The strategy and tactics for marketing are changing rapidly. We conducted a survey to gauge the dynamics of these changes, with a focus on Singapore (though we had responses from outside Singapore too). View/download the full survey report from Scribd. Followings are the key highlights of our findings:
83% of respondents either led (CEO, Managing Director) or held a marketing role in their companies, giving weight and accuracy to the findings as reflective of the companies’ marketing outlook and strategic direction.
Marketers, rejoice! More than three-quarters of respondents say their marketing budgets have increased (44%) or stayed the same (32%) this year. This translates into substantial opportunities for marketers. It also means companies have an overall positive outlook for the year and are willing to commit sizeable funds for marketing efforts.
Close to 45% respondents say the marketing budgets for social media and social networks, and interactive digital media have increased. In fact these two channels see the biggest increase in budgets, followed by Public Relations. This demonstrates the increasing value placed on these marketing channels and the increased commitment companies are willing to place on these to generate revenue. Print, advertising and broadcast media see the largest drop in budgets (close to 30%).
Facebook emerges champs in Singapore with a whopping 43% reporting they are primarily active on it. Coming in a close second are LinkedIn and blogs at 35% each – all very good news as blogs, LinkedIn and Facebook can form the cornerstones of companies’ social marketing efforts. But the results are tempered by a good 35% saying they are not in social media at all.
The number-one advantage of social media marketing (by a long shot – 94%) is generating exposure for the business (brand awareness and product awareness). Significant numbers also report using it for thought leadership, customer engagement and lead generation. The figures increase somewhat proportionately when asked what they would use social media for in the next 6-12 months, with customer engagement seeing a twofold jump from 28% to 54%. And an exuberant 70% of respondents say they agree or strongly agree to social media being effective for marketing. Just 4% say they see no value in it.
This was a question intended to glean how companies view social media as a marketing channel – whether as a traditional channel that typically has strong external (read: agency) involvement, or as it’s exhorted to be – one having a strong personal, authentic and transparent tone of communication, direct from the people who run the business.
A gratifying 70% of respondents say they manage social media endeavours in-house, which is a major step forward in lending social media marketing its unique flavour and harnessing its inherent advantages. Only 12% of companies are outsourcing any aspect of their social media marketing.