More often than not, startup companies have a very limited budget with most of it spent on capital and operational expenses such as company registration and accounting services. While setting up a business in Singapore is relatively easier than most countries, its competitive business landscape can become quite challenging especially for fledgling entrepreneurs.
But don’t fret! Believe us when we say that marketing does not have be costly. The main requirement for cost-efficient marketing is creativity. To kick start your game plan in starting a business in Singapore, here are some tried and tested marketing channels that you can utilize on a limited budget.
1. Digital Marketing
With the steady rise of digital platforms, a startup business can now easily reach its target audience and establish an online brand presence without spending on costly traditional marketing channels.
With an increasing number of consumers connected online, your chance of reaching your target market also grows each day.
Search Engine Optimization (SEO)
Since Google is the most visited site on the world, it makes great sense to leverage on its popularity as a search engine. Through SEO, your company’s website can be found by more potential consumers. By applying best SEO practices, your company website can score a higher rank and improve not only the number of site visitors but also up your chances of conversation.
In a technologically forward era, more and more consumers are clamoring for brands to be reachable online. Any business can capitalize on the opportunity to reach potential consumers through relevant social media platforms. Similar to implementing SEO strategies, being active on social media can exponentially increase brand awareness and website traffic.
In establishing the social media presence of your business, it is essential to define specific objectives. Will you use social media solely as a marketing platform? Will you use it to address consumer queries and concerns? Once you have determined your objectives, the next step is building your community. The main goal should be to connect with individuals who are interested or may be interested in your business. This may take time but through useful content and effective engagement.
When done right, social media brand presence improve your chance of getting found online, generating quality leads, and creating a positive buzz about your brand. Just make sure to avoid pure sales talk to gain a huge following.
All types of businesses can start a blog as another channel to attract potential customers to the company’s website. Having a blog enables a company to share valuable insights and information that spur the interest of a product’s target market. With the right content, a business can be regarded as an industry thought leader.
After the initial stage of attracting potential customers, a company blog should be able to sustain the interest of its target audience and encourage referrals by regularly coming up with rich content that consumers will find valuable and shareable.
Email marketing is one of the most commonly utilized digital marketing channels due to its flexibility, ease of tracking, and high impact to potential customers. Aside from reaching a broad audience base, email marketing also opens doors and leads consumers directly to your corporate website where they can check out the products and services that your business offer.
Susan LaPlante-Dube, the President of Precision Marketing Group in Massachusetts, advises startup companies to contemplate the central message of their email marketing campaigns, and develop a message that accurately depicts the company and campaign objectives.
2. Attend networking events
Startup business owners must constantly be on the lookout for networking events such as trade shows and conferences. Attending and being active at such events would not only enable entrepreneurs to boost the profile of their companies but also meet new business contacts.
Studies show that an average businessman knows at least 200 people. Given this figure, chances are, you will get to meet individuals who have the capacity to endorse your business to a larger audience.
3. Create Case Studies
Another affordable but effective option to market a product or a service is by coming up with a series of testimonials from satisfied customers. You may ask them to talk about how they found out about your product, how they used it, and the results that they experienced afterwards.
This allows your target market to have a clear notion of how your product and service offering improves the daily lives of your customers.
4. Always be ready to lend a hand
Being active in online forums or message boards can surely help you establish your expertise on a specific field. Being able to answer different questions and concerns that are related to the products and services that your business offers is a way to generate leads and get to know your target market.
With a hint of resourcefulness and creativity, effective business marketing can indeed be done despite having budget limitations. Just keep in mind like any other business activity, there is a simple trade-off for marketing your products and services on a limited budget. If your company does not have enough funds, you will have to put in more time and more energy in interacting with your target market.