SINGAPORE— 11 June, 2024— Salesforce (NYSE: CRM), the global leader in CRM, today released the new State of Marketing report, sharing insights from over 4,800 marketing leaders across 29 countries — including 100 from Singapore.
The report covers the latest trends in how marketers are evaluating and implementing AI into their operations; approaching data acquisition, maintenance, and application strategies; and ensuring customer trust and security as vulnerabilities increase.
The majority of marketers in Singapore are embracing AI, with 78% having experimented with or fully implemented AI into their workflows. However, many lack a solid data foundation, which hinders their success with AI. Only 21% are fully satisfied with their ability to unify customer data sources – the second lowest globally, after the Netherlands (19%).
Key local insights include
- Marketers are embracing AI with an eye on trust. Marketers are intent on successfully applying AI in their operations with the right data, but are concerned about security.
- 78% are already experimenting with or have fully implemented AI into their workflows.
- AI implementation is a point of differentiation: high-performing marketing teams are 3.1x more likely than underperformers to have fully implemented AI within their operations.
- Top 3 AI use cases among marketers: generating content, automating customer interactions, and improving customer segmentation / lookalike audience modeling.
- Marketers are shoring up their data foundations. Businesses have long struggled to connect disparate data points to create consistent, personalised experiences across customer journeys. Yet, as third-party cookies are depreciated and AI proliferates, this quest for unified, real-time data is more critical and challenging.
- Only 42% have access to real-time data to execute a campaign – the lowest globally. 57% need the IT department’s help to do so.
- An average of 9 different tactics are being used to collect data. Data from customer service touchpoints are the most common.
- Marketers seek unified analytics. There is no shortage of data sources, but putting that data to work is a challenge — especially when it demands a holistic or long-term view of data.
- 49% are tracking customer lifetime value (CTV).
- 84% say they have a clear view into marketing’s impact on revenue.
- Priorities for a new marketing era. Marketers are most concerned about improving marketing ROI in a highly competitive landscape, yet their biggest struggle lies in both measuring results and engaging with customers in real time.
- Deeper relationships emerge with account-based marketing (ABM) and loyalty programs. Companies are increasingly turning to strategies like ABM and loyalty programs for better acquisition and retention. Yet many of these programs’ information sources remain disjointed, as does the customer experience.
- 60% say loyalty data is fully integrated across all touchpoints.
- Only 35% say loyalty program functionalities are accessible across all touchpoints.
- 50% of B2B marketers use ABM for customer acquisition, around half use it for upselling (50%) and cross-selling (53%).
- Full personalisation remains a work in progress. To meet rising customer expectations around personalisation, marketers are moving beyond broad audience segmentations, like location or age, to more specific identifiers like individual preferences or past interactions.
- There is also a difference between how the highest- and lowest-performing marketing teams adapt. High performers fully personalise across an average of 6 channels, compared with underperformers who fully personalise across 2.
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Comments on the news
“As Marketers, we are used to the pressure of needing to do more with less whilst meeting the increasing expectations of consumers – especially around personalisation. And so it’s no wonder that we are leading the way with integrating AI. AI makes personalisation at scale a reality, while also driving greater opportunity for brand consistency and storytelling at every touchpoint; and fuelling efficiency for our teams. However, as we embrace this technology, what becomes critical is the need for the data we work with to be unified across systems, to give us a comprehensive view of customer engagements. Technology should empower creativity, allowing marketers to deliver meaningful and relevant content to their audiences; this is only possible with trusted data,” – Wendy Walker, Vice President, Marketing, Salesforce ASEAN.
Methodology
Salesforce conducted a double-anonymous survey of 4,850 marketers between February 5 to March 12, 2024. Respondents were sourced from 29 countries across North America, Latin America, Asia-Pacific, Europe, and the Middle East. Additional methodology and survey demographic details can be found in the report. Cultural bias impacts country-level survey results.
About Salesforce
Salesforce empowers companies of every size and industry to connect with their customers in a whole new way through the power of AI + data + CRM. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.
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