The initial shortage of technical skills in Singapore’s digital marketing industry may have hindered the growth of the industry in the past few years but things are quite different today. The sector is today experiencing a rapid growth in diverse ways. There are many reasons for the growth such as the government’s proactive initiative of spurring the economy through grants, consultancy, and resources to achieve its Smart Nation vision. It is no surprise that according to the national Economic Development Board, Singapore’s data analytics sector alone contributed at least 1 billion dollars to the economy. There are more than 2000 data analysts and thousands of digital advertising personnel in Singapore.
Embracing Digital Technology in Singapore
The emergence of new tools and technologies has taken the industry by storm. The information revolution has had a major impact on virtually every sector from sales and marketing to business development, Human Resources, and finance. It has become paramount to not just think of digital marketing but to think of how best to operate in a digital world.
Today in Singapore, a business can only move forward if it empowers its staff with the fundamentals of operating in a digital world. As Singapore moves towards becoming a leader in embracing digital technology globally, there needs to a close collaboration between organizations and technology. Many companies have not yet made the leap to digitization but they are gradually getting there. Remember Singapore is one of the most connected countries in the world. Its 4G mobile internet coverage is ranked among the fastest on Earth. More than 99% of the island enjoys LTE coverage with mobiles having an average internet speed of 38 Mb per second. However, its digital ad spend is still low at 15% while other markets of similar size such as Australia have up to 43% ad spend.
Things are nevertheless looking bright for digital marketing agencies seeking to venture in Singapore. Almost every popular brand in Singapore has taken the bold jump and gone digital. Even small and medium-sized businesses have at least a website or mobile app that they use to promote their products and services. Online shopping may be in its infancy but it has taken off quite well. In 2015, Singaporeans spent over $3.5 billion online. According to the Euromonitor Singapore and Malaysia were responsible for more than a half of the total retail sales done online in the whole of South East Asia.
As businesses and organizations gradually absorb digital technology in all sectors, every digital marketing agency in Singapore should focus on the best ways to reach this growing base of internet users.
The Future Looks Bright for Digital Marketers
Although it is a bit premature to make celebratory toasts, the future does indeed look bright for digital marketers in Singapore. We are currently seeing spikes in major digital trends such as SEO, programmatic, and e-commerce. Brands are now realizing the importance of having a prominent online presence in a fiercely competitive world. There is also an unprecedented rise in the number of internet users across the island, especially among the millennials and X-generations. English is spoken widely across the island which means marketers with a good command of the language will find it easier to promote through social media sites such as Facebook and Twitter. Singaporeans are more familiar with Western culture and media more than residents of other South East Asia countries. Brands from US, UK, Australia, and other Western countries have already penetrated into the Singaporean online market giving local based advertising agencies more advertising opportunities from worldwide brands.
Singapore’s investment in digital technology has brought the country far. It is now upon companies and organizations to ensure that their employees are equipped with the digital knowledge to drive the desired change nationally. On their part, online marketing companies should be well versed in all aspects to with consultancy, research, search marketing, social media marketing, creative digital and video marketing, media buying and planning, and other digital technologies as they emerge. Content marketing may seem old-school but any digital marketing agency in Singapore worth its name will tell you that it still works perfectly in these parts of the world. Content will stay online forever but banners and Facebook ads don’t.