Business

10 Ways To Reduce Marketing Costs For Your Business In Singapore

Marketing is essential for managing your business. Some companies inflate their marketing costs unnecessarily in the hopes of generating more profit, while other companies have a very tight budget. This article will help you reduce marketing costs by learning how to differentiate your essential expenses from the unnecessary ones. Embed our infographic in your website: <br /><br /><img src=https://www.lendingbee.com.sg/wp-content/uploads/2020/05/ways-to-reduce-marketing-costs-infographic.jpg width=980 /><br /><br /><a href=https://www.lendingbee.com.sg/ways-to-reduce-marketing-costs/ style=color:#000000;text-align:left> Infographic created by Lending Bee®. Click to view original </a><br /><br /> Common Marketing Costs For A Business A business entails several marketing expenses, some of which you can cut down completely, while others you can’t ignore. Research Understanding your audience is essential for any marketing campaign. You should know everything about your target group, starting with basic demographic information like age, income and geographical area, and ending with finesse details such as preferences and lifestyle choices. Once you know your audience, you can build appealing messages and select the best channels to make sure your audience receives and understands those messages. All of that costs money. Additional research expenses include analyzing your competitors, the market where you want to retail your products, as well as your own company. Traditional Marketing After you have your research, you need a team to devise the best marketing plan. Offline marketing costs are comprised of: Campaign strategies, including building your brand identity and brand image from logo and slogan to colour schemes, business cards and brand personality Advertising on traditional media (newspapers, magazines, TV, leaflets, etc.) PR and sponsorships Events Online Marketing In the age of the internet, you can’t ignore online marketing. This section includes costs for building and managing your website, your social media presence and blogs, plus e-mail marketing and other online advertising campaigns. Overall Costs A small business venture will spend approximately 5% of its revenue on marketing costs, but the expenses get up to 20% if the business is new. Some of these costs are recurring, such as a website host fee or the salary of your creative team, while other costs are periodic, such as hiring a rebranding expert. How To Reduce

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Top 10 Ways To Get Free Advertising In Singapore

Can you really get free advertising? Well, yes. It’s not easy. However, if you spend some time,  you can efficiently promote your business even if you’re on a budget. Here are some techniques to follow and you’ll see more visitors to your website, more conversions, and an increase in your profit! 1. Google My Business This free advertising tool is essential, no matter where you business is located. Google My Business puts your business up on Google Search and Google Maps. Therefore, local people will see your business among the top results when they search for the keyword that represents your business industry. For instance, if you’re a restaurant owner and people search “best restaruants in the east,” they’ll be able to locate your name on the map. Besides, if you’re among the first results on Google, you’re automatically invested with legitimacy. Only relevant businesses rank high in local searches, so more people will choose your business instead of the competitions. 2. Personal Blog, Guest Posts, Classifieds  If you have some free time, start a blog that promotes your business. You can write or post about anything under the sun. Tutorials, infographics, how you came up with a certain idea, what life behind the scene is. People don’t wish to hear you brag about your product. They want to feel part of your family. They also want to learn how your products can be useful for them. In Singapore, Classifieds are also popular areas of free advertising. For example, one can get free advertising on sites such as LeadStreet. Guest posts are a great way to ensure your visibility and notoriety outside your audience. This is also your chance to provide a link back to your website. By doing so, you’ll get more views and build authority. More views combined, with more authority, translate into more points on the relevancy scale. This will in turn see you rank higher on search engines. 3. Partner Podcasts Podcasts are interview shows at a new level. Podcasts are less structured and create a more familiar atmosphere. Taking part in podcasts together with your

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7 Types Of Difficult Clients And How To Handle Them Professionally

