HubSpot’s recent research highlights significant challenges faced by Singapore businesses amid rising costs and intense competition. Key findings include:

1. Major Challenges:
   • High costs are the primary concern for 44% of businesses, with 22% identifying it as their biggest challenge.
   • Other issues include intense competition (39%), increasing costs to reach customers (35%), and channel saturation (34%).
2. Disconnected Tech Stack:
   • Less than half (43%) of businesses feel their data and systems are well-integrated, complicating customer management.
   • On average, businesses switch between over 58 distinct applications to handle customer interactions, leading to inefficiencies and potential inaccuracies.
3. Data Quality and AI Adoption:
   • Nearly 77% of businesses report not having sufficient quality data for effective AI usage, and about 34% have not begun discussions about generative AI.
4. HubSpot’s Response:
   • In light of these challenges, HubSpot has launched over 200 updates to its platform, introducing tools like Breeze, an embedded AI solution, and Breeze Intelligence for data enrichment.
   • The company aims to provide unified tools that enhance collaboration among marketing, sales, and service teams, enabling better customer experiences and business growth.
5. Call to Action:
   • HubSpot emphasizes the need for a cohesive tech stack and quality data as critical components for Singapore businesses looking to improve customer engagement and retention in a competitive environment.

Overall, the research underscores the importance of integrated technology and quality data in navigating today’s business landscape.

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