HubSpot and LinkedIn have released the findings of a survey conducted by Milieu Insight, examining the perceptions of digital marketing among Singapore companies. The survey discovered a widespread use of digital marketing to advertise products and services, yet highlighted significant challenges in measuring return on investment (ROI) among these companies.
The survey reveals that over eight in ten (84%) of Singapore respondents reported their companies leverage digital marketing. More than seven in ten (78%) have a digital marketing strategy in place. However, for companies without such a strategy, more than half (57%) indicated plans to implement one in the future.
Despite the high prevalence of digital marketing, only 17% of Singapore respondents strongly agreed that there was a clear link between a good digital marketing strategy and increased revenue, a figure considerably below the regional average of 41%. One potential reason for this discrepancy may be the insufficient adoption of Customer Relationship Management (CRM) platforms. Only 41% of the companies utilizing digital marketing are employing CRM tools, the lowest rate among the surveyed countries.
Additionally, nearly a quarter (24%) of Singapore companies using digital marketing expressed a lack of confidence in their ability to effectively use digital marketing tools. Nearly half (49%) believed their digital marketing strategies had not contributed to organisational goals in 2023, indicating a potential skills gap.
Matt Tindale, Head of LinkedIn Marketing Solutions, APAC, highlighted the importance of ongoing learning and development for marketers. He stated, "In Singapore, with the pace at which technology is advancing, there is an opportunity for marketers to enhance their skills. Upskilling and reskilling will not only help professionals adapt to changes but leverage new technology for increased productivity and enhanced outcomes."
When it comes to measuring the impact of digital marketing efforts, more than half (52%) of Singapore respondents cited brand awareness as the primary metric. This finding contrasts with regional trends, where the majority consider sales or revenue as the main success indicators.
The survey also indicates that social media is the leading channel for digital marketing in Singapore, with 62% of respondents identifying it as their primary medium. Content marketing (50%) and search engine marketing (49%) follow. A significant portion (42%) also ranked social media among the top three critical channels for their digital marketing activities.
Kat Warboys, Senior Marketing Director, APAC at HubSpot, cautioned against over-reliance on a single channel despite the growing popularity of social media. She remarked, "More than half of global customers today leverage anywhere between three to five different channels throughout their buying journey. Success will increasingly be contingent on the ability of brands to establish a presence on the channels their customers and prospects reside on, and to leverage CRM platforms to accurately measure the impact of their marketing efforts."
Alongside social media management platforms, other commonly used tools among Singapore companies include CRM platforms (41%) and email marketing solutions (37%). An effective digital marketing approach should integrate these tools with a robust marketing strategy to optimise performance. This could enable brands to better engage customers across various channels and consolidate customer data to create a comprehensive understanding of marketing effectiveness.
As digital channels proliferate, ensuring customer data does not remain siloed across multiple platforms is critical. Solutions like Conversion APIs can help brands accurately track marketing effectiveness on social media platforms despite privacy controls. Warboys added, "By adopting CRM solutions that can seamlessly integrate with such tools, marketers will be better positioned to make the most of information gathered throughout the customer journey."
