Experian Research Reveals Disconnect Between Singapore Marketers and Consumers
Research data reports that marketers are confident in their marketing strategies but consumers disagree
SINGAPORE, June 7, 2012 /PRNewswire-Asia/ — According to research conducted by Experian, the global information services company, 82 per cent of marketers in Singapore show confidence in the consistency of their brand messages. This confidence is highest amongst technology companies (87 per cent) and lowest amongst marketers in the retail industry (72 per cent).
Despite the confidence of marketers, only 61 per cent of Singapore consumers think that companies integrate their communications well. This points to a discrepancy between marketer perception and consumer behaviour in Singapore.
As the growth of technology accelerates and new channels become instantaneously available, marketers are however finding it difficult to cut through the clutter. Over half of marketers in Singapore (53 per cent) acknowledged that it has become more difficult to get messages across to the right people. To overcome this challenge without overwhelming the consumers with an excess of communication, 81 per cent of marketers are becoming more selective in choosing channels that most effectively engage with their customers.
Channel preferences – Online vs. Print
Marketers believe that the company website is the most important source of information for customers to find out about a brand or product (78 per cent). The second and third most important sources of information identified by marketers are social media channels and search engines (both at 57 per cent).
Similarly, consumers also agree that a company website is the most valuable source of information (91 per cent), followed by search engine results and advertising (75 per cent) and social media channels like Facebook, YouTube and Twitter (73 per cent). However, there is a significant difference in the perception of print media’s importance. While marketers do not see it as an important tool (28 per cent), consumers rated it as the second most valuable information source (86 per cent).
Channels delivering the best return on investment
Singapore marketers ranked social media (95 per cent), online advertising (89 per cent) and brand experiences such as stunts and promotions, as “highly effective” or “effective” at delivering the best return on investment (ROI).
However, despite marketers’ attention to digital channels, 63 per cent reported that they had previously invested in a new digital approach that did not deliver the anticipated ROI. 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).
“For companies to successfully select the right channels for the right audiences, a consultative culture must be fostered,” said 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.”
Future areas of investment
Over the next 12 months, social media advertising and channel development is the most important area for investment with 80 per cent of marketers indicating plans to increase spend in this area. Other digital channels that are likely to receive a budget boost include online advertising (68 per cent), online video advertising (51 per cent) and email marketing (50 per cent). Despite the increased focus on digital media, more than half (53 per cent) of marketers plan to increase investment in traditional channels like print advertising. Similarly, in TV and radio, as much as 38 per cent of marketers plan to increase spend.
“In the recent years, Singaporean companies have been affected by the global financial crisis. Fortunately, the overall market has recovered strongly and marketers are slowly gaining access to budgets again. 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.
Notes to editors
The research is part of an in-depth whitepaper on “The future of multichannel marketing”, by Experian Marketing Services. To receive a copy of the whitepaper, please contact ExperianSG@lewispr.com.
Experian Marketing Services commissioned independent research with 302 Singapore marketing professionals across the retail, financial services, government, technology, digital and travel industries; and 1,048 consumers across all demographics to develop an industry whitepaper on the current state of play in consumer marketing.
The independent research reveals how well marketers’ and consumers’ interests are aligned. It demonstrates where marketers in Singapore are investing their dollars and which channels they value most highly in their communication. From a consumer perspective, it explores how effectively the general population in Singapore responds to and engages with marketing efforts.
About Experian Marketing Services
Experian Marketing Services delivers best-in-breed data, analytics and platforms into multiple regions around the globe. It is focused on helping marketers more effectively target and engage their best customers through email, digital advertising, customer data management, customer and competitive insight, data enrichment and list rental, modeling and analytics, and strategic consulting. Through these capabilities, Experian Marketing Services enables organizations to encourage brand advocacy, create measurable return on investment and significantly improve the lifetime value of their customers.
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2012 was US$4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc.
Experian Public Relations
Article source: http://en.prnasia.com/pr/2012/06/07/120270612.shtml