Every industry has its challenges. The most common problem is how to go about handling difficult clients that engage in your services. There are different types of clients with varying types of personalities. While the business’ central interest is getting more sales from clients, some of them are intolerable. You will meet bad, kind, and ugly clients in your line of business, but you must know how to deal with all of them. An experienced entrepreneur should be equipped with the right skills to handle every customer that comes their way. The first step to treating every customer is understanding them. After acknowledging the kind of customer you are dealing with, it is advisable to apply the different tips, given in this article, to deal with each of them separately. Be composed and focused on delivering your best no matter the situation your clients put you. The customer is always right! Every customer brings a different experience to the business, and you must look forward to maintaining him or her for the benefit of the business. Here are the tips for dealing with different types of clients. 1. Undecided Clients In many cases, you may have come across clients who cannot choose the product or service they want from your business. They come smiling at you but spend a lot of time in your shop before they decide to buy. The best way of handling these clients is to provide them more than enough information regarding your products and services so that they make the right choice personally. Do not be pushy or rude to such clients. Help this customer to find what they want. Put yourself in their shoes to understand what they need. This way you are creating some of the most loyal clients for your business. 2. Critical Clients Clients come with a critical mind. They will criticize the information you provide them. They are most challenging to the business because they believe their opinion regarding your products and services is right no matter what you say. The best approach to such clients is being patient and

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10 Best Online Marketing Tools For Small Businesses And Startups That Will Bring Results

If you own a small business, you know how important it is to advertise it according to a strategy. But making a plan, building a website, researching your audience, giving them top info, and billing your clients is hard work. It’s all about using not only the best, but the right marketing tools to bring in leads. That’s why you need the best marketing tools that will make your job easier. Start with: 1. MobileMonkey People won’t engage with a business that makes getting in touch difficult. Or, well, more difficult than other businesses that already use Facebook Messenger. But before you jump all the way straight to engagement, you need something that catches their attention and piques their interest. You want your audience hooked. There’s no better tool than MobileMonkey for that. This tool is easy to use for newbies because you don’t need to know how to code. MobileMonkey is a FREE chatbot builder for Facebook Messenger that helps you send targeted messages, answer your customer’s questions, offer live support, or survey your market. If you’re interested in a Facebook marketing campaign, MobileMonkey helps you make the first steps towards attracting more leads and building your reputation. 2. Due Due is an easy-to-use free tool to help you bill time correctly. Tracking the time you spend on different marketing projects is essential for any business. That way, you will have a more precise idea of how much money and resources you need to allocate for each project. In turn, this increases efficiency and profit. You can also use Due to create, save and keep track of your invoices and payments. If you are a freelancer and find billing clients time-consuming, it means things are going great for you. But it also means you need Due to stop spending so much time on writing invoices. 3. Google Analytics Another free platform that rocked the tech world, Google Analytics has raised a lot of controversies regarding the data it collects. But Google Analytics is on the rise, and it’s no denying it provides precious insights into the mind of your

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6 Important Reasons Why Successful SMEs Take Business Loans

Loans have received a bad reputation over the years and especially in relation to SMEs. However, with all the new industries appearing over the years, more and more entrepreneurs are born. Small business owners are wary of debt financing because of the stories and misconceptions they’ve heard. Falling into the endless debt trap sounds terrifying. Many only think of taking loans when they are experiencing financial difficulties, and even then it remains an uphill task because it means accepting that they’re not doing well. Taking up loans isn’t only for the cash strapped business owners. It is actually for those that aren’t risk-averse or those we are seeking to upgrade their company. Large companies with big brands under their belt also take loans but for the right reasons. Their objective will be to bring the company to the next level.    Good reasons to take a loan for an SME  To better explain the line of thought in some of the successful SMEs, here are some situations that make sense to take a loan for a small business. 1. Expansion Businesses are growing and for growth to happen effectively, it usually requires money. Any excess money in business will most likely go into building its capacity and generally growing it in whichever way that is relevant. It is possible to expand using regular cash-flow, but the speed at which it will happen may not be appealing. Taking a loan gives an instant cash injection into the business thus increasing the speed at which expansion can occur. It will also ensure other monies go towards operational costs thus keeping the business expanding and running. 2. Capitalizing on business opportunities Sometimes offers come up and the business could use that particular item being offered at a reasonable price. A loan comes in handy to acquire such things, especially if it is a capital-intensive item required such as machinery or a vehicle.  3. Inventory A business must have an inventory before it can make any money. Inventory comes in large amounts for it to be economically viable and the situation is worse if

