Examining the relationship between digital content marketing perceived value and brand loyalty: Insights from Vietnam

Abstract This study aims to understand the impact of perceived values of digital content marketing (DCM) on consumer’s experiential evaluations. It also explores the impact of consumer’s experiential evaluations on brand loyalty, and the mediating impact of prior brand attitude on the relationship between customer’s experiential evaluations and brand loyalty. This study utilizes a quantitative method, surveying 290 respondents in the context of Vietnam. The initial phase of this investigation is tested with a pilot study. Several statistical tools are applied to analyze the data, including exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation model (SEM). The findings show that three out of four dimensions of DCM’s value perception, such as informative value, entertainment value, and social value, have a significantly positive impact on experiential evaluations. Experiential evaluations also significantly and positively affect brand loyalty, while brand attitude does not mediate the association between experiential evaluations and brand loyalty. These findings will strengthen current knowledge on this DCM issue by providing contextual insights from Vietnam. The practical implications are also provided.


PUBLIC INTEREST STATEMENT
Through the case study of Biti's Hunter, a wellknown brand in Vietnam, and its digital content marketing (DCM) activities on the YouTube platform, this study sheds light on the impact of perceived values of DCM on consumers' experiential evaluations and brand loyalty. The study also examines the mediating influence of prior brand attitude. Unlike previous studies, we discovered that three out of four dimensions of DCM's value perception, namely informative value, entertainment value, and social value, significantly and positively affect experiential evaluations. Additionally, experiential evaluations have a significant and positive impact on brand loyalty, while brand attitude does not mediate the relationship between experiential evaluations and brand loyalty. These findings can be attributed to differences in consumer cultural contexts. Vietnamese consumers prioritize gaining admiration from others for their appearance, particularly in the case of Biti's Hunter, a dynamic and youthful footwear brand that emphasizes social value. The brand's YouTube channel can be considered a versatile content provider since the brand also diversifies its videos across other platforms and associated channels. experiential evaluations. Experiential evaluations also significantly and positively affect brand loyalty, while brand attitude does not mediate the association between experiential evaluations and brand loyalty. These findings will strengthen current knowledge on this DCM issue by providing contextual insights from Vietnam. The practical implications are also provided.

