How to Reinvent Growth Strategies to Match Customer Needs?
Around 81% of Singapore companies experienced more change in the last four years than in the previous two decades. Hubspot highlights its latest innovations to help SMEs to meet ever-changing customer expectations.
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From economic downturns to the rise of new social channels, Small and Medium Businesses (SMEs) are navigating a new reality where AI is driving the change. As a repercussion of this significant surge, keeping pace with technological disruption and innovation is critical to business success.
According to HubSpot’s research, 81% of Singapore companies believed they’ve evolved more in the past four years than the previous two decades, the highest level of disruption across all countries surveyed.
What is impacting the conventional growth tactics among Singapore’s businesses?
Moving ahead, Hubspot revealed that 71% of SMEs believe that their current growth tactics are becoming less effective, which can eventually impact their overall ROI. Enlisted below are a few more key takeaways from the survey:
- 82% believed that the introduction of AI required businesses to reinvent.
- 76% agreed they need to shift from reacting to growth by hiring more employees to scale with AI and automation
- 80% agreed that delivering streamlined, personalised customer experiences is key to business growth and success in 2024
- 84% were shifting their focus from meeting customer expectations to delivering customer value
How to bridge the gap between technological innovation and evolving customer needs?
Emphasising the need to implement innovative growth tactics that align with the ever-growing customer demand, Kat Warboys, Senior Marketing Director of APAC, HubSpot, said, “A combination of rising business costs, new technology and evolving customer expectations have impacted the effectiveness of conventional growth tactics among Singapore’s businesses, accelerating a need for reinvention. Long-term success will be determined by the ability of businesses to effectively engage with their audiences across multiple channels throughout the customer journey, and demonstrate value to customers to maximise retention.”
To empower Singapore companies with the right capabilities to meet evolving customer expectations, HubSpot announced the launch of the new Service Hub and Content Hub. These tools are designed to help local businesses deliver streamlined, personalised customer experiences, which 80% of local companies view as key to business growth. These solutions are part of HubSpot’s Spotlight, a bi-annual initiative where the company highlights its latest innovations to help SMEs win.
Rethink content marketing strategy with Content Hub
Today, customers are everywhere. Their purchase path is fragmented across multiplying channels, and marketers are left facing two major challenges: reach and relevance. Companies need to efficiently meet customers wherever they are, and do it with quality content that’s personalised, unique and valuable.
To help local businesses meet demands for remixed, multi-channel content, HubSpot has launched Content Hub. The all-in-one marketing solution, powered by HubSpot AI, helps to create and manage content across the entire customer journey, through tools like AI Content Creation, Content Remix, Brand Voice, Audio Tooling, Members Blog and Gated Content Library (among others). This helps brands to more effectively meet and engage their customers by generating content customised for various channels, formats, and audience profile, with a consistent brand voice.
Transform CX teams into revenue drivers with the all-new Service Hub
The all-new Service Hub, powered by HubSpot AI, is the only solution that brings together customer support and success functions for the first time, helping businesses scale support and drive retention through data-backed insights and connected workflows. In line with strong local adoption of AI, Service Hub features over a dozen AI-powered tools such as chatbots and real-time reply recommendations to boost customer successes.
Jennifer Cummings, Sr. Director, Customer Engagement at Kaplan, said, “With Service Hub, our reps hit the ground running thanks to a complete view of the customer journey. Since bringing our marketing, sales, and service teams together on HubSpot, it’s completely removed the guesswork for our leaders, giving them visibility and confidence that customers are getting what they need, quickly.”
“In today’s business landscape, change is measured in days and weeks, not years. The speed of reinvention can be daunting, but technology advancements offer a significant opportunity for Singapore companies, especially SMEs, to adapt to new market trends and continue meeting evolving customer needs. With consumers expecting personalised experiences that align with their values and preferences, meeting these expectations requires businesses to connect with customers through channels that serve them best. These solutions from HubSpot are aimed at helping Singapore companies thrive in the digital economy,” explained Warboys.
