Out of a rating of ten, with ten being on-par with the most advanced markets, senior marketers in Singapore, rate the market’s level of digital measurement at four, indicating that digital advertising measurement levels in Singapore are below average.
Measurement on mobile was highlighted as the biggest gap that needs to be addressed in the near future. This was highlighted in a study on digital measurement by the Interactive Advertising Bureau (IAB) Singapore.
Commenting on the study, Peter Hubert, Head of Insights APAC, LinkedIn Marketing Solutions and Co-Chair of the IAB Singapore Measurement and Standards Committee said, “Digital marketing is still relatively new in this region and with technology evolving as rapidly as it is, we’ve unfortunately fallen a little behind in tracking and measuring our efforts. In fact, 88 per cent of survey respondents said that the metrics they used were not effective enough in measuring campaign performance against business objectives. This needs to change if we are to prove the value of digital in the boardroom – it is the medium of the now and the future, after all.”
The report also highlights that there is a lack of understanding and engagement with key digital measurement techniques across the market. Only 64 per cent of marketers increasingly look for help to improve their understanding and use of digital measurement and metrics.
Around 50 per cent of marketers also complained that it is difficult to get accurate results from existing measurement practices due to data being captured in siloes and a lack of integration among existing data sources.
The report highlights that marketers feel they lack certain resources such as Singapore or Southeast specific case studies (76 per cent respondents), benchmarks to provide context and gauge success (64 per cent), and support to gain a better understanding of measurement and metrics (64 per cent), all of which would help narrow their spending gap in digital.
The report also highlights that there is a lack of urgency within the industry in seeking a resolution to the problem.
Mr Hubert added, “The IAB Singapore’s role is to highlight the areas where the industry needs to focus their attention, and collaborate with members and stakeholders to soothe any pain points. Using the results of this study as baseline, over the next year our goal will be to help brands in Singapore establish a robust and sustainable digital measurement framework.”