KUALA LUMPUR, Nov 15 (Bernama) — Communications and Multimedia Minister Gobind Singh Deo said Malaysia is the perfect marketing test bed for many products and services, as it is a rich microcosm of Asia.
He noted that all the major races were here in the country.
“With so many dynamic demographics at play, Malaysia can show the marketing world what works and what does not in the marketplace,” he said when addressing the Malaysian Chief Marketing Officers (CMO) Awards 2019 event here, tonight.
Gobind also sees 2020 as a very active year and one that is full of opportunities for the marketing industry.
He cited Asia-Pacific Economic Cooperation 2020 summit, Visit Malaysia 2020, Tokyo Olympics as examples, along with many more other market-activating events.
He also said that Malaysia’s transition into digital TV nationwide recently will no doubt open up more platforms for marketers.
The multiplier effect of this, he said, has made the job of differentiation in the marketplace even more challenging.
“But this is where I see the industry thriving through innovation, creativity and competition. All of you have big tasks ahead in this respect.
“But I am sure you will take on the challenges head-on and find the journey both inspiring and rewarding,” Gobind said.
Elsewhere in the speech, the minister pointed out that the Media Specialists Association of Malaysia has recently reported that digital advertising expenditure for the first quarter of this year alone has hit RM335 million, revealing healthy growth amid prevailing cautious sentiments in the industry.
“This indicates Malaysia’s digital marketing industry is continuing on a growth trajectory, averaging an increase of 20 percent in digital media investment, year on year,” Gobind said.
He also observed that in spite of this age of fake news and ‘sensationalism’, he believed that Malaysians were becoming more savvy and mature in their thinking.
“The marketing industry has a key role to play in this, as I strongly believe authenticity is the new mantra in reaching out and engaging with consumers.
“There is an upward trend towards forging deeper connections between businesses and consumers, and increasingly on social media, people will share a post on a product or business if they find it to be convincingly honest and authentic,” he said.