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Here’s 15 Interesting Corporate Team Building Activities In Singapore (2019 Update)

Team building isn’t just about fun; it’s about finding the right activity to help a team grow. As the workplace evolves with better technology and higher education, building a happy and productive team is not all about profits and salary. Teamwork and culture plays a huge role. So, how can you build a united and happy team? The article below discusses 15 of the best corporate team building activities in regards to the abilities they exercise and the skills the participants learn. 1. Singing And Dancing At Team Music Team Music is the award-winner of prizes like Bronze Winner for Human Resources and Best Corporate Team Building & Conference Specialists – Hong Kong. The activities offered by Team Music allow co-workers to interact, bond, learn together and even engage in some friendly competition. The employees learn how to dance, sing, or write and create their music videos. People don’t require any prior musical experience; they will learn how to sing and dance together. Team Music boasts five team building programs that promote collaboration, shaping of distinct roles, creative play, leadership and resilience to stress. We all need a stress reliever sometimes. For instance, BANDINC is a socially-inclusive program that teaches people how to sing together as a band. At the end of the program, they will learn two songs together, regardless of their experience with music. This program, like all the others offered by Team Music, can be adapted for corporate events. As such, the employees can perform at Christmas Parties or at the company’s events. 2. Giant Whack A Mole At The Fun Empire Giant Whack A Mole tries to imitate the popular namesake arcade game. This team building activity is new in Singapore, proposing a giant version of this game, where employees are the moles that emerge from the wholes. One person sits in the middle with a safe-to-use inflatable mallet and tries to catch the moles. People need to work together and develop communication skills. They exercise their ability to think fast, to make good prognosis, while also relieving stress through laughter and physical activity. The game

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What Is Remote Work And Should You Hire Remote Employees?

Ever heard of working remotely? In recent years, coupled with the rise of the gig economy, working remotely has become very popular in Singapore. It is a convenient arrangement for both the employer and the employee. A remote employee is one who works outside of the office premises of the organisation. If you choose to work remotely, you can work from home or any other suitable location and only go to the office for official meetings or updates. Research has shown that 11% of employees prefer to work in the office full-time, while 17% prefer to work remotely. However, 29% of employees prefer to spend time working in both locations, which is half in the office and half remotely. They like having some flexibility. There are different locations where you can choose to work from remotely. Here are some of them. You can work from home, from a café or even a library. The essential point is that you choose a location that is comfortable and convenient for you to work effectively. You can also work in a co-working space where you will share the working space with others who are involved with other companies. This is a hub that will have technology and connectivity within the premises. You will have the benefit of having an informal environment as well as some office amenities in this coworking space. A third option is that you could choose to work remotely in a different country. The advantage of this different environment is that you may get new ideas and concepts which could be useful in your work. There are several sources in Singapore where you can find remote work. Some of these are given below. AngelList is a website where you can apply to get a remote job opportunity. On this website, you can choose whether you want to work remotely on a part-time or full-time basis. We Work Remotely is a network that has many users. Many employers look for people to work remotely from this platform. Other job sites where you can get remote work are Jobspresso, Hubstaff, Remotive and

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How To Build A Positive Company Culture And Why It’s Important