Introduction
The concept of digital content marketing (DCM) has been introduced as a major marketing tool in the commercial landscape, which firms are investing heavily in nowadays (Koiso-Kanttila, 2004;Taiminen & Ranaweera, 2019). The global revenue of content marketing has shown a trend of continuous growth in recent years, from US$28.1 billion to US$42.15 billion from 2016 to 2019, and is predicted to increase in the near future (Statista, 2021). DCM is defined as the creation, distribution, and sharing of relevant, compelling, and timely content to engage customers at the appropriate point in their buying consideration process, encouraging them to convert to a business-building outcome (Holliman & Rowley, 2014;Wang et al., 2019). Unlike the traditional approach, content marketing in a digital environment involves creating diverse types of content, such as article blogs, social media posts, podcasts, videos, and others, to reach a specific target audience (Du Plessis, 2017). Vietnam is one of the countries where the percentage of internet users has dramatically increased, with 78.1% of active social media users after the Covid−19 pandemic, according to AsiaPac's (2022) report on Vietnam Digital Marketing. The report also highlights the most popular social media platforms in Vietnam, which include Facebook (93.8%), Zalo (91.3%), Facebook Messenger (82.2%), TikTok (75.6%), and Instagram (59.7%).
The COVID−19 global pandemic has resulted in several noticeable changes that are revolutionizing the industry (Dubbelink et al., 2021). The crisis's drastic socio-economic impact has reinforced the importance of content, as brands have had to reduce traditional communication channels and rely on digital content as their primary tools to stay in touch with customers (Tien et al., 2020). During and even after this tragic event, it is expected that brands will have to rework and adapt their entire content marketing approach to prioritize customer relationships and loyalty (Lipman, 2021), as the pandemic is causing consumers to significantly alter their habits (Tien et al., 2020). Brand loyalty plays an essential role in marketing, as it has been a primary objective for marketers for decades (Knox & Walker, 2001). While many product and service providers in Vietnam aim for long-term development strategies through establishing firm loyalty resonance (Pham, 2019), Vietnamese consumers appear to switch brands often, as they are exposed to constantly changing content (Le et al., 2021). One recent research related to DCM in the Vietnamese context presents a literature review on concepts, international experiences, and implications for B2B companies in Vietnam (Quy & Sun, 2021). Some latest papers also show significant findings about the relationships between digital marketing and several factors such as consumer engagement and purchase intentions (C. ; brand loyalty towards fast fashion brands in Vietnam (Van & Fah, 2022); and customer loyalty in e-commerce industry (Khoa & Huynh, 2023). Despite numerous studies on content marketing in various cultures and countries, the academic landscape in Vietnam still lacks research that addresses the specific relationship between DCM and brand loyalty (Tien et al., 2020). Lou and Xie (2020) proposed an extensive theoretical framework in a previous study that examined the relationship between branded content marketing and brand loyalty across different levels of product involvement. This well-approved model identified academic gaps and suggested possible research methods, signifying various implications for promising future empirical studies. These implications could lead to possible further investigation of DCM toward brand loyalty in the Vietnamese market. The approach can be best executed by examining a specific case study in Vietnam and employing it as a practical example that other brands can follow. Therefore, this study is conducted on the case of Biti's Hunter brand in Vietnam and its DCM activities on the YouTube platform. Biti's Hunter, a sub-brand of Biti's, a long-standing national famous footwear brand of Vietnam, has been the top choice of young people and trendsetters in recent years (L. H. . Since the brand's booming social activities back in 2016, Biti's Hunter has always been well-known for its unique and well-generated content through viral online videos, including product introductions, young and trendy lifestyles, Tết music videos, etc., that tap into the touching insight of millennials and Generation Z. Therefore, this case study can be a valuable business lesson for other Vietnamese brands and a qualified choice for researching purposes. The purpose of this study is to analyze how the consumption value of DCM influences brand loyalty in the context of Vietnamese consumers. The research will focus on understanding how perception factors related to DCM evaluation affect consumer experiential evaluation, and how this evaluation impacts brand loyalty, with the mediator of prior brand attitude. The research will use examples from Biti's Hunter YouTube videos as the measurement background. There are three main research questions that the study will aim to answer: 1) How do the informative, entertaining, social, and functional values of DCM affect consumer experiential evaluation? 2) How does consumer experiential evaluation impact brand loyalty? 3) How does prior brand attitude mediate the relationship between consumer experiential evaluation and brand loyalty? The study will modify the "prior brand attitude" confounding variable in the reference paper to "Brand Attitude" as a mediator to better measure the impact of DCM on related brand equity attributes using quantitative methods. The significance of this study is to strengthen the current knowledge on this DCM concepts by providing contextual insights from Vietnam. This study also provides practical implications to practitioners in the field.

Understanding DCM concept
Digital content marketing (DCM) is a form of relationship marketing that aims to build connections and emotional attachment between consumers and brands, rather than simply promoting brands directly (Järvinen & Taiminen, 2016;Kakkar, 2017). Unlike many traditional advertising methods, DCM fosters two-way communication across digital or virtual platforms, creating value for users through activities such as information seeking and social interactions, including online posts, blogs, and e-newsletters. Despite being an emerging phenomenon, research into good practices and contributions to DCM is crucial, as noted by Holliman and Rowley (2014) in their study of B2B DCM. Survey results emphasize the growing importance of DCM as an inbound marketing and brand trust aspect, leading to the development of customer-brand relationships. Hollebeek and Macky (2019) highlighted the relationship between DCM and brand equity attributes, such as brand loyalty, in their prior research, which investigated the role of DCM in fostering the brand value of both customer and brand-based. By identifying the connecting variables in the framework, the authors developed fundamental propositions that contribute to the understanding and exploration of DCM in various contexts.

