Meta Focuses on 3 Priority Areas for Vietnam Throughout 2023

Meta community has continued to grow over the past 20 years, reaching 3 billion people worldwide who use at least one of Meta’s apps every day, and 3.8 billion every month. The business community is an important part of Meta as they become more connected and meet various opportunities and a wider customer base through features that support their business journey. Throughout 2023, Meta will focus on three priority areas that will help drive business and industry growth in Vietnam: Video growth, particularly Reels, the role of Artificial Intelligence (AI) for businesses and building better business ROI through Business Messaging.

“Meta platforms empower diverse businesses to connect with relevant audiences and open up endless opportunities for them to grow. We are helping them get discovered and scale their businesses across our Family of Apps. Our three focuses this year; Reels, AI, and Business Messaging, have been integral to the growth of our Meta community, which has reached 3 billion people worldwide - ultimately enabling over 200 million businesses of various scales worldwide to build their businesses on Facebook, Instagram, and WhatsApp," said Ben Joe, Vice President, Southeast Asia and Emerging Markets, Meta.

Speaking of content, Reels becomes the most popular and most consumed type of content among the communities on Meta, and Reels has the fastest-growing format in the APAC region. According to the Earning Calls Meta Q4 2022, the number of viewed Reels globally has doubled, and the reshared Reels content by the community on Facebook and Instagram has more than doubled compared to last year.

The growth of Reels is closely tied to the role of Artificial Intelligence (AI) in providing personalized experiences for people. According to findings from the Culture Rising Study, discussions about AI on Facebook and Instagram have increased by 173% compared to last year. AI technology has also helped people see more personalized Reels videos that align with their preferences. The personalization technology from AI has driven a 24% increase in people's consumption of Reels content on Instagram.

One of the breakthroughs Meta has made to help businesses build their businesses is the launch of Meta Advantage Suite in 2022 - a suite of products that simplifies the steps in ad creation and connects advertisers or business owners with the right creative assets and the right audience, at the right time.

In May, Meta also shared more details about how AI is being used to improve the performance of ads for businesses, including a first look at our AI Sandbox that’s testing generative AI capabilities for advertisers, new features in our Meta Advantage Suite of ad automation tools and more details on our AI infrastructure and modeling investments that underpin it all.

“Essentially, business owners on the Meta platforms have been using at least one of the products offered by Meta Advantage Suite. This means that millions of businesses have already benefited from AI technology to achieve their business targets. We saw a 20% YOY growth in conversions across the board in Q4 2022 and decline in cost per acquisition.” Ben added.

The third focus is the role of Business Messaging to facilitate business conversations between business owners and their audiences. Currently, over 1 billion people worldwide connect with businesses through Meta messaging apps every week.

“It is undeniable that our community in Vietnam loves to connect with their friends and family through messaging services and they want to have the same experiences with businesses. Data from Boston Consulting Group (BCG) and Meta in 2022 shows that at least 1 in 3 Vietnamese consumers send messages to businesses at least once a week. Among the countries with the highest rate of Business Messaging adoption, 73% of Vietnamese consumers surveyed use Business Messaging to reach out to businesses. This shows that Business Messaging continues to play a role in supporting business growth and bringing businesses closer to customers," said Khoi Le, Country Director for Meta in Vietnam.

A study conducted by Forrester Consulting and Meta in December 2022 showed that Business Messaging products have a 61% better impact compared to other communication channels previously used. For example, in terms of sales, the order value from customers is 22.1% higher due to communication between sellers and buyers through business messaging.

“Two elements of Meta's Business Messaging that can be considered for business owners are the Click to Message Ads and Leads Ads that help customers directly connect with businesses and strengthen the relationship between business owners and loyal customers with a more personalized approach," added Khoi.

“Our company saw a 54% increase in new messaging connections when its marketing team introduced an automated offer to its ads that click to Messenger”, Chi Nguyen, Head of Digital, Vua Nem said.

“The new ads that click to Messenger strategy played a key role in our online-to-offline strategy, as it helped us acquire more high-intent customers and support our sales team in achieving conversion. It is the right solution for elevating sales in the retail industry. We are happy to partner with Meta and NovaOn to continue creating seamless experiences for our customers.”

Vietnam International Bank (VIB) is among the businesses that have effectively adopted all three priorities as a part of their business development strategy. As a pioneer in implementing AI-based technology to enhance customer experience, the bank launched the very first virtual financial advisor “Vie” with a music video aired on Meta Feed, Stories, Instream, and Branded Content. Vie also has enabled VIB to enhance its customer support and engagement by connecting with communities and driving relevancy through Meta Video Suite including Livestream, Reels, and Comment to entry. Furthermore, by utilizing Meta's most up-to-date Business Messaging solutions such as Click-to-Messenger ads, Chatbot, and Recurring Notifications, VIB has efficiently provided real-time assistance, educated about the product, and driven conversations with potential customers. By harmonizing these business tools, the VIB has successfully earned significant growth in Campaign Awareness (+4.9pts), Brand Preference (+2.3pts), and Message Association (+2pts). Not to mention, 45% of people who messaged set “Notify Me" for VIB card information/registration. These efforts made VIB declared as the winner of Business Messaging Award - Category Best Creatives.

H.N (Vietnam Business Forum)