6 out of 10 Singapore marketers failed to execute digital strategies

They dismiss print media's importance when 86% of consumers rate is as the second most valuable source of information.

Their perceptions of consumer behavior and channel preference miss the mark by a margin, says new research.

Among the biggest discrepancies, 28% of Singapore marketers dismiss print media's importance. When in fact, an ovewhelming number of consumers, or 86%, rated it as the second most valuable information source just behind websites, according to research conducted by information services firm Experian.

Experian adds that 63% of Singapore marketers also reported to have invested in a new digital approach that did not deliver the anticipated return on investment. This was highest among online/digital companies (74 per cent) and financial companies (68 per cent).

"The key reasons for the failure of a new channel identified were the lack of understanding of both the target audience (26 per cent) and the channel itself (23 per cent)," it said.

Marketers also mistakenly believe their communications are highly integrated. with 82% showing confidence in the consistency of their brand messages. But despite the confidence of marketers, only 61 per cent of Singapore consumers think that companies integrate their communications well, said Experian.

"This points to a discrepancy between marketer perception and consumer behaviour in Singapore," the firm said.

Singapore marketers now must put more effort in consultation to close the gaps.

"For companies to successfully select the right channels for the right audiences, a consultative culture must be fostered," advised Graeme Beardsell, Experian Asia Pacific's Chief Customer Development and Marketing Officer.

"Consumers are looking to be engaged in dialogues that seek their opinion or response through their preferred channel. To help close these gaps, marketers need to think about how they can stimulate, engage and sustain their customer's interest and eventually deliver a significant boost to loyalty and revenue."

Singapore marketers need to learn, and learn fast. Experian said social media advertising and channel investment is the most important area for investment with 80 per cent of marketers indicating plans to increase spend in this area over the next 12 months.

"For many marketers, the main challenge is trying to identify the most effective use of budgets and determine which channel or combination of channels and campaign messages will deliver the greatest results. By understanding customer preferences, marketers in Singapore can better align their strategies and investment in marketing channels to ensure that they get heard by the right people," concluded Beardsell.