Within Southeast Asian Markets, Singapore companies rank #2 for digital advertising spend versus total advertising spend. As business owners, we have to consider if we are spending enough in relation to what our competitors are spending. Is 20% of total advertising on media enough to fight for a substantial share of the market? Or even an opportunity to be seen?
Singapore has one of the highest digital consumption rates in the world. More than 3 in 4 people in Singapore will use the internet regularly this year. eMarketer estimates our smartphone penetration rate to be 73% in 2017, which is also among the highest in the world. Yet strangely enough, in 2017, companies will only devote a meagre 23.8% of advertising to digital channels.
In businesses where digital marketing is the majority outreach channel, consider how you are able to increase your returns from advertising spends through Google AdWords, Google Display Network buys, Facebook campaigns or Demand Generation campaigns. Certainly, if you are an e-commerce business, then placing 20% of total advertising spend on Digital is a laughable bare minimum.
KEY STAT: The share of total ad spending devoted to digital platforms varies markedly by individual country. Shares will range from 17.1% in Indonesia to 40.4% in Taiwan in 2017.