SG firms fail tracking marketing results due to lack of monitoring platforms: study

Businesses invest in digital marketing but not the right tools to track its performance.

Less than 2 in 10 (17%) of Singaporean businesses were able to recognize a connection between increased revenues and a marketing plan– indicating that many have difficulty tracking and measuring marketing results, a survey by HubSpot and LinkedIn found.

Only 17% of respondents were able to recognise the connection between increased revenues and a marketing plan, which is significantly less than the 41% regional average for Asia.

A reason could be that businesses while investing in digital marketing, do not use the right tools to track their performance.

Of the respondents, 84% of businesses use digital marketing to promote. About 35% were spending S$10,000 or more on related activities each month, HubSpot and LinkedIn found.

However, only 41% of respondents claim to utilize a customer relationship management platform to monitor and assess the effectiveness of their marketing initiatives.

Nearly a quarter of respondents said that they are not even positive that they can effectively make use of digital marketing tools.

Almost half felt that their strategies failed to meet organisational goals in 2023, the survey found.

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