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Secai Marche adds US$1.6M to Series A round to double down on Southeast Asia

Secai Marche

Secai Marche co-founders Ami Sugiyama (L) and Shusaku Hayakawa

Secai Marche, a farm-to-table startup connecting farmers with restaurants and retailers in Southeast Asia, has secured an additional JPY 250 million (US$1.6 million) in its Series A funding round.

The round includes equity financing from Mitsui Sumitomo Insurance Venture Capital (MSIVC) and debt financing from The Shizuoka Bank and The Hokkoku Bank.

This follows a US$3.5 million Series A round of investment from investors, including Beyond Next Ventures, Spiral Ventures Asia, Mitsubishi UFJ Capital, Future Food Fund, Tsuneishi Shoji, Fukuoka Sonoriku, and Foodison co-CEO Toru Yamamoto, in August this year.

Also Read: ‘Amazon for fresh farm produce in SEA’ Secai Marche raises US$3.5M to add AI feature, optimise last-mile deliveries

Secai Marche will use the newly raised funds to capitalise on the rapid growth of the e-commerce and food and beverage (F&B) industries in Southeast Asia. It plans to expand its fulfilment centres, use AI to enhance the accuracy of demand forecasts, automate and optimise last-mile deliveries, and carry out system development and marketing activities.

Established in 2019 by Ami Sugiyama and Shusaku Hayakawa, Secai Marche offers a platform for F&B businesses and retailers to purchase high-quality products directly from farmers and fishermen at competitive prices.

The firm enables vegetable producers to access demand forecast information and sell their products in small quantities. On the other hand, consumers can purchase high-quality, reasonably priced products from various producers in one place.

Secai Marche offers over 4,000 carefully selected ingredients from producers worldwide, including Japan and Malaysia. It focuses on fresh foods such as eggs, vegetables, fruits, and seafood.

The startup claims to have achieved 200 per cent year-on-year growth since its launch, which it attributes to its direct distribution network.

Yuko Shinohara, Manager of MSIVC, said: “With its optimised supply chain and fulfilment functions, Secai Marhce has realised freshness, low prices and convenience of buying fresh foods at the same time and rapidly increased its customers in Kuala Lumpur. We are confident that the business will grow further as a platform for exporting food products from Japan, as well as expected to have a social impact in reducing food loss and improving the income of local farmers in Southeast Asia.”

Also Read: How Secai Marche champions farm-fresh food in Southeast Asia

Early last year, the startup raised US$1.6 million from The Agribusiness Investment & Consultation, Spiral Ventures Asia Fund I, and Beyond Next Ventures.

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Ecosystem Roundup: Indonesia set for US$88B tokenisation boom by 2030 | India levies US$25M fine on Facebook | Portcast secures US$6.5M

NEWS & VIEWS

Dear reader,

A groundbreaking report titled “Project Wira”, jointly released by BRI Ventures, Saison Capital, D3 Labs, and Tiger Research, predicts a remarkable surge in Indonesia’s tokenised asset market. The study forecasts that demand in this emerging sector could skyrocket to US$88 billion by 2030.

The projection has garnered support from Indonesia’s Financial Services Authority (OJK), which views the nation’s vast commodities market as a fertile ground for tokenization.

Currently, the gold sector dominates the archipelago’s tokenised commodities landscape.

However, the report emphasises that the country’s abundant natural resources hold untapped potential for tokenization. This innovative approach could transform capital-raising mechanisms while boosting Indonesia’s global competitiveness.

As tokenisation gains traction worldwide, Indonesia stands out as a key player ready to unlock the economic benefits of this technological shift.

Sainul,
Editor.

—-
Indonesia set for US$88B tokenisation boom by 2030: report
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TikTok parent ByteDance reportedly values itself at US$300B
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Oyo founder seeks new investment at US$3.8B valuation
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India orders Meta to curb WhatsApp data sharing, levies US$25M fine
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MakeMyTrip buys Happay from CRED
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Portcast secures US$6.5M in Series A to enhance AI-powered supply chain visibility
The investors are Susquehanna Asia, Hearst Ventures, Signal Ventures, Wavemaker Partners, TMV, and Innoport; By leveraging machine learning and advanced LLM, Portcast offers actionable insights through an easy-to-integrate API and portal.

