Despite global challenges, Temasek, Google, and Bain expect Southeast Asia’s (SEA) digital economy to reach $100 billion in revenue by 2024 in Artificial intelligence.
The report also shows significant advances in digital inclusion that will increase the number of digital consumers in the region and change customer expectations for brand interaction and engagement.
Over the past year, there have been noticeable changes in expectations. HubSpot’s data shows a crisis of brand and consumer alienation in major digital countries such as Singapore, where nearly nine out of 10 business leaders say the lead acquisition will become more difficult in 2023.
Over 80% experience declining growth, with previously effective techniques showing diminishing returns.
As customer expectations go beyond competitive pricing and product quality, a new marketing strategy is essential.
Based on research and observations of HubSpot’s 2024 marketing trends across its SEA operations, Kat Warboys, HubSpot’s chief marketing officer for Asia Pacific, predicts key trends that marketers in the region should be aware of as teams work towards success.
There is some key points :
-
AI as the ultimate marketing aid
Artificial intelligence is the buzzword of 2023, with Asia Pacific investing more in the technology.
According to Dataik, SEA companies will invest 67% more in AI and ML in 2023 than in 2022, so we expect AI adoption to continue in 2024. SEA marketers are increasingly seeing Artificial intelligence as a helper to help them manage their day-to-day work. In particular, generative AI technologies allow marketers to create faster, more engaging, and customized content. Content generation was the most common use case for generative AI among 89% of marketers in Singapore, the region’s business hub, according to HubSpot.
Automating laborious tasks is another big use of AI. HubSpot found that marketers spend more than half of their workday on low-impact tasks like keyword research, data cleansing, content formatting, reporting, and analytics that generative AI solutions can automate. Generative AI handles time-consuming creative tasks like digital asset management, file tagging, file naming, and content creation. This gives marketers more time and energy for project implementation and creative ideas. Most importantly, it gives marketers time and data-driven insights to connect with clients and solve complex customer problems.
Adoption still faces major obstacles. In a HubSpot study, 35% of Singaporean marketers were unsure how to use generative AI tools, highlighting the need for training and development. Other risks include AI-generated material damaging brand reputation due to plagiarism or inconsistency with brand values.
We expect these issues to be resolved as organizations gain expertise in AI implementation, marketing managers become more AI-savvy, and AI tools improve fact-checking. Government leadership is expected in some of these activities. Singapore released its updated national AI strategy to prepare the economy for Artificial intelligence adoption, and other key SEA economies have similar plans.
-
Social commerce will grow significantly.
SEA has some of the most enthusiastic social media users. According to GWI, regional social media users spend three hours a day on these platforms, which is 35 minutes more than the global average.
SEA marketers use social media to reach customers and prospects, making social commerce the highest ROI marketing channel. Marketers will invest heavily in influencer partnerships, social selling tools, and social direct messaging to ensure seamless in-app shopping in 2024.
-
Short videos will rule.
Nevertheless, not all mediums or formats possess the same level of quality or effectiveness. Facebook is still the most popular platform, but we expect TikTok, Instagram, and YouTube to expand the most in 2024. This continues the current trend of SEA social media users where social media videos drive internet discovery. HubSpot research showed that short videos had the highest ROI for social media marketing, so marketers targeting the region’s digital population are likely to continue using them.
-
Positive influencers of purchasing decisions
According to Milieu Insight, more than half of Southeast Asians follow influencers on social media, which supports influencer marketing. According to a Cube Asia survey, 82% of SEA respondents said influencers or celebrities influenced their purchases.
Influencers will continue to be popular among SEA marketers in 2024, especially micro-influencers. Influencer content doesn’t always convert, but it can increase brand awareness and introduce customers and prospects to your brand. In an age of consumer disengagement, micro-influencers can provide access to tight-knit, engaged, and loyal communities at a lower cost.
-
Social media and first-party data are important. Prohibition of Google’s third-party cookies
After Google’s third-party cookies are phased out, SEA marketers will use social media targeting and first-party data. In 2023, privacy and increasing SEA regulation will require changes in marketing strategy. Still, the biggest impact is likely to be the phasing out of third-party cookies by Google, as many marketing activities depend on them.
Marketers are likely to use social media targeting and first-party data to replace third-party cookies in 2024. By combining Artificial intelligence content development with first-party data, marketers can create personalized content for their target audience, improving customer experience, relevance, and conversion. Rates. A single source of truth is essential for marketers.
Teams sometimes use incompatible systems, leading to segregated data and workflows. This complicates the exchange of information and collaboration between departments, causing marketers to lose touch with their consumers and prospects and hindering the alignment of sales and marketing. As SEA economies digitize, this challenge will grow.
We expect SEA marketers to follow suit. More than eight in 10 Singaporean marketers told HubSpot in 2023 that disjointed data and processes hinder success. Lack of data or too much data that is inaccessible due to fragmented systems prevents meaningful insights.
The rapid adoption of digital products and services in SEA enables marketers to gather deeper customer insights from data collected at every digital touchpoint across the entire customer experience. We expect marketers to integrate data with CRM platforms to capture, store, and manage customer data. A single source of truth improves teamwork, predicts sales, and automates marketing and sales processes. Marketers who use connected tools and data, especially with artificial intelligence, are more likely to align with their sales team and customers and meet their marketing goals.
Marketing Success in 2024 – Keep up with industry changes
Marketing is continuously changing, so marketers must stay aware, adaptable, and open to new techniques and technologies. Success in 2024 will depend on marketers who can keep up with these changes and use the correct technology and channels to target and reach the right customers in today’s digital-first economy.
