Singapore has been ranked the best global marketing hub in Asia in a new report by Accenture regarding the future of marketing. Conducted across eight geographies with 250 CMOs, chief innovation officers and chief digital officers, the report said 62% of organisations headquartered in Singapore chose the country as their current marketing hub because of the access to a diverse range of talent.
Titled “THE RACE IS ON To be CMO of the Future”, the research aims to evaluate Singapore’s competitiveness as a global marketing hub and provide direction to support the positioning of Singapore as a location for marketing transformation and innovation. Findings also revealed that 92% of respondents with largely globally centralised and regionalised marketing organisation functions would consider relocating to Singapore.
Singapore’s strengths in infrastructure readiness, macroeconomic status, geo-cultural factors, vibrant start-up ecosystem and ability to attract talent contributed to its high ranking, said a press release. They include a strong tech start-up ecosystem; multicultural and multilingualism; robust business environment backed by government support and initiatives; and ease of doing business.
The report further underscored the need for the CMOs to develop more sophisticated capabilities and expertise to deliver on the overall business strategy in the age of disruption. This comes as industries are being transformed amid technological advancements, rising competition, and rapidly growing expectations from stakeholders and customers. As a result, the role is evolving and CMOs of the future will be charged with finding new ways to innovate, drive growth, and demonstrate the value that marketing can bring.
In light of the factors, Accenture’s managing director Nils Michaelis said Singapore has huge potential in redefining the new creative and technological marketing ecosystem for the future and perhaps even becoming the “Silicon Valley of the marketing world”, both physically and virtually.
“For big brands, Singapore makes sense as a key testing hub, as its melting pot of diverse cultures and people allows products to be tested quickly and efficiently across different sections of their customer base. The country’s central location in the region also means that companies can launch, test, figure out, and quickly relaunch to market with small tweaks in minimal time,” added Michaelis, who is also the innovation lead for the company’s products operating group in Asia Pacific, Africa, Middle East and Turkey.
“They are now spending more time managing disruptive growth, and also see themselves as visionaries charting the business of tomorrow. The future of work in marketing requires different skillsets but also entirely new ways of working. CMOs will have to look at hiring new people, upskilling existing staff, and even harnessing emerging technologies such as automation, analytics and Artificial Intelligence to augment roles,” explained Teo Lay Lim, country managing director for Singapore at Accenture.