Secai Marche adds US$1.6M to Series A round to double down on Southeast Asia
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Sahabat-AI initiative aims to leapfrog Indonesia’s digital sovereignty
Projects such as Sahabat-AI intend to highlight the country’s commitment to harnessing technology for socio-economic progress.

Crypto exchange OKX integrates SGD in partnership with DBS
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Echelon Philippines 2024: Expanding Web3 applications for real-world challenges
The Echelon Philippines session explored Web3’s potential beyond gaming, focusing on blockchain and tokenisation to address real-world challenges.

Beyond the walled garden: How OwlySearch empowers business decision-making with AI
OwlySearch recently earned recognition as one of the top 10 startups in the L’Oréal Big Bang Beauty Tech Innovation Program.

FROM THE ARCHIVES

How a 10-day silent retreat made me a better investor
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Charting your equity course: Navigating funding rounds for startup success
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Startups impacted by the rise of embedded finance in Southeast Asia
In the past decade, Southeast Asia’s digital economy was marketplace-driven; the next decade may revolve around digital finance.

Corporate venture funding models: Determining the sweet spot between risk and control
We have found four archetypes of corporate venture funding models that serve as a starting point to achieve those objectives.

From classroom to boardroom: How Singapore’s universities nurture future investment leaders
Singapore’s universities actively foster entrepreneurship and innovation skills among students, enabling them to thrive in dynamic business landscapes.

Interpreneurs: The key to successful global growth
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Cultivating an honest culture: Why leaders should be transparent
Transparent leadership is the key to creating a culture of trust; here’s how we’re seeing future-forward leaders put money where their mouth is.

How to scale talent in Southeast Asia during unprecedented times
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Avoiding costly mistakes: How cognitive biases can affect entrepreneurs
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Managing talent in an economic downturn
HR leaders need to balance the competing realities of the Great Resignation and an economic slowdown, which could necessitate furloughs and cost-saving measures, that would impact employees.

The future of job market: Dramatic changes and cultural shifts
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How home-based care is changing the face of the health sector
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Where is Southeast Asia’s digital healthcare headed?
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How is AI transforming the future of cancer diagnosis
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How I nurtured and scaled a mental health ecosystem during the pandemic
We are exploring how we can provide a Safe Space in both the physical and virtual world, such as the metaverse, with a seamless experience.

Shaping the future of healthcare with smart hospitals
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How telemedicine can revolutionise the veterinary world?
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How I nurtured and scaled a mental health ecosystem during the pandemic
We are exploring how we can provide a Safe Space in both the physical and virtual world, such as the metaverse, with a seamless experience.

THOUGHT LEADERSHIP

One-size-fits-none: Redefining corporate communication with personalisation
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TRIREC Founder Melvyn Yeo: Bifurcation of investments will continue to happen in 2025

Melvyn Yeo, Founder and Managing Partner at TRIREC

Since its inception in 2015, TRIREC has been at the forefront of venture capital investment with a commitment to decarbonisation. Focused on tackling climate change, the Singapore-based firm allocates 80 per cent of its investments to early-stage companies, spanning pre-Series A to Series A.

With a diverse global portfolio across energy, mobility, food and agriculture, buildings, and hard-to-abate industries, TRIREC aims to reduce or eliminate greenhouse gas emissions. As the firm approaches its 10th anniversary, it celebrates a milestone—the first close of its third fund—and gears up to honour its decade-long journey while charting its future trajectory for the next ten years.

Expanding its impact, TRIREC has also achieved the first close of a new fund targeting energy access for underserved rural communities in Africa, India, and Southeast Asia (SEA).

“We are quite unique in that we do not necessarily follow market trends. From an investment perspective, we focus on the problems and the solutions. And these solutions could be anywhere in the world,” says Melvyn Yeo, Founder and Managing Partner at TRIREC, in an interview with e27.

