/10.4236/jhrss.2016.44030
Christodoulides, G., & de Chernatony, L. (2010). Consumer-based brand equity conceptualization and measurement: A literature review. International Journal of Market Research, 52(1), 43–66. https://doi.org/10.2501/S1470785310201053
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
Duncan, T. (2008). Revisiting the IMC construct: A revised definition and four pillars. International Journal of Advertising, 27(1), 133–160. https://doi.org/10.1080/02650487.2008.11073043
FasterCapital. (2023). Why branding matters for startups. https://fastercapital.com/content/The-importance-of-branding-in-startups.html
Feldwick, P. (1999). What is brand equity anyway, and how do you measure it? Journal of the Market Research Society, 41(4), 85–104.
Fetscherin, M. (2015). The CEO branding mix. Journal of Business Strategy, 36(5), 24–32. https://doi.org/10.1108/JBS-09-2014-0108
Field, A. (2005). Discovering statistics using SPSS (2nd ed.). SAGE Publications.
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in online shopping: An integrated model. MIS Quarterly, 27(1), 51–90. https://doi.org/10.2307/30036519
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.). Pearson Education.
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1–22. https://doi.org/10.1177/002224299305700101
Keller, K. L. (2009). Building strong brands in a modern marketing communication environment. Journal of Marketing Communications, 15(2–3), 139–155. https://doi.org/10.1080/13527260902757530
Kim, D. J., Ferrin, D. L., & Rao, H. R. (2008). A trust-based consumer decision-making model in electronic commerce: The role of trust, perceived risk, and their antecedents. Decision Support Systems, 44(2), 544–564. https://doi.org/10.1016/j.dss.2007.07.001
Kliatchko, J. (2008). Revisiting the IMC construct: A revised definition and four pillars. International Journal of Advertising, 27(1), 133–160. https://doi.org/10.1080/02650487.2008.11073043
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson Education.
Lin, H.-F., Wang, Y.-S., & Hsu, M.-H. (2020). Influences of trust and perceived risk on consumers’ online purchase intention: A cross-cultural study. Journal of International Consumer Marketing, 32(3), 248–267. https://doi.org/10.1080/08961530.2019.1668328
Mayer, R. C., Davis, J. H., & Schoorman, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709–734. https://doi.org/10.5465/amr.1995.9508080335
McKnight, D. H., Carter, M., Thatcher, J. B., & Clay, P. F. (2011). Trust in a specific technology: An investigation of its components and measures. ACM Transactions on Management Information Systems, 2(2), Article 12. https://doi.org/10.1145/1985347.1985356
Montoya, P., & Vandehey, T. (2002). The brand called you: The ultimate brand-building and business development handbook to transform anyone into an indispensable personal brand. McGraw-Hill.
Ohanian, R. (1990). Construction and validation of a scale to measure celebrity endorsers' perceived expertise, trustworthiness, and attractiveness. Journal of Advertising, 19(3), 39–52. https://doi.org/10.1080/00913367.1990.10673191
Shepherd, I. D. H. (2005). From cattle and coke to Charlie: Meeting the challenge of self marketing and personal branding. Journal of Marketing Management, 21(5–6), 589–606. https://doi.org/10.1362/0267257054307381
Ulrich, D., & Smallwood, W. N. (2007). Leadership brand: Developing customer-focused leaders to drive performance and build lasting value. Harvard Business Press.
Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the Technology Acceptance Model: Four longitudinal field studies. Management Science, 46(2), 186–204. https://doi.org/10.1287/mnsc.46.2.186.11926
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478. https://www.jstor.org/stable/30036540
Wood, L. (2000). Brands and brand equity: Definition and management. Management Decision, 38(9), 662–669. https://doi.org/10.1108/00251740010379100
Yamane, T. (1973). Statistics: An introductory analysis (3rd ed.). Harper and Row.
Yoo, B., & Donthu, N. (2001). Developing and validating a multidimensional consumer-based brand equity scale. Journal of Business Research, 52(1), 1–14. https://doi.org/10.1016/S0148-2963(99)00098-3
Zigpoll. (2024). How entrepreneurs can effectively brand their startup to attract early customers and investors in a competitive market. https://www.zigpoll.com/content/how-entrepreneurs-can-effectively-brand-their-startup-to-attract-early-customers-and-investors-in-a-competitive-market
Zinko, R., O’Reilly, J., McKenna, B., & Moore, C. (2020). Personal reputation and the organizational context: A social capital perspective. Journal of Management, 46(3), 536–560. https://doi.org/10.1177/0149206318810410
