As the center of business activity in Asia, Singapore is uniquely positioned to assist businesses in getting a strong head start, in the current competitive online landscape. There are several online branding agencies and firms in Singapore, that are capitalizing on this unique opportunity that Singapore is offering. Forty Forty Singapore is one of the premier examples of such agencies, that are blending innovation and creativity to create a lasting brand, that delivers exceptional customer experience. Know more about how agencies such as Forty Forty Singapore, are grappling with the challenges of getting businesses and brands noticed by consumers, in this hyper-saturated market.
Why has Singapore managed to make a mark?
In the context of the global economy, Singapore makes for a vital market. In fact, according to the 2019 IMD World Economic Rankings, Singapore became the most competitive economy, internationally, leaving even the US and Hong Kong behind.
There are numerous reasons why Singapore has succeeded in convincing businesses from across the world, that it is worth their effort to build a stronghold in Singapore. Businesses believe that it is in their best interests to take root in Singapore. And there are reasons for that-
- Singapore offers developed infrastructure facilities;
- There is political stability in Singapore;
- The economic policies are quite liberal and pro-businesses;
- There is the availability of an educated and skilled workforce in Singapore;
- The country embraced and encouraged the use of English as the working language, making it easier for international businesses to take root and find local talent that can easily converse and work in English;
- Any country with a strong rule of law, where rights to private property are held in high regard, is good for doing business. Unlike China, which is notorious for its intellectual property theft, there is respect for intellectual property rights in Singapore.
The above-mentioned reasons, among others, are responsible for making Singapore the Asian hub for businesses worldwide. In a market where companies from around the globe are competing to make a mark, agencies such as Forty Forty Singapore have great utility. It is a firm that’s engaged in designing unique experiences that are used by businesses to engage their target audience. Forty Forty Singapore is just the kind of promotional high that a business requires, especially within a saturated market like Singapore.
Challenges facing branding agencies in Singapore
Surely, there is a lot of work opportunity for B2B companies and agencies in Singapore, especially for those who want to indulge in creative experimentation and pursue bold technological solutions. However, a market that is most competitive in the world, is surely not without its own set of challenges, with fierce competition being the biggest challenge in and of itself. Below are some challenges being faced by agencies such as Forty Forty Singapore:
- According to a 2020 State of Marketing report published by Salesforce, marketers in Singapore are emphasizing two things:
- Innovation, and
- Consolidation of consumer data
- Another major challenge is the continual changes happening in the market and the rapid pace at which these changes are occurring. These changes are making it difficult for businesses to match steps with consumers and to create unique customer experiences. It is not just the business itself, but all the other cogs in the machine must also work in tandem with one another. It means that not just the enterprise, but its partners, retailers, and others touchpoints, must keep pace with the technological and social changes, to remain relevant in this constantly evolving landscape.
- A major challenge for online businesses has been to convince customers to buy products online, that are big investments, and not small-time purchases. For example, real-estate businesses undergo extreme difficulty in making customers interested in properties online, given the fact that with such substantial investments, people are less likely to go through with an online buying process.
- It is also difficult to build relationships online that can convert potential clients into actual sales. Selling online is tricky, especially considering how e-commerce platforms considerably dominate the online market.
- Businesses are realizing that if they are unable to acquire data and use data insights to inform innovation, they would surely become less and less competitive with time. Businesses that are not using data are essentially operating in a vacuum, therefore, would find it hard to sustain themselves over time.
Forty Forty Singapore
Functioning as an independent branding and experience design agency, Forty Forty Singapore is operating at the intersection of culture, design, and sports. The team at Forty Forty Singapore is dedicated to creating brilliant brands and experiences that deliver clarity, cohesion, and impact. Since its start in 2001, the organization has assisted Fortune 500 companies, sports organizations, and even NPOs to tackle difficulties and overcome challenges.
Forty Forty Singapore helps businesses to achieve strategic thinking, and create award-winning design and memorable experiences for their customers.
Forty Forty Singapore is a perfect epitome of a forward-thinking, experimental, and innovatively distinct branding agency in Singapore. Agencies operating in the same vein, are experiencing immense success and also able to bring success to their clients’ businesses.