With the push for digital transformation, we explore the availability of a Singapore digital marketing grant for SME businesses. There is some misinformation online on what grants cover digital marketing costs, so this article is to clarify what financial support is available to local businesses (accurate of this writing).
COVID-19 has forced businesses all around the world, including Singapore, to evolve and adapt faster than they had anticipated or expected. The Straits Times reported that the pandemic had spurred a 20 per cent year-on-year increase in firms starting digital transformation.
Many businesses who want to transform digitally may not have the resources to invest in the necessary expertise or training to be digitally enabled. A grant or subsidy will help to cover a significant portion of these costs and motivate more businesses to adapt to the new economy.
WHAT TYPES OF DIGITAL MARKETING FITS YOUR BUSINESS?
One component of digitalization is to engage in digital marketing. Digital Marketing is the process of connecting, engaging, communicating, and selling to customers online. You can read more about the benefits of digital marketing here.
If you would like to determine what types of digital marketing fits your business and what digital gaps you need to fill, try out the free “AI-Digital Marketing Self-Test” below.
This self-test was recently featured on Money FM 89.3, Market Watch and Digital Journal.
It is entirely free and only takes 2 minutes to complete but has already helped transform dozens of companies.
WHAT SINGAPORE DIGITAL MARKETING GRANTS ARE AVAILABLE?
The burning question is whether there is any specific Singapore digital marketing grant to cover online marketing costs in Singapore? The short answer is “no”. The exception is a short-term program designed for the retail industry due to the COVID-19 pandemic that ends in Sept 2020.
However, there are still ways you can tap on available grants for your digital transformation and marketing.
The grants are generally targeted at SMEs that have at least 30% local (Singaporean or Singapore Permanent Resident) shareholding, and group annual sales turnover not more than S$100 million or group employment size not more than 200 employees.
Here are the grants and support schemes that can be leveraged for digital marketing:
ENTERPRISE DEVELOPMENT GRANT
The EDG, or sometimes erroneously called the EDG grant, was created to help Singapore companies grow and transform.
The pillar that can apply to all businesses, regardless of industry, looking to transform digitally would be “Core Capabilities”, specifically under Business Strategy Development or Strategic Brand and Marketing Development.
The previous incarnation of this component of EDG was called the Capability Development Grant or CDG. CDG was discontinued on 25 October 2018 and was replaced by the EDG.
Previously, under CDG, to a certain extent, digital marketing costs and web development costs could be claimed under this grant. However, this is not the case now. The EDG clearly states that it does not support the following:
Production of corporate and/ or marketing collaterals, such as brochures, videos, websites, photography, stock pictures, and copywriting
Implementation of marketing or PR campaigns, including retainer fees of consultants, advertising and media buys, engagement of social media influencers, management of websites/ social media platforms, Search Engine Optimization (SEO), and Search Engine Marketing (SEM)
However, a Singapore SME business can still leverage the EDG in digital marketing strategy and digital business transformation.
Digital marketing tactics, like the costs highlighted above, need to be guided by strategy. Businesses need to have a clear digital marketing strategy and plan before they invest in what EDG considers as digital marketing on-going costs.
A digital consultant will be able to develop a project with a scope that includes business strategy or identifying how your business can fulfil strategic market needs in the online space.
This will ensure you have a clear plan for digital marketing and only invest in the types of digital marketing that fit your business. The digital consultant should also be able to work with you to allocate digital marketing budgets and create a digital marketing calendar.
Singapore EDG Scope of Funding
EDG funds qualifying project costs, namely third-party consultancy fees, software and equipment, and internal manpower cost.
As announced at Supplementary Budget 2020, the maximum support level will be raised to 80% from 1 April 2020 to 31 December 2020.
For enterprises that are most severely impacted by COVID-19, the maximum support level may be raised to 90% on a case-by-case basis.
START DIGITAL PACK
If you are a newly-incorporated SME that has just started your business or is new to digital technology, you can take up a Start Digital Pack.
Start Digital is an initiative under Infocomm Media Development Authority’s (IMDA) SMEs Go Digital programme launched in January 2019 to help new SMEs start their business right with foundational and competitively-priced digital solutions.
The Start Digital Pack has solutions in five categories, one of which is digital marketing. Each eligible SME is entitled to one Start Digital Pack, and the Pack is available through an appointed Start Digital Partners.
Learn how to apply HERE.
SKILLSFUTURE ENTERPRISE CREDIT (SFEC)
One support scheme you can utilize for digital marketing for your business is to train your staff in digital marketing. If you are an SME, you can subsidize up to 90% of digital marketing training courses when upgrading the skills of your employees.
The scheme to tap is the Skillsfuture Enterprise Credit (SFEC) which replaced the Productivity Solutions Grant (SkillsFuture Training Subsidy) on 1 March 2020.
Under the workforce transformation, you can subsidize several digital marketing courses supported by SFEC. View the qualifying courses HERE.
SFEC Scope of Funding
In addition, SFEC encourages employers to invest in enterprise transformation and capabilities of their employees. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.
