8 in 10 local firms had more change in last four years than previous two decades: survey

Many still struggle to deal with multiple channels to reach different target audiences.

To keep pace with the technological advancements and meet the fast-changing needs of customers, 81% of companies in Singapore said they evolved more in the last four years than in the past two decades, according to a survey by HubSpot Research.

That rate was the highest in all of the countries surveyed and even surpassed the 72% global average. Despite this, 71% of Singapore-based firms still feel their existing growth strategies are becoming less effective while 82% believe the growing use of AI pushed them to reinvent their business models.

Eight in 10 local firms said solutions that could streamline and personalise customer experience are vital to business growth. 

While the majority recognise the importance of these tech advancements, small businesses still struggle to engage with different audiences across multiple channels. 

The survey found 40% of Singapore firms – the highest globally – find it difficult to deal with the growing number of channels and 82%, also the highest globally, admit they need tools to help remix content from one format or channel to another. 

“A majority of local businesses agree that personalised, impactful customer experiences, powered by AI and automation, will be vital to their growth in 2024,” said Kat Warboys, senior marketing director for APAC at HubSpot. “Long term success will be determined by the ability of businesses to effectively engage with their audiences across multiple channels throughout the customer journey, and demonstrate value to customers to maximise retention.” 

HubSpot noted that its AI-powered Content Hub marketing solution assists clients to create and manage content in various formats and across platforms.

Warboys added that new technologies could assist local companies, especially SMEs, to adapt to emerging market trends and meet the ever-changing demands of customers, helping them to thrive in the digital economy.