According to a report by social media firm RockPublicity.com, Singaporeans are the heaviest social media users with 68.1% of the total population using social media regularly. Yet, despite the high social media penetration, firms in Singapore rank low in corporate social performance and miss out on potential sales loss of 67.5 million Singapore dollars each month.
This is compared to other Asian countries such as Indonesia, South Korea, United Arab Emirates, Philippines, Malaysia, Vietnam, India and Japan.
According to Leon Hill, CEO of RockPublicity, this phenomenon comes from the fact that “Singaporean companies are either very slow to take up using social media as a tool for advertising and promotion, as well as customer relations and brand building.”
This can mostly be attributed to the lack of proper training and knowledge in social media by local corporations, as well as Asia’s generally late adoption of the medium as compared to their Western counterparts.
Some interesting yet shocking statistics revealed that the average Twitter response time was 17 hours 44 minutes 16 seconds and the average Facebook response time was 15 hours 12 minutes 03 seconds. 44.6% of firms did not respond to their customers on Twitter while 57.1% did not respond through Facebook.
Not only was there a lack of customer engagement, the report also revealed low customer satisfaction. In the Telco industry alone, SingTel, Starhub and M1, Pacnet and iCell averaged more than 1,700 negative mentions on social media each day.
Because direct sales via social media are rapidly increasing, Singaporean companies are actually missing out on more sales by not capitalizing on social media. Therefore, it is essential to think and plan carefully on social media strategies. Finding the right social media platform for your firm is definitely step one. But if you are already using social media for your business, then could it be time to rethink the social media strategies for your business?
The report was generated by surveying a total of 51,750 Singaporean locals and studying the social media presences of 217 Singapore-based companies over a period of around three months. The companies studied were spread over several industries and included major names such as SingTel, Singapore Airways and the Singapore Flyer. To find out more detailed information about the report, head on to RockPublicity.
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