Business Loan

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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Singapore Term Loan: Customisable Loan Tenures To Help With Comfortable Repayment

Term loans, revolving loans, personal loans, business loans. What do all these terms mean? With all these loans made available in the market, it is important to know the characteristics of each loan. This is so that you are well aware of the terms and conditions associated with the loan. It also ensures that you are able to make comfortable repayments without having to strain your finances. Looking to take out a term loan with Lending Bee? Here is all you have to know about taking out a term loan in Singapore. What Is A Term Loan? Term loans are the types of loans that can get repaid through regular payments during a specified period. A term loan can be given to an individual or as a small business loan. Being able to repay over an extended period is an attractive prospect. This is especially so for expanding and new businesses that strive to increase their profitability as time goes on. A term loan can be an effective way to increase capital to boost the ability of a business to access supplies. For example, an enterprise may use a loan to pay rent for a bigger space or purchase vehicles for operations. Some individuals may also use a term loan as a form of home equity loan.  What Are The Interest Rates For Term Loans? One of the factors to keep in mind when applying for a term loan is whether it has a fixed interest rate. Fixed interest rates refer to interest rates that do not change or increase regardless of what is going on within the financial market. Borrowers can take advantage of fixed rates when low interest is getting offered. At Lending Bee, we ensure that our interest rates are fixed between 1% – 4%, depending on your credit score and ability to make timely repayments. If a term loan comes with compound interest, this means that the interest amount is added to the principal amount periodically as the interest depending on how long the term lasts. With compound interest, it is essential to find out whether

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