Whether you’re planning to open a business in Singapore or operating a Singapore-registered company, staying afloat amidst the COVID-19 pandemic is necessary. Despite business disruptions, inevitable changes, and endless uncertainties, brands are still expected to provide excellent quality services. Retailers are still expected to give remarkable customer experience. To provide aid in these trying times, the government has introduced the Enterprise Development Grant (EDG) for strategic planning and/or marketing development.
Enterprise Development Grant (EDG) for Strategic Branding and/or Marketing Development
Enterprise Development Grant (EDG) is a government program managed by Enterprise Singapore that helps businesses grow and transform by strengthening their business foundations, innovating processes and improving their overseas presence. By differentiating companies, products and services, EDG allows businesses to target the right audiences, improving productivity in the long run.
Enterprise Development Grant (EDG): What Businesses Can Expect
As announced at the Supplementary Budget 2020, the maximum support level for the Enterprise Development Grant (EDG) is raised to up to 80% of qualified project costs (third-party consultancy fees, software and equipment and internal manpower cost) from 1 April 2020 to 31 December 2020. None SMEs, on the other hand, can receive support of up to 60% of qualified costs.
Qualified enterprises that are severely affected by COVID-19 can receive a maximum of 90% support level on a case-by-case basis.
List of Projects Supported by the Enterprise Development Grant (EDG)
The Enterprise Development Grant (EDG) supports projects under three pillars:
Projects under Core Capabilities allow enterprises to strengthen their business foundations as they prepare for growth and transformation.
Business Strategy Development
Human Capital Development
Strategic Brand and Marketing Development
Projects under Innovation and Productivity are centered on encouraging businesses to find out areas of growth and develop new ways for enhanced efficiency.
Projects under Market Access aim to support qualified companies with plans to expand overseas.
Mergers and Acquisition (M&A)
Overseas Marketing Presence (OMP)
Pilot Project and Test Bedding
Enterprise Development Grant (EDG) Strategic Branding and Marketing Development: Scope of Work
Marketing Strategy Projects often include:
- Perform market research to find out gaps in a company’s current marketing plan.
- Gain customer insights and understand industry trends to develop a new and improved marketing strategy
- Define market landscape position, unique value proposition and marketing objectives
- Implement a strategic roadmap to better align the marketing plan
Non-Supporting Activities include:
- Production of various corporate and/ or marketing collaterals, such as brochures, videos, websites, photography, stock pictures and copywriting
- Implementation of marketing and PR campaigns
- Retainer fees of consultants, advertising and media buys, engagement of social media influencers, management of websites/ social media platforms, Search Engine Optimisation (SEO), and Search Engine Marketing (SEM)
Who Can Apply for the Enterprise Development Grant (EDG)?
Businesses who are interested to apply for the Enterprise Development Grant (EDG) should meet the criteria below:
- Must be registered and operating in Singapore
- Should have a minimum of 30% local shareholding
- Financially capable to start and complete the project
How to Apply for the Enterprise Development Grant (EDG)?
Before submitting your application, make sure to approach SME centres to discuss your projects.
1. Choose the key project category you wish to apply for.
- Core Capabilities
- Innovation and Productivity
- Market Access
2. Find suitable providers to support your project. For companies applying for EDG support covering consultancy-related costs, they are required to engage management consultants with Enterprise Singapore-recognised certification.
Those who do not need to be certified are:
- Members/specialists in the consultancy team who do not perform management consultancy functions, but are involved in several tasks such as market research, audit, fieldwork, design/artwork, equipment installation and drafting of legal agreements.
- Consultants who provide technical advice and expertise in the development of new technology and solutions vendors.
3. The EDG only supports new projects that are not generating revenue during the grant application. Projects are considered to have started once:
- the suppliers and service providers have signed the contract
- any work on the project scope has begun
- payment for the project has been received
4. Prepare your project proposal along with the following documents:
- Latest ACRA search or instant information (dated no earlier than 6 months from the date of project application). Note: If there are corporate shareholders, make sure to provide the information for the corporate parents as well.
- Audited financial statements or certified management accounts for the last FY of your company
- Consolidated financial statements for the last FY of your ultimate parent company, if applicable.
- Relevant proof of quotation for the cost of your project items.
- For those projects where management consultants are engaged, include the consultants’ proposal detailing the scope of work, man-day rate breakdown of the service, as well as the CVs and scanned copies of Enterprise Singapore-recognised certification(s) of each consultant.
- With your CorpPass, sign in to Business Grants Portal.
- Applications are usually processed within 8 to 12 weeks from the date of submission.
- Once the application has been approved, you will receive your letter of offer (LOF) with the conditions of support and the amount of grant awarded.
- Acknowledge the receipt and accept the LOF within the date indicated.
4 Tips to Create an Effective Marketing Strategy
Enterprise Development Grant (EDG)’s Strategic Branding and Marketing Development project allows businesses to develop new and effective marketing strategies that can help them capture the right audiences and improve customer engagement.
Building a unique, powerful marketing strategy differentiates your brand from the rest, allowing you to stand out from the competition. Here’s a list of 4 useful tips to create an effective marketing plan:
Conduct a SWOT analysis
Before diving deeper into creating a marketing plan, you need to know more about your business’ current situation first. Conducting a SWOT analysis can be of great help. Understanding your brand’s strengths, weaknesses, opportunities and strengths can help you get a better perception of what needs to be done.
Perform competitor research
Along with a SWOT analysis, conducting a competitor analysis is also essential. To build an effective marketing plan, you need to have a clear understanding of the current market and how your competitors perform.
From there, think about how your offer differs from your competitors. What makes you different? What can you improve? What else can you offer? The answers to these questions will help you figure out what your customers need.
Know your target audience
Once you get to know your brand, your competitors and the market better, the next step in creating a marketing plan is to know who your target audience is. To make this step easier, creating a buying persona is necessary.
A buyer persona helps you identify demographic information such as age, gender, job, income, goals and challenges.
Create marketing goals
The next thing you need is to have a roadmap known as your goals. Your marketing goals should be coherent, measurable and time-bound. Avoid creating vague goals and make sure your goals include a specific number and timelines.