“How much are they offering you?” “Is it better than your previous job?” “What’s the role of your position?”  These are just some of the questions that a concerned family member or friend might ask you when you’ve landed yourself a job. However, another important question that most of us would have probably left out is to find out how the working culture is like. Though it might not seem as important as things such as the salary drawn, or work scope, it still plays a vital role in shaping the way you view your job. Most employees these days are looking to work in a place that has a great environment. As an employer, you should therefore strive to provide your employees with a positive working environment. Not only does such an environment help your employees stay positive and motivated about their job, it helps with employee retention too and that will help you save on the cost of new hires and training. Ways To Build A Positive Company Culture So what are some of the ways that a company can work on creating a positive company culture? 1. Create Clear Values  Your business must have clear core values that are effectively communicated to each employee and discussed with them so that there can be buy-in. The goal is to make sure that the employees take personal responsibility for them to live these values out. You want them to be proud of the core values, and maintain both a positive attitude and positive actions around those values. 2. Transparent Communication  Good communication is critical for success. This includes the sharing of information and instructions to ensure that everyone is working off the same page. Not only should communication be informative and clear, it should also be transparent and open to have a positive effect. This makes a work environment that is congenial since everybody knows how they add value to the business and what their role is. Collaboration and teamwork which includes sharing ideas and providing feedback is a great way to create a positive environment. In addition, employees

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What Does It Take to Be a Good Leader In Today’s Workplace?

These days, being a good leader is more than having good grades and a stellar CV. If you’re thinking about what it takes to be a good leader, companies today are looking for leaders that believe in collaboration and aren’t afraid to show empathy. Why The Shift? Organizations in the past hired CEOs based on numbers. How many advanced degrees do they have? How many years have they been in the industry? What was the bottom line of their previous company under their leadership? Organizations wanted go-getters. A type of personality that was aggressive. They deemed people with these traits ideal for improving their bottom line. The focus has since changed to the character of the candidate. While numbers are still important, organizations are now seeking leaders that also express traits such as humility, empathy and inclusivity. This shift is mainly a result of the changing dynamics of the workforce. The arrival of the millennial generation in the workforce has seen a great shift in how organizations view leadership. According to a recent survey, this generation rated humility as one of the most important characteristics in a leader. They are more likely to perform better with a leader that seeks to connect with them on a more human level. Another factor is the changing view of employees. In the past, aggressive CEOs were deemed successful. They relied on intimidation and fear to drive their workforce. However, these tactics won’t work with the modern employee. People are put off by arrogance and aggression. Even if such tactics prove feasible, they’ll only last short term. Companies are looking for leaders that can inspire loyalty in their workforce. Sustainable motivation is possible through humility, empathy and a willingness to listen and work with a team. Good leaders in today’s marketplace should be able to operate not just with the mind but also the heart. What Makes A Good Leader Today? To identify the traits of a good leader, organizations must first understand what a leader is. Author John C. Maxwell defines a leader as ‘someone that knows the way, goes the way and

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6 Tips To Mastering The Art of Sales: Do You Have What It Takes?

When was the last time you were approached by a salesperson? Whether it is to donate money for a charitable course or to sign up for services with them, we’ll most probably either politely decline or shun away from them. When most people hear the term sales, they usually don’t seem to have a very good first impression. The first image that usually comes to mind is an insistent salesperson that follows them around while trying to convince them to make a particular purchase. This is why it is not surprising to find that several business owners are reluctant about the process of making sales. Nothing can happen in business without a sale. The most important aspect of business is being able to convince people to part with their hard earned money. Taking on a sales job requires the willingness to interact with other people, enjoying the challenges that come with the job and handle rejection or objections effectively. You’ll need to be prepared to interact at different levels. Have you ever been involved in external or internal customer support? Helped sales staff during technical presentations? Played a leadership role in a project, or organized or participated in group meetings? If you answered yes to any of these, you’ll be glad to know that you can easily transfer the skills you developed to a successful career in sales. There are a number of crucial tips that can help you through the sales process. 1. Being Genuine And Authentic People are much more likely to make a purchase from a trustworthy person rather than someone who is simply trying to make some money. When actual value is being offered to your customers to help them find solutions or solve problems, this makes it easier to develop mutually beneficial relationships with them. An effective sales process requires a natural approach that attracts people due to authenticity. 2. Determining The Outcome If you wish to be a successful salesperson, you should be aware of how important it is to set goals. Those in the sales industry are expected to anticipate a certain outcome

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