Enterprise Transformation – Programmes that support enterprise transformation
Workforce Transformation – Job redesign initiatives, and curated training programmes by SkillsFuture Singapore and Workforce Singapore, such as training courses aligned to the Skills Framework, Professional Conversion Programmes and sector-specific programmes.
This scheme is quite complicated, so learn how SFEC can help your specific business HERE. Or, it might be best to consult one of their officers directly.
E-COMMERCE BOOSTER PACKAGE FOR THE RETAIL SECTOR
To help SMEs in the retail sector that have been badly hit by COVID-10, Enterprise Singapore (ESG) has created an e-commerce booster package to aid such companies in setting up online sales channels.
The package primarily helps retailers who have little e-commerce knowledge and capabilities to get started with online channels. ESG has partnered e-commerce platform providers Amazon, Lazada Singapore, Qoo10 and Shopee. They will work with the retailers to curate and list products for up to six months, participate in promotion campaigns, fulfil orders and perform basic sales data analysis.
Each retailer can apply with only one of these platforms, and must not have an existing account with the chosen platform. The SME will receive a one-time 90 per cent subsidy on qualifying costs for fees charged, capped at S$9,000.
This package would be the closest to a dedicated Singapore digital marketing grant. However, it is only available till 30 Sep 2020.
Learn how to apply for the E-Commerce Booster Package HERE.
MULTICHANNEL E-COMMERCE PLATFORM (MEP) PROGRAMME
For Singapore retailers who want to export their products to overseas markets for the first time can tap the Multichannel E-commerce Platform (MEP) Programme.
The MEP Programme, under the Grow Digital initiative by Enterprise Singapore and Infocomm Media Development Authority (IMDA), connects SMEs – whether manufacturers, retailers or distributors of products – to MEP solution providers, which will help them to list and sell their products on multiple overseas e-marketplaces.
By leveraging on the expertise and strong in-market network of these partners, SMEs can expand their digital sales channels, access new customers, test in-market demand for their products and optimize sales.
MEP comprises three main components:
End-to-end package by appointed MEP providers to gain rapid entry to new markets via multiple overseas e-marketplaces.
Digital marketing support to help SMEs increase brand value and drive traffic on e-commerce platforms.
Relevant training programmes to operate an e-commerce business (working with Singapore Institute of Retail Studies as a designated training partner).
Eligible SMEs who signed up for the MEP Programme from 1 April 2020 to 30 September 2020 will receive a one-time support at 90% (from 70%) of eligible programme costs for a year.
Like the E-commerce Booster Package above, the MEP would be the closest to a dedicated Singapore digital marketing grant.
Learn how to apply for the MEP HERE.
BUSINESS IMPROVEMENT FUND (BIF)
If your business is in the tourism sector or if you have a project with a clear tourism focus, you can apply for the Business Improvement Fund (BIF) provided by Singapore Tourism Board (STB).
The BIF aims to encourage technology innovation and adoption, redesign of business model and processes in the tourism sector to improve productivity and competitiveness.
This grant is aligned to Enterprise Singapore’s Enterprise Development Grant (EDG) so supports similar projects but specifically for tourism companies. You can also refer to the section above on EDG to see how digital marketing can be covered under this fund.
For more information and to apply for the BIF, click HERE.
DIGITAL SOLUTIONS DIRECTORY
While this is not a digital marketing grant per say, here is a directory of digital solutions jointly curated by Infocomm Media Development Authority (IMDA) and SGTech to help Small and Medium Enterprises (SMEs) and businesses address business continuity challenges.
Some of the solutions are free or most are eligible for the Productivity Solution Grant, which provides a 80% cost subsidy.
The specially curated offerings aim to make business continuity essentials more accessible to SMEs and businesses, across several key categories:
- Remote Working
- Workforce Management
- Visitor Management
- Bill and Pay Online
- Sell Online
For more information on the Digital Solutions Directory, click HERE.
WHICH SINGAPORE DIGITAL MARKETING GRANT FITS YOU?
All the best in finding a Singapore digital marketing grant that covers some aspects of your online marketing efforts.
The next step to do is consult a management consultant like Evolve & Adapt to discuss how to leverage on an appropriate grant.
We are one of the very few Enterprise Singapore-certified management consultants that is also certified in both traditional marketing management and digital marketing.
You can arrange a no-obligation chat here or just send a message through the chat box at the bottom right corner of your screen.
DOWNLOAD FREE COMPLETE GUIDE TO SINGAPORE DIGITAL MARKETING GRANTS
For a detailed guide on all the digital grants highlighted above with the relevant links and details, download “The Complete Guide to Singapore Digital Marketing Grants” for FREE.
The all-in-one compilation book also includes a “Step-by-Step Guide to Everything You Need to Know about the Enterprise Development Grant (EDG).
The EDG is the grant that is best suited for a business to transform digitally, upgrade and grow.
As online information is not as clear and complete as one would hope. we have put together the most comprehensive guide on all aspects of the EDG, based on our experience.
ENTER YOUR INFO BELOW FOR THE DOWNLOAD LINK
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