EDG GRANT FOR SME MARKETING IN SINGAPORE
STRATEGIC BRANDING = REVENUE GROWTH
Capture Market Mindshare, Increase Sales and Grow Your Business.
“Your brand is the single most important investment you can make in your business.” – Steve Forbes
During the past few uncertain years, Evolve & Adapt has helped multiple businesses achieve the following results through strong strategic branding and positioning:
Created a 40% Brand Lift with Existing Customers Improved Sales Conversion by 25% Increased Online Leads by 300% Enhanced Brand Authority & Visibility Optimised Operational & Business Management Processes
Evolve & Adapt is an award-winning marketing management consultant with a proven track record and the strategic expertise to brand your business for success.
If you are prepared to invest in your marketing and benefit from Singapore government funding through an Enterprise Development Grant (EDG), we can guide you step by step.
CONTACT US TO DEVELOP AN EDG-APPROVED BRANDING PROJECT FOR YOUR BUSINESS
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HOW THE EDG GRANT WORKS IN A NUTSHELL
The Enterprise Development Grant awarded by Enterprise Singapore subsidises a submitted project and works on a reimbursement basis. This means the project has to be completed with all expenses paid out. The audited accounts, documentation and final report with all achieved project deliverables can then be submitted for reimbursement.
The EDG grant funds qualifying project costs that include consultancy fees from certified 3rd party consultants and internal manpower costs.
Typically, companies can receive up to 50% of support for the qualifying project costs.
STRATEGIC BRAND AND MARKETING DEVELOPMENT
If you are looking to improve the traditional or digital marketing or branding of your business in Singapore, you can apply for a EDG grant under the “Core Capabilities” pillar – Strategic Brand and Marketing Development.
This “pillar” supports a project that helps your company better capture target audiences and markets by differentiating your brand, and your products and services.
You will need to look for a Singapore management consultant that specializes in marketing or branding consultancy, depending on your requirements. If you are looking for digital marketing or branding in the online space, you will want to look for a consultant with digital marketing expertise and experience as well.
The marketing consultant will assist to scope the project that can cover:
- Diagnosis and Gap Analysis of your Company, Marketing Strategies, Sales Processes and Marketing Tactics
- Competitor Research & Analysis
- Market Research & Analysis
- Crafting of Marketing Strategy
- Crafting of Marketing Plan or Roadmap for Implementation
EXAMPLES OF EDG GRANT MARKETING PROJECTS IN SINGAPORE
Here are some examples of strategic brand and marketing development projects that can be claimed under the Enterprise Development Grant Core Capabilities pillar:
- Developing a Brand Strategy to Increase Market Outreach.
- Developing a Digital Marketing Strategy to Increase Online Brand Presence and Lead Generation.
- Conducting Market Research & Analysis to Identify Competitive Advantages of a Brand and Developing a Positioning Strategy.
- Determining the Feasibility & Viability of Launching a New Product.
- Developing a Marketing and Sales Plan to Improve Profitability.
APPLYING FOR AN ENTERPRISE DEVELOPMENT GRANT
Here are the steps to take to apply for an Enterprise Development Grant (EDG) for a strategic brand and marketing development project:
STEP 1: ENSURE YOUR COMPANY MEETS THE BASIC EDG ELIGIBILITY REQUIREMENTS
To qualify for the EDG Singapore grant, your business must:
- Be registered and operating in Singapore. EDG is open to Sole Proprietors, Limited Liability Partnerships and Pte Ltd companies.
- Have a minimum of 30% local shareholding.
- Have less than 200 employees OR have less than SGD100 million annual turnover. Ideally, with a minimum SGD500,000 turnover.
- Not be a start-up. You should ideally be operating for at least 2 to 3 years.
- Has business activity and preferably growth in the last few years.
- Have plans to contribute to “workers’ outcomes”. i.e. You intend to increase your number of employees*, increase the salary of existing employees or provide training to upgrade existing employees.
- Be in a financially viable position to start and complete the project. (EDG works on a reimbursement basis and is not an upfront grant.)
*Officially, your business does not need to have a minimum employee headcount. But, businesses with more than one employee are generally preferred unless you can demonstrate projected growth in human resources with the success of the project.
*Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of service provider.
STEP 2: LOOK FOR A CERTIFIED MANAGEMENT CONSULTANT IN MARKETING
As mentioned above, for a strategic brand & marketing development project, you may engage an Enterprise Singapore-recognised certified management consultant to consult on the project. This is part of the ESG Consultant Quality Initiative (CQI).
ESG-recognised consultants are individuals who have been approved and recognised by Enterprise Singapore (ESG), under the TR 43: 2015 standards.