DCM value perceptions and experiential evaluation
The classification of consumption values, which refers to a consumer's overall assessment of the utility of a product based on their perceptions of what is received and given, supports DCM value perceptions (Zeithaml, 1988, p. 14). Within the DCM context, these value perceptions can often predict consumer behavior. Additionally, there are various research studies that incorporate several theories and elements to analyze digital content marketing. To evaluate the influence of social media marketing on customer loyalty, Khoa and Huynh (2023) focused on the following four features: interactivity, entertainment, informativeness, and perceived relevance. In addition, Van and Fah (2022) used the Stimulus-Organism-Response (S-O-R) model to evaluate the relationship between DCM and brand loyalty towards fast fashion brands among Vietnamese millennials. Lou and Xie (2020) also mentioned that past research studies on DCM mainly investigated how it influenced consumer engagement (Hollebeek & Macky, 2019), consumer learning (Rowley, 2008), brand building (Holliman & Rowley, 2014), or brand attitudes. In general, prior literature indicates that content marketing effectively improves brand building by offering values to customers. However, little is known about what specific values that customers could perceive from branded digital marketing content on the Internet. It also remains unclear regarding the underlying mechanism that explains the relationship between consumers' value perceptions and brand loyalty. Understanding that context, this study aims to identify and analyze four main factors: • Informative value, which satisfies users' curiosity and general interests by providing information, guidance, or knowledge related to their desired product or service (Ruggiero, 2000).
• Entertainment value, which encompasses emotional and experiential-driven characteristics. Users seek to associate themselves with relaxing, intrinsic cultural or aesthetic enjoyment, and even sexual arousal (Calder et al., 2009).
• Social value, which describes the beneficial aspect that consumers can derive from social community associations and relates to symbolic product consumption attributes, such as fashion or gifts (Sheth et al., 1991, p. 161).
• Functional value, which in the DCM context, plays the role of a reliable information source associated with genuineness, reality, and truth, while usually implying utilitarian performance for physical products (Grayson & Martinec, 2004, p. 308).
Experiential evaluation refers to the way people receive and respond to branded content (Nelson, 2019). This factor can be determined through a range of features according to individual preferences, including visual appearance, multisensory effects, and subjective attributes (Holbrook & Hirschman, 1982;Meyer & Schwager, 2007). Customers seek fun, arousal, and enjoyment in the process, creating a pleasurable experience (Pee et al., 2019).
As per King's (2019) observations, the traditional search process has shifted to the digital environment, where data has become a crucial component. Users today are more likely to seek brand-related information through digital platforms, with the aim of gaining insights that can support their decision-making process. In this context, they tend to value digital content that offers utility and can fulfil their information-seeking needs (Hollebeek & Macky, 2019). Based on these observations, we can formulate the following hypothesis:

H1: Informational value positively influenced experiential evaluation
The pursuit of creating engaging and enjoyable customer experiences has been a consistent focus of brands (Loureiro & Sarmento, 2018). Consequently, content that appeals to emotions, characteristics, and experiences is likely to attract more attention and receive better evaluations from digital users (D. Lee et al., 2018). Previous studies have indicated that individuals feel satisfied when they engage with entertaining, calming, or emotionally resonant content that aligns with their values. Based on these findings, the following hypothesis can be proposed:

H2: Entertainment value positively influenced experiential evaluation
There has been a rise in user connectivity and content sharing with the advent of social media platforms, as it enables customers to enhance their online experience (C. S. Lee & Ma, 2012, p. 338). This is because customers find it more rewarding to be aware of and connect with popular social trends and their community groups (Ashley & Tuten, 2014, p. 21). When branded content offers social benefits such as likeability within one's network, it is likely to be favorably received and experienced more (Du Plessis, 2017). Thus, we propose the following hypothesis: H3: Social value positively influenced experiential evaluation In the competitive digital space where numerous brands are trying to appeal to a similar customer group, users aim to engage with trustworthy and informative content that meets their need for reliable information (Sasser et al., 2014;Stackla, 2017). They value user-centered content more and consume it more frequently as they perceive it as a favorable brand experience (Mohammad et al., 2020). Thus, we can put forward the following hypothesis: H4: Functional value positively influenced experiential evaluation