Before founding TRIREC, Yeo spent over a decade at Goldman Sachs (Asia) managing global multi-asset portfolios and co-founded Thirdrock Group, a leading multi-family office acquired by Schroders in 2019. At Schroders, he held senior roles, including Deputy Head of Wealth Management (Asia) and Co-Chair of the Private Assets Investment Committee.

Also Read: As the demand for energy soars, climate tech is here to save the day

Yeo serves on the board of the Singapore Land Authority and is a member of the Climate Reality Leadership Corps, founded by Al Gore. The Corps advocates for climate action globally.

In this interview, he discusses upcoming trends in 2025 and the different factors that will lead to it. The following is an excerpt of our conversation with him.

What are the main challenges that the ecosystem will face in 2025 in terms of fundraising?

Fundraising challenges will still be pretty similar [to 2024] in that it will be all about distributions [of funds]. Many investors have invested in funds; because of where the capital markets have been from 2022 until now, there have not been that many exits.

Without exits, whether through IPO or trade sale, many funds have been unable to distribute back capital to their LPs. As a result, many LPs are not looking to deploy to new funds, at least not in a bigger amount.

We need to see some of the cash flows coming back before further deployments.

Now, if we want to discuss fundraising for startups, that part of the equation is slightly better because many funds still have their dry powder, especially those that raised capital in 2022. Plenty of them have not deployed the full amount yet.

Over the last couple of years, many VCs have been very conservative in investing in new deals. They want to see more traction and more revenues before they can deploy. The last couple of years have been all about trying to adjust to that new norm, and I think that startups are now recognising that they need to build a more fundamentally sound business to attract the right investors.

Also Read: Founders Factory launches in Singapore to bolster SEA deep tech, climate tech ecosystem

If we consider factors such as the geopolitical situation today, will 2025 be an even more challenging year?

It depends on the investment mandate and the geographical coverage of the funds.

The latest US election results … I think it will have a positive impact on SEA, in general, from an economic perspective. Because I am sure that the new president would have certain views on how to drive the domestic economy and make the country much stronger. But I think a lot of that will be directed at China, which will allow SEA to pick up the slack.

The other part of the equation is that, from a geopolitical perspective, there will be a much bigger bifurcation of investments. From a technology perspective, we have really started to see over the last few years that certain deep tech research and development is bifurcating into two directions, right? You have the Chinese semiconductor industry trying to build up its capabilities there, and it is adopting different standards compared to the Western world.

It is a consequence of the geopolitical volatility that we are experiencing today. From an investment perspective, we have to be mindful of [the fact] that certain sectors will be more affected.

Are there any particular verticals that will be more popular than the rest?

The last 12 months have been all about AI. I think AI as a theme will continue, but investors will be a lot more discerning when it comes to AI investments.

After the initial hike, investors will be more diligent in identifying what we mean by LLM, machine learning … before they start drilling down to the actual applications [of the technology].

We know some people just slapped the term AI and hope for a higher valuation, so investors will be more discerning. Is there really a business model here, a revenue model?

I also think that climate and decarbonisation will continue to attract interest and grow in this part of the world.

Also Read: Climate conferences won’t save us: How to start taking action all year round (Part 1)

What happened in Trump’s last term was that the private sector actually picked up the slack and drove the impetus in terms of driving the adoption of a green economy, as opposed to the federal side. I think that is not going to stop, you know? If you look at the likes of Amazon, Meta, and Google, they are very committed to this whole green affair.

When I was in Jakarta this year, many corporations were talking about how to build renewable energy projects, solar panel systems, and carbon credits. Even just in the last six months, going around Jakarta and Surabaya feels very different.

EVs and EV charging as a theme are quite mature already, so most of the investments [in the sector] are going through a consolidation phase. The focus is now moving towards the power-generating side of things and carbon capture, not just in Indonesia but also in Malaysia and Thailand.

The other theme that is receiving a lot of attention is the fintech side of things, with the growth and maturity of digital banks. This would actually add more flavour to the offering in the region as well.

Gone are the days when [its function] was restricted to helping you open an account faster. We are going to see a lot more products and applications that can be done on digital platforms.

