SINGAPORE: Despite substantial investments in digital marketing, Singaporean businesses are facing significant challenges in tracking the effectiveness of their marketing efforts, according to recent studies by HubSpot and LinkedIn.
The surveys reveal a troubling disconnect between marketing investments and performance tracking. A striking 83% of Singaporean businesses are unable to establish a clear link between their marketing strategies and increased revenues. This figure is notably below the 41% regional average for Asia, indicating a considerable gap in performance tracking capabilities.
The findings highlight that while 84% of Singaporean companies engage in digital marketing, only 41% are leveraging customer relationship management (CRM) platforms to monitor and evaluate their marketing initiatives. This lack of effective monitoring tools is seen as a major contributing factor to the difficulties businesses face in measuring marketing success.
Moreover, the survey by HubSpot and LinkedIn shows that about 35% of businesses are investing S$10,000 or more each month in digital marketing. Despite this significant expenditure, nearly a quarter of respondents expressed uncertainty about their ability to effectively utilize digital marketing tools.
The research also found that nearly 50% of businesses felt their marketing strategies fell short of meeting organizational goals in 2023. This dissatisfaction points to a broader issue within the industry where substantial investments in marketing do not translate into expected business outcomes due to inadequate tracking mechanisms.
TISG/