Experiential evaluation and brand loyalty
Brand loyalty is defined as the continuous patronage or repurchase of a preferred product or service in the future, resulting in repeated purchases of the same brand or brand-set (Oliver, 1999). This demonstrates a brand's ability to meet customer demands for consistent support, on-time delivery, reasonable pricing, and other activities. When users consume brand-provided content, they perceive it as an opportunity to answer brand-related queries and learn more about the product (Starkman, 2014). The resulting customer experiences contribute to brand sense-making and identification, both cognitively and emotionally (Erdoğmuş & Tatar, 2015, p. 194;Sprott et al., 2009). Brands that can deliver a superior content experience can effectively build brand loyalty and achieve distinction and preference over other brands (Brakus et al., 2009;Iglesias et al., 2011). Therefore, we can propose the following hypothesis: H5: Experiential evaluation positively influenced brand loyalty

The mediating factor of brand attitude
The function of brand attitude is to act as a filter for how individuals perceive objects, in this research scale, DCM, which is described as the psychological tendency of consumers to evaluate a brand favorably (Dimara & Skuras, 2003). This concept comprises potential viewpoints, associations, and behavioral tendencies directed toward a specific organization or firm (Foroudi, 2019). Through interaction with DCM, users acquire brand-related experiences as part of their long-term memory that can affect cognizance and contribute to building brand associations and brand attitude (Brakus et al., 2009;Keller, 2003). Dyson et al. (1996) suggested that brand attitude can guide perceived brand value, leading to brand loyalty (Keller, 2003). Consumers with a stronger positive brand attitude are less likely to switch to other brands, forming an attachment and special relationship with their preferred brand (Fournier, 1998). The rationale is that an effective brandrelated experience naturally causes a favorable brand attitude, leading to different advantages of strengthening customer and brand relationships and forming brand loyalty. This correlation increases when considering the brand attitude variable as a partial mediating effect. Therefore, we can propose the following hypothesis: H6: Brand attitude mediates the relationship of experiential evaluation and brand loyalty.

Proposed research model
As explained in hypothesis development, this study proposed a research framework with six hypotheses. Firstly, we hypothesised the impact of four aspects of DCM values including informational value, entertainment value, social value, and functional value on experiential evaluation, illustrating by H1, H2, H3, and H4 (as shown in Figure 1). Secondly, we hypothesised the impact of experiential evaluation on brand loyalty (H5), and investigating the mediating impact of brand attitude on the relationship of experiential evaluation and brand loyalty (H6). This proposed framework is different from previous study by Lou and Xie (2020) as we do not investigate the impact of product involvement and involvement with YouTube on the relationship between experiential evaluation and brand loyalty. This is to address the different context of Vietnam and the product that we focus on in this study.

Methods
To support our study background, we conducted a thorough literature review, identifying research gaps and collecting and examining information to establish and consolidate our objectives. We used a quantitative method with questionnaires to collect the data, which would precisely measure and reflect our findings with statistical evidence. Our research targeted individuals belonging to Generation Z and the millennial generation in Ho Chi Minh City, Vietnam, ranging in age from 15 to 28, and included both genders. Specifically, we focused on tech-savvy young people who have engaged with brands through multiple digital contact methods and have frequently consumed digital branded content to ensure the most honest and precise outcomes.

Measurement
The questionnaire comprised a total of seven items (see Table 1). The informative and entertainment value questions were adapted from Ducoffe's (1995) Bobâlcă et al. (2012). The final section of the survey focused on screening and selecting the appropriate target audience by gathering basic demographic characteristics and online behavior experience. Consistent with previous literature, this research applied the multiple-item method, measuring all items through a five-point Likert scale ranging from "strongly disagree" to "strongly agree" or bipolar statements, while demographic questions were measured on a nominal scale.