How about the stages of investment? Are we going to see the return of early-stage funding?

Early-stage funding has dropped off quite a bit, but I think it will start to pick up again, partly because those who raised funds in 2021-22 will need to deploy them.

There will also be some later-stage investments. So, I think 2025 will see a pickup in investment across the board compared to 2023 and 2024.

Image Credit: TRIREC

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Bridging the digital divide: Addressing Malaysia’s skills gap

Malaysia currently faces a significant digital skills gap limiting its technological and economic progress. A digital skill gap is present when there is a need for more technologically skilled employees who can utilise the latest technological advancement. This is highlighted by the alarming statistic that eight out of ten emerging jobs demand technological competencies.

Despite its potential as a regional leader in digital innovation, Malaysia has dropped to 79th in global rankings for digital skills. Compared to their neighbour Singapore which is ranked 12th in the global rankings, this explains the disparity between Singapore and Malaysia’s strength in economy and technological prowess. Singapore with its highly educated and skilled workforce are able to effectively utilise newer technology to achieve optimal outcomes with their businesses and infrastructure.

Therefore, this shortfall has caused Malaysia to lag compared to other countries, underscoring the urgent need for targeted educational initiatives and corporate training programs to equip the workforce with essential tech skills. Bridging this gap is crucial for enhancing employability and ensuring that Malaysia can compete effectively in an increasingly digital economy. Addressing these challenges will foster sustainable growth and economic resilience.

The question is: Why is there a digital skill gap in Malaysia?

Mismanagement of resources and insufficient training

In Malaysia, there is a shortage of higher education in terms of technological skill development. This is evident in the study done by PwC, where 78 per cent of Malaysians have a lack of access to technology to up-skill their technology prowess. There is also the battle of quality vs quantity, where Malaysian training centres have led to a focus on quantity rather than the quality of education. This can be seen in educational institutions across the country.

The prioritisation of quantity causes incomprehensive results as they lack the practical handiwork as compared to quality tutorage. Additionally, there is a lack of standardised assessment, often leading to employers questioning the credibility of certifications from less recognised institutions.

In a survey conducted by Talentbank, their study concluded that 91.91 per cent of employers would choose a good attitude over their academic certificates. This is also supported by the Ministry of Education (MOE)’s finding that 20 per cent of fresh graduates are unable to find a job within six months of graduation due to them lacking the skills, knowledge and attitudes that employers look for.

While there are still shortcomings due to issues in training, this could have been indirectly attributed to the fact that there is a mismanagement of resources towards proper up-skilling.

Also Read: Launching a VC fund in Malaysia: A venture lawyer’s guide

Funding for digital skills training is often concentrated in urban areas where institutions are better equipped and more likely to attract investment. In contrast, rural regions may lack even basic infrastructure for digital education, creating a significant talent pool that remains untapped. This geographical disparity leads to uneven skill development and exacerbates existing inequalities in the job market.

Furthermore, many training initiatives face bureaucratic hurdles that hinder their effectiveness. For instance, lengthy approval processes for new programs can delay the launch of essential training opportunities, leaving potential learners waiting for access to necessary skills.

The concerning speed of technological advancement

The speed of technological advancement is one of the pivotal factors of why a digital skill gap exists in Malaysia. Unlike in the past when technology growth was significantly slower, we now experience incredibly rapid technological change. For recent generations, it was typical for technologies that seemed impossible in their youth to become commonplace later on.

Technology advancements are not exclusive towards specific industries but rather are spanning out, transforming various other sectors and industries that require a more tech-savvy workforce. Industries like manufacturing and finance have shifted towards digital technology, requiring AI, Internet of Things (IoT) and also blockchain technology.

The extremities of technological advancement, have caused several implications on society that cause them the inability to keep up with the growth. One of these implications is the necessity of evolution within current job roles. As industries adopt advanced technologies like artificial intelligence, machine learning, and automation, job roles evolve significantly.

