Singapore firms have come to embrace social media as indicated by increases in their social media marketing budgets, according to a recent industry study.
The results of the recently released State of Marketing Singapore Industry Report 2011 showed that 66 percent of respondents have increased their social and interactive digital media marketing budgets this year compared to only 43 percent of respondents last year.
Some 52 percent of respondents said their overall marketing budgets have increased compared to 43 percent in 2010.
Social media was the strategy used as 83 per cent of respondents say they "agree" or "strongly agree that social media is effective for marketing."
"In addition to brand and product awareness, social media marketing is now also being looked at as the ideal platform for lead/demand generation, lead nurturing and showcasing thought leadership - a very exciting prospect for marketers," said Anol Bhattacharya, director and CEO, GetIT Comms, a marketing consultancy group.
Forty-three per cent of respondents said they use social media to generate leads while others use them for brand awareness (63 percent), product awareness (57 percent), customer engagement (42 percent) and thought leadership (25 percent).
Among the social media channels, the most frequently used were Facebook, Twitter, YouTube and LinkedIn, in that particular order, the study further revealed. Among Facebook users, 65 percent said they are active using the channel for their marketing strategy, an almost 23 percent increase compared to last year.
The study was conducted among member and subscribers of GetIT Comms and Singapore Infocomm Technology Federation (SiTF), Singapore's infocomm industry trade association. Survey forms were also posted on B2Bento (www.b2bento.com), a business-to-business (B2B) marketing website known around Asia, and posted on Facebook, LinkedIn, Twitter and other social networks.
The 15-day survey gathered 214 responses, mostly from mid-sized companies, and both marketing and non-marketing respondents.
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