Data collection and analysis
The survey was created using an online web-based tool to ensure a user-friendly interface and the ability to export it on various online channels. It was primarily distributed through social media platforms and private messages. In doing so, we approached the respondents on their social groups on Facebook (universities' fanpage, Bitis Hunter, etc.), and YouTube (Biti's channel). We only accepted suitable characteristics that matched the targeted demographics and behavior information. Descriptive analysis was utilized to examine the participants' demographic characteristics and behavior traits to ensure they fit the target sample. Survey answers were also analyzed using mean, standard deviation, and skewness to identify distribution patterns. Reliability and validity tests were conducted to ensure the data received was statistically sound for further EFA and CFA analysis. Finally, a covariance-based statistical methodology, structural equation modeling (SEM), was employed to test the proposed hypotheses between variables.

Results
The research sample was limited to individuals who were already familiar with the Biti's Hunter brand and belonged to the younger generation with high social media usage. After screening based on demographic criteria, 290 survey responses qualified for data input and analysis. Data analysis would be conducted using SPSS 23.0 and AMOS 20.0 software to test a hypothetical model.

Reliability analysis
To measure the internal consistency of adapted survey items in a variable factor, we applied the conventional requirement of Cronbach's Alpha ≥ 0.7. Individual items' Corrected Item-Total Correlation would also need to pass 0.3 and Cronbach's Alpha If Item Deleted has to be smaller than the initial figure. We excluded EV4 -Relaxing item in this stage.

Exploratory factor analysis (EFA)
According to Hair et al. (1998) we would be looking for the KMO test > 0.5 with a significant level < 0.005 satisfaction. Only factors with Eigenvalue ≥ 1 and Total Variance Explained ≥ 50% can be kept. The criteria for important Factor Loading have to be ≥ 0.5, or else would be eliminated. Due to the complex research model, we ran separate EFA tests for independent variables and dependent variables, then ran a total EFA test based on selected items. After refining measurements, 5 remaining qualified variables were Informative Value, Entertainment Value (excluding EV4 -Relaxing), Social Value, Experiential Evaluation, and Brand Loyalty (with BA4 -Likeable). Table 2 presented the EFA results.

Confirmatory factor analysis (CFA)
To examine construct reliability and validity, we employed several criteria of measurement indices. The requirements were Standardized Loading Estimates ≥ 0.5 and Composite Reliability (CR) ≥ 0.7 to be above the acceptable level. Table 1 reported the CFA findings with all figures satisfied the stated limits. Table 3 summarized the model-fit measurements to ensure the statistical significance of the proposed hypotheses. Suggested criteria included Chi-square divided by Degree of Freedom (CMIN/ df), Comparative Fit Index (CFI), Goodness-of-Fit Index (GFI), and Root Mean Squared Error of For convergent and discrimination validity test, we evaluated Average Variance Extracted (AVE) ≥ 0.5, Maximum Shared Variance (MSV) < Average Variance Extracted (AVE), and Square Root of AVE (SQRTAVE) has to be greater than all Inter-Construct Correlations. Taking results from Table 4, all values passed the requirements, and therefore, 20 observational items of this research are qualified for further analysis.

Structural equation modeling (SEM) and hypotheses testing
After removing and merging items from the functional value and brand attitude variables during the analysis process, the proposed relationships were found to be non-existent (Table 5). Consequently, H4 and H6 were automatically rejected. However, the weight of the model shows that the relationships between informative, entertainment, and social value towards experiential evaluation and experiential evaluation towards brand loyalty have positive contributions at a very significant level (below 0.001). Therefore, H1, H2, H3, and H5 were all accepted. Among the remaining value perceptions, entertainment value has the most critical relationship with experiential evaluation at 0.485, while informative and social value have a moderate impact of 0.244 and