For instance, positions in data analysis and software development have surged, while traditional roles in manual labour or basic administrative tasks may diminish. Workers are often left scrambling to acquire new skills that didn’t exist a few years ago, leading to a skills mismatch.

The rise of niche roles, such as cybersecurity specialists or cloud computing experts, underscores the need for specialised training. Many workers find themselves unprepared for these roles due to the lack of relevant training programs that focus on these emerging fields.

Malaysia, as a country, is considered multi-ethnic, with different cultures intertwined forming the Malaysian culture. However, as an Asian country, our mindset is very different as opposed to the open-minded West. Our unwillingness and reluctance to attempt new things pose a barrier to technology adoption. This is evident, especially in countries that put a great deal of emphasis on investing in technology and up-skilling to be efficient with the latest technologies.

In comparison to the competitors in the global landscape, Malaysia is still far behind in true technology adoption and the proper incorporation of its tools into the workforce. technology adoption. This is evident, especially in countries that put a great deal of emphasis on investing in technology and upskilling to be efficient with the latest technologies. In comparison to the competitors in the global landscape, Malaysia is still far behind in true technology adoption and the proper incorporation of its tools into the workforce.

Also Read: How these Malaysia Digital status cybersecurity companies are protecting your data

Adapting to rapid technological advancements often requires a significant shift in mindset. Individuals accustomed to traditional ways of working may resist adopting new technologies, fearing that they may not understand or be able to use them effectively. This reluctance can hinder the integration of new tools and practices in workplaces.

Addressing the concerns and issues

In the end, these factors all contribute to the major issue at hand. The lack of workforce readiness to adapt to technological advancements. Fret not, there are multiple solutions that businesses and government bodies can take to improve the current situation.

Firstly, government bodies should look to collaborate with industry leaders to design curricula that can reflect current and potential job market needs, ensuring that the training programs stay relevant and up-to-date. Adding on, these curricula should also include courses on emerging technologies including blockchain and data analytics in educational institutions to provide students with the skills needed for in-demand jobs.

Resources should also be targeted accurately. Direct funding toward regions and institutions that have been historically underserved in digital skills training, ensuring equitable access to resources. With these resources in place, a formulation of an advisory board between industry leaders would be able to guide training programs necessary to ensure that future employees can meet workforce needs.

However, there are several ways to address the rapidly changing skill requirements, as well as the generational gap. Businesses can collaborate with the government to develop and promote certification programs in high-demand fields such as data science, cybersecurity, and digital marketing to provide workers with recognised credentials.

One of the targets that the business should incorporate in their practices is to up-skill their employees by organising intensive boot camp-style training sessions focused on specific skills or technologies, allowing workers to quickly acquire relevant competencies.

To change, the business must first change its inner workplace culture. By fostering a workplace culture that embraces experimentation and learning from failures. This helps encourage employees to view challenges as opportunities for growth. Naturally, this opens up potential peer-to-peer learning sessions where younger, tech-savvy employees can share knowledge and skills with older colleagues, bridging the generational divide.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Image credit: Canva Pro

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Decoding B2B buyer intent: The 3 questions every tech startup marketer needs to address

In my journey as a B2B branding expert, I’ve observed that marketers, especially those in startups, can often get swept up in a whirlwind of tactics and lose sight of the deeper motivations driving buyer decisions. As tech and innovation drive the Asian startup ecosystem, understanding buyer intent has transformed significantly—encompassing a range of digital signals, from online search behaviour to content engagement across multiple platforms.

For startups and tech companies in 2024, interpreting these signals accurately and responding with agility can unlock growth opportunities and improve resource efficiency. Yet, many marketers focus solely on the first question—why buyers seek a solution—missing out on insights that can strengthen messaging and positioning.

By exploring what buyers need specifically and how they navigate their purchasing decisions, startups can shape more targeted and impactful approaches to engage their audience. Recognising buyer signals—subtle cues that reveal a potential buyer’s readiness to engage—can further refine these strategies.

Let’s explore why answering all three questions is critical and how incorporating buyer signals can help you connect meaningfully with B2B buyers across Asia’s dynamic digital landscape.