This certification provides you with greater assurance in terms of the level of quality and professionalism in the partners they engage.
STEP 3: PREPARE THE PROJECT PROPOSAL
You will need to prepare the project proposal as part of the EDG application. This is where an experienced and competent management consultant is essential.
The consultant should assist in preparing the proposal and guide you in providing the necessary information to strengthen the proposal. A good consultant will also be familiar with the ESG project template and understand the requirements of the application proposal.
STEP 4: PREPARE THE REQUIRED SUPPORTING DOCUMENTS
Besides your project proposal, there are also other documents that must be prepared. These include:
- Past Year(s) Financial Statements
- Staff Remuneration
- Depreciation
- Management Consultant Certificate & CV
Once again the certified management consultant will guide you through the process and let you know specific documents you need to prepare.
STEP 5: APPLY FOR EDG
Once all the above have been met, your company will be able to apply for the EDG grant at the Business Grants Portal by logging in with your CorpPass.
Follow the guided steps and upload the various documents as instructed.
APPROVAL OF THE ENTERPRISE DEVELOPMENT GRANT
Once your application is submitted, it will take between 12 – 16 weeks for your EDG grant application to be processed. Typically, you should get a response from an Enterprise Singapore officer within 8 weeks.
Sometimes, you will be asked to clarify aspects of your business or the proposal or requested to submit additional documentation.
Working with an experienced management consultant and submitting all the requested documentation in proper order will ensure the application can be processed with little delay.
Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of the marketing consultant.
If/ when your EDG grant application is approved, a project Letter of Offer will be sent to you. This Letter of Offer will contain the amount of grant awarded to your company, along with its conditions of support.
The conditions of support are:
- Project Qualifying Period
- Project Deliverables
Do note that you must accept the conditions on this Letter of Offer and acknowledge receiving it or the application will be considered null and invalid.
HOW MUCH IS THE INVESTMENT AND HOW IS COVERED BY EDG?
Typical marketing projects for SMEs range from S$40,000 – S$120,000, depending on the scope and duration of the project.
Most projects last 4 – 6 months, with some large ones lasting a year.
Assuming, a project is budgeted at S$40,000, EDG will support up to S$20,000, which means your investment is S$20,000.
However, do note, as mentioned above, EDG works on a reimbursement basis. This means you will need to have the cashflow to pay for the project costs first.
The audited accounts, documentation and final report with all achieved project deliverables can then be submitted for reimbursement.
Reimbursement takes about 1 month, assuming there is nothing wrong with your paperwork submission.
That is it! While this article is a long read, I hope that it gives you a comprehensive overview on applying for the EDG grant for your marketing project.
The best advice I can give is for you to talk with a certified management consultant, such as Evolve & Adapt to assess if you have a feasible and viable EDG project. We also boast a 100% approval rate for EDG applications.
Provide as much initial information as you can and we will arrange a call for an initial diagnosis.
LET US KNOW HOW WE CAN HELP GROW YOUR BUSINESS ONLINE
By providing Evolve & Adapt with my personal data, I agree that Evolve & Adapt may collect, use and disclose my personal data for purposes in accordance with its Privacy Policy and the Personal Data Protection Act 2012. I understand that my personal data may be used for marketing purposes by Evolve & Adapt.
Evolve & Adapt is an award-winning Singapore marketing consultant that can help you scope an EDG project for up to 50% funding approval.
Our core services include strategic marketing, in-depth marketing research, branding strategy and digital strategy consultancy.
We are one of the very few certified management consultants in Singapore that is also certified in both traditional marketing management and digital marketing.
MARKETING CONSULTANCY FIRM IN THE MEDIA
Over the years, Evolve & Adapt and its team members have been featured in various high profile interviews, articles and opinion pieces in print media, radio, television and online platforms.
Besides being a contributor to trade publications, The Straits Times regularly contacts Evolve & Adapt for insights on strategic marketing & branding for business stories.
MARKETING CONSULTANT
IN THE MEDIA
Over the years, Evolve & Adapt and its team members have been featured in various high profile interviews, articles and opinion pieces in print media, radio, television and online platforms.
Besides being a contributor to trade publications, The Straits Times regularly contacts Evolve & Adapt for insights on strategic marketing & branding for business stories.
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LET US KNOW HOW WE CAN HELP GROW YOUR BUSINESS ONLINE
By providing Evolve & Adapt with my personal data, I agree that Evolve & Adapt may collect, use and disclose my personal data for purposes in accordance with its Privacy Policy and the Personal Data Protection Act 2012. I understand that my personal data may be used for marketing purposes by Evolve & Adapt.
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