Discussion
The study found that perceived values of DCM such as informative, entertainment, and social moderately influence the perceived brand experience, with entertainment being the most influentially factor. Additionally, a positive DCM experiential evaluation can lead to increased brand loyalty, demonstrating that a well-designed brand DCM that satisfies customer values can generate long-term commitment. While the rejected variables were reliable in scale measurement, they did not contribute significantly to the final research outcome.
This study provided a comprehensive overview of the Vietnamese consumer context in the field of DCM, highlighting both similarities and differences compared to existing literature. Similar to Lou and Xie's (2020) research, the conclusion was aligned with the significant impact of entertainment value on experiential evaluation, which is reasonable given Biti's Hunter's focus on emotionally engaging young audiences through unique, stylish images and messages. Additionally, our study also found that brand experience plays a crucial role in brand loyalty, consistent with Brakus et al. (2009) research, and experiential evaluation mediates the relationship between DCM value perceptions and customers' brand loyalty. These findings will strengthen previous studies on the values of DCM to customers' brand loyalty in relating to their purchase decision making.
In contrast to previous research, which denied the significance of social value (Lou & Xie, 2020) and suggested that functional value boosts customer experience our analysis indicated that network and self-image promoting DCM contribute more to perceived brand experience than the reliability of a brand's owned social media channel. This finding may be explained by differences in consumer cultural contexts. In individualism-oriented countries, consumers tend to focus on channel credibility and independent consumption, particularly for utilitarian products. However, Vietnamese consumers prioritize gaining admiration from others for their appearance. This is particularly true for Biti's Hunter, a dynamic, young footwear brand that targets Social Value. The brand's YouTube channel may be viewed as a generic content provider since the brand also diversifies its videos across other platforms and associated channels.

Theoretical contributions
The results of the study indicate that three dimensions of DCM, namely informative, entertainment, and social, have a positive impact on the perceived brand experience, ultimately leading to increased brand loyalty among customers. This study confirms and reinforces the previous findings, establishing that digital content that provides users with accurate information and engaging entertainment can significantly enhance customers' sequential experience (Nguyen et al., 2023;C. Nguyen et al., 2020). Furthermore, our results advance the literature on the relationship between brand experience and brand loyalty (Pee et al., 2019), emphasizing the need for brands to engage with customers at multiple touch-points to create the most satisfying experience. The significance of building a sense of community through content marketing varies across different marketing contexts. In collectivist societies like Vietnam, China, Korea, and Japan, DCM that fosters network connections or elevates one's social status can lead to a more profound and enriched brand experience. Although the functionality of the content channel is assumed to affect brand equity, users may not perceive it as impactful to their experiential evaluation.

Practical implications
Digital content marketing (DCM) comes in various formats, but it has become evident that video content is a highly effective tool for fostering brand loyalty, and certain features can enhance its potency. Firstly, entertainment value remains the most influential mechanism through which consumers' emotionally engaging feelings can indirectly accelerate brand loyalty. Numerous brands in Vietnam, in addition to Biti's Hunter, have successfully leveraged this aspect in multiple communication campaigns. These campaigns featured funny songs, lively characters, catchy phrases, and generated tremendous social listening. Secondly, digital content must provide adequate information to support consumers' quick decision-making without the need for a long data-seeking process. Content should also deliver social currency, such as viral triggers that make users feel more valuable and influential. Brands can make advertising content more searching-convenient and shareable by addressing the right information needs through hidden insights of the target audience. Thirdly, well-conducted content marketing can be a crucial element in shaping brand experience, leading to consumers' advocacy in the future. Brands should incorporate integrated elements into digital content providing channels to enhance overall consumption contact. The brand loyalty index should also include factors that come from repeated DCM engagement. This research suggests that brands should focus on these key factors to achieve better brand loyalty through DCM.

Limitations and future research
This study was conducted with great care, but it has a few limitations that future research can take into account to improve the quality of findings. Firstly, the sample of the survey respondents in this study consisted mainly of young audiences in big cities, which may limit the generalization of the results to a larger market. Future studies can broaden the scope by including samples from rural areas or smaller cities to obtain more diverse results. Additionally, this study is based on a case study of Biti's Hunter DCM YouTube videos. Although this brand is a great example for the industry, future research can explore other fields and product categories with various growing content formats to obtain more unbiased results. Furthermore, there may be other factors that can mediate between DCM and brand loyalty. Although the data analysis process rejected functional value and brand attitude factors, there is strong literature supporting the interrelated relationships between these variables. Future researchers can improve the internal validity of scale measurements or suggest alternative hypotheses to further investigate and increase the probability of accurate results.