The pitfalls of stopping at “why”

Understanding why a buyer seeks a solution is foundational, but stopping here risks producing generic messaging. While recognising pain points or aspirations is critical, relying solely on these insights can lead to phrases like “Boost your revenue!” or “10x your growth!”—attention-grabbing but lacking the depth required for genuine connection.

My experience has shown that going beyond why to explore what and how creates insights that enhance messaging and refine positioning, leading to more meaningful interactions with potential buyers.

  • Unpacking the initial motivation: Going beyond “why”

Grasping the motivation behind a purchase is an essential first step that initiates the buying process. Buyers typically seek solutions for urgent challenges or aspire to achieve future benefits, such as increased efficiency. This insight allows us to connect with their needs.

However, focusing solely on motivation can be likened to navigating a city with only a street map; without a comprehensive understanding of the broader landscape, we may easily get lost. To truly comprehend a buyer’s journey, we must also clarify what they are specifically looking for and the strategies they employ to make their purchases.

  • Getting specific with “what they buy”

Once we understand a buyer’s motivation, it’s time to examine what they specifically need. Precision is key here; understanding the exact capabilities, features, or benefits that buyers prioritise allows us to align our offerings with their criteria.

For example, consider a B2B buyer from a manufacturing firm focused on minimising downtime. If we miss their specific requirement—like proactive maintenance capabilities—we risk losing their engagement. Rather than presenting our solution as merely “efficiency-enhancing software,” we should highlight how our product directly addresses their unique challenges.

Also Read: From automation to hyper-personalisation: Leveraging AI for smarter marketing

By exploring what buyers truly seek, we can match our product features and benefits to their immediate priorities, positioning ourselves as the ideal solution.

  • The most overlooked step: “How they buy”

The how of buying is often the most overlooked yet critical part of the buyer’s journey. Today’s purchasing process can be complex, involving multiple stakeholders and specific approval channels. Each decision-making stage influences the final choice, and missing this landscape risks missed opportunities.

Analysing the buyer’s journey helps us identify key moments to support decision-making. This may involve providing targeted case studies during the evaluation phase or offering personalised demos that resonate with buyers’ needs. Understanding how buyers navigate their decisions allows us to craft messages that connect on a deeper level.

Recognising buyer signals: Timing your approach

In addition to understanding why, what, and how, we must also pay attention to buyer signals—behavioural, emotional, or contextual cues that reveal a prospect’s readiness to engage. Are they downloading resources? Attending webinars? Interacting with your content on social media? Recognising these cues enables well-timed outreach.

Incorporating buyer signals into our strategy allows for a proactive approach. For instance, if we notice a lead engaging with content around a specific feature, we can tailor our communications to address their current needs. This kind of targeted engagement not only enhances the buyer’s experience but also builds trust, positioning us as a resource rather than just another vendor.

Knowing your Ideal Customer Profile (ICP) is crucial

This three-question framework works best with a well-defined Ideal Customer Profile (ICP). Attempting to answer why, what, and how for a broad audience results in vague insights and ineffective strategies.

Also Read: Tried-and-tested marketing strategies for startups across all stages in Singapore

By focusing on a specific ICP, we can fine-tune our messaging and create campaigns that resonate with an audience most likely to convert. Instead of broad statements like “10x your revenue with our product,” we can present targeted messages such as, “Reduce your manufacturing downtime by 20 per cent with our predictive maintenance solution.” This precision draws in buyers who value relevance and impact.

Conclusion

To fully understand and serve our buyers, we must go beyond simply identifying their motivations. It is essential to explore what they truly need, how they navigate their purchasing journey, and the signals indicating their readiness to engage.

Whether you’re a marketer, sales professional, or business leader, take proactive steps to refine your Ideal Customer Profile (ICP) and implement strategies that capture buyer signals. Tailor your messaging to resonate with your audience, and build genuine relationships by engaging prospects through personalised communications and relevant content.

By prioritising this comprehensive approach, you’ll stand out in a competitive market, cultivating lasting loyalty and trust—key drivers of sustainable growth.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on InstagramFacebookX, and LinkedIn to stay connected.

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