5 Marketing Techniques To Increase The Revenue of Your Small Business in Singapore

According to the 2022 Index of Economic Freedom by the Heritage Foundation, Singapore is currently ranked first in economic freedom. Sound money, the size of the government, property rights, international trade freedom, and regulation make up the five criteria on which the index bases its assessment of economic freedom. With a score of 84.4, Singapore is considered one of the most economically free countries and a major hub for international finance — making it a massive attraction to businesses and entrepreneurs looking to expand or start a new business.

Do you run a small business of your own in Singapore? Continue reading to learn more about how to boost your clientele and income. Check out Lanturn's top 10 FAQs for company registration in Singapore if you're still debating starting your own business from abroad or locally. You can also continue reading to learn some helpful advice about small business marketing.

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Launch Marketing Campaigns

Every startup and small business in Singapore must work to stand out in the competitive environment. If you have a solid marketing strategy, you can take your business to greater heights and establish yourself as the next major brand. However, it might be easier said than done. 

Like any plan, one must tweak strategies constantly to fit the need. The following elements need to be taken into consideration:

- What type of business do you run?

- Which potential customers are you attempting to reach?

- How would you like your clients and competitors to perceive you?

Now, picture a company that wants to look formal and posh but uses trendy language and vibrant colour schemes. Yes, they attract attention and are generating a buzz about their brand, but does this suit a formal business? Would other companies and investors take them seriously after that?

No matter how effective a marketing plan initially seems, it will ultimately be a waste if it fails to achieve the desired results. Always consider the image you wish to show your target audience when you plan your marketing strategy. Never lose sight of your intended consumers.

5 Marketing Techniques to Keep in Mind

Meeting consumer demands is the foundation of marketing. It is the engine that improves sales in any form of business. An effective marketing campaign should retain current consumers while converting prospects into loyal ones.

If your business had just started, you might not have enough funds set aside for marketing. Nevertheless, any entrepreneur's top priority is establishing themselves in the market. What can an SME accomplish on a budget? Here's what we recommend you can do:

1. Market research
Doing research can help you craft the best strategy. Look at your industry and see what has been working with bigger companies. See what your company has that others don’t and highlight it so that people can see that you have more to give than your competitors. Checking Singapore market reports can also be a great way to gauge what customers want. You can find these reports on websites like Statista and Think With Google.

One mistake marketers commit is assuming they are familiar with their target audience. One must frequently analyse and evaluate the client data because individuals and their interests can change. If companies want to keep their marketing strategies optimised, they need to watch out for any shifts and changes in their target market's interest consistently.


2. Geo-specific marketing campaigns
Geo-specific marketing is the method of delivering advertising materials to customers that meet precise criteria inside a defined geographic area. This marketing technique lets businesses focus on customers based on demographics and habits within a specific area. By utilising geo-specific marketing, the resulting personalised content marketing can raise consumer interest and engagement, with less expenditure compared to mass advertising.

Try to tailor your marketing tactics to the specific geographic boundary and the targeted audience within the area. By doing this, you can make your business appear credible and familiar. You could even offer location-based, real-time deals that will set you apart from competitors. In this way, customers will continue to perceive your company as a recognisable and friendly brand, laying the groundwork for a loyal customer base.


3. Inbound Marketing Strategies
Inbound marketing is a systematic strategy for producing quality content that matches the needs of your target markets and fosters enduring client relationships. Hosting top-notch content or organising events on your website and other digital channels is a component of inbound marketing. Writing blog posts, publishing ebooks, infographics, and hosting webinars are other methods you can use to attract clients under this marketing technique. 

Using these inbound marketing strategies can help companies of any size increase their consumer base. When done correctly, your ideal customers will actively search for you and even assist you in promoting your brand. Although it requires more time and effort, its results are worth it.


4. Word of Mouth
Word-of-mouth marketing is a technique that focuses on consumers' recommendations of specific businesses, products or services to their friends and family. It's a form of unpaid promotion from prior clients’ positive reviews and recommendations. Although this is quite old-school, the word-of-mouth strategy is still very effective in getting more people interested in your business because it uses the most vital element in sales and marketing: trust.

The ultimate goal of word-of-mouth marketing is the development of customer loyalty, reliability, and trust. When a business can deliver a quality product or service, people tend to avail of the brand more and even start sharing it with friends and family because of their pleasant experience.

In the end, we frequently take someone's recommendation for a good or service at face value when it comes from someone we trust. Even if we decide not to buy the item right away, it will come to mind anytime a need arises because it was first suggested to us by someone we trust.


5. Digital Marketing
Digital marketing refers to the promotion of brands to interact with prospective consumers via the internet and other digital communication channels. In 2021, statistics showed nearly 5 million social media users in Singapore. These statistics suggest that if you could design your products for social media consumption, you could draw in and connect with a larger audience, making it a potent marketing tool. 

Influencer endorsements for brands, paid advertisements and sponsored content on social media sites, personalised email newsletters, and blogs that rank highly in search engines are all excellent examples of digital marketing. These are the most well-known products of digital marketing that all clients encounter regularly and have shown lots of success.

By using the internet and online media to reach a large audience of potential clients and raise brand awareness for a company, your odds of finding your ideal customers are increased, which can pave the way to brand loyalty and referrals.

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Launch with Lanturn

Want to start a business but need help figuring out how to start? Why not apply for our Launch with Lanturn programme? The programme is to support prospective entrepreneurs at the beginning of their journey. The programme includes an incorporation bundle where we would handle most of the incorporation procedure, giving you more time and energy to focus on crucial start-up tasks.

Apply now for the Launch with Lanturn Programme.

Want to devote more resources and time to business marketing? As you oversee daily business activities for your company, let Lanturn be your partner. Payroll, tax, compliance, and accounting? We can take care of it!

Consult with our specialists today to learn more about how we can help your business grow.