November 13, 2018 - By Ginna Hall, Senior Writer, Nielsen Visual IQ
Singapore, home to an ethnically diverse population of 5.6 million, is a global business center as well as a tourist and transportation hub for Southeast Asia. In October, Nielsen Visual IQ held two digital marketing events there to help Singaporean companies understand and engage consumers in the digital era.
Singapore residents lead hectic and costly lives. Since 2013, The Economist has ranked Singapore as the most expensive city to live in. Long working hours and a high pressure lifestyle mean people spend less time at home but have growing disposable income and purchasing power.
Technology is playing an ever bigger role in Singaporean lives. Digital device usage is at an all-time high with consumers now spending most of their waking hours online. These consumers demand products, places and processes to help them overcome the obstacles of daily life.
>> Check out Nielsen’s Quest for Convenience report to see six trends changing consumer behavior around the world. <<
Busy shoppers are rapidly adopting e-commerce around the world. According to a recent Nielsen survey, more than two-thirds of consumers in Singapore said that they spend more on retail online than they do offline. Nielsen research also shows that online buyers shop 25 times more often and buy twice as much as those who don’t shop online.
Statistics about digital adoption reveal how tech-savvy the country’s residents have become:
The new digital economy allows small- and medium-sized companies and small countries, such as Singapore, to transcend geographical size and resource limitations. The smartest companies are bridging the gap between business and technology, and responding to changing customer expectations. Three trends are driving the most profound change within large organizations: cloud (58%), mobility and collaboration (54%) and data (52%).
But in Singapore, 92% of organizations reported that their current infrastructure is struggling to support the rapid adoption of digital technologies, according to a recent report. Globally, the figure was only 65%.
With digital disruption becoming pervasive, Singapore has recognized the urgent need for companies to ramp up for digital marketing. Small- and medium-sized enterprises (SMEs) make up 99% of the businesses in Singapore. Three years ago, DBS and Singtel launched the 99%SME campaign to help SMEs go digital.
In this new economy, brands across industries must embrace omni-channel strategies to ensure future growth. These brands need to develop personalized campaigns to target consumers with digital marketing, paid search, video marketing along with traditional TV commercials and in-store promotion. Tracking, measuring and understanding a variety of engagement platforms is essential to maximize opportunities in this increasingly digital world.
Nielsen Visual IQ supports companies around the world that are grappling with the adoption of digital technologies and getting up to speed with marketing measurement. Our October events, What’s Next In Digital and the Digital Marketing Asia 2018 Summit, brought together over 260 clients from banks, agency networks, consumer electronics, government, insurance, airlines, telcom, platform partners and retailers in Singapore to learn how to be more effective marketers.
The events explored opportunities and challenges of digital including:
Zaid Nasir, Project Lead, Media planning and Analytics at Dell joined marketing effectiveness leaders at Nielsen Visual IQ including Andy Dubickas, VP GLobal Solutions Consulting; Aman Khanna, Client Partner; and Steve Lindsay, Regional Client Business Partner based in Singapore.
“Companies in Singapore are seeing new opportunities across digital, social and mobile. Online advertising is growing and the digital landscape is expanding,” said Dubickas. “The extensive adoption of mobile has created a situation in which consumers are out ahead and demanding new experiences. I was happy to represent Nielsen Visual IQ at this important gathering to learn and share with these companies.”
Dubickas spoke about new measurement practices such as multi-touch attribution that help brands in all industries gain a holistic view of the customer journey. He described marketing effectiveness solutions that combine the power of diverse analytics approaches with the Nielsen’s comprehensive audience-centered marketing performance data.
The event wrapped up with a panel discussion on “Demystifying Digital” and the power of marketing measurement. Nielsen Visual IQ looks forward to future events and helping marketing teams in Singapore use data for better decision-making.
To learn more about how you can be a better marketer in the digital era, download our ebook: Why a Unified Model of Measurement Is the Wrong Tool for the Job