Despite its relatively smaller size compared to its neighbouring nations, Singapore is big on development–whether economically, technologically or thriving in the business sector.
The country is, after all, one of the major business hubs not only in Southeast Asia but also in the world.
Small and medium-sized enterprises (SMEs) are among the prime movers that significantly boost Singapore’s progress, particularly in the economy, accounting for 47% of Singapore’s gross domestic product (GDP). It only proves how the country’s high-income economy is backed by its conducive business climate.
In maximising better opportunities for such businesses, they are encouraged by the government to branch out and pursue the greener grass beyond borders.
In doing so, they have implemented various incentives, including the MRA Grant for global expansion, helping SMEs venture into new markets overseas through financial assistance.
The aid is available to support an SME’s online marketing efforts. If you’re a business that aims to explore Chinese, Malaysian, American, and other global markets, explore how the MRA grant can help you enhance your digital presence.
What is the MRA Grant?
The Market Readiness Assistance (MRA) Grant assists companies looking to expand and explore new markets overseas by covering up to 50% of the expenses across three pillars. These pillars are specifically how SMEs can use the MRA Grant for global expansion—they are overseas market promotion, business development, and market set-up.
Utilising the MRA Grant for Global Expansion
Each MRA Grant pillar covers different activities that can support an SME’s global expansion efforts.
Overseas market promotion (capped at S$20,000)
- Overseas marketing and PR to promote products and services online
- Overseas physical and virtual trade fairs–hosting events or participating in exhibits to allow physical and tangible marketing for your brand.
Overseas business development (capped at S$50,000)
- Identification of potential overseas partners like franchisees, logistics partners, etc.
- In-market business development
- Overseas marketing presence by deploying an employee overseas
Overseas market set-up (capped at S$30,000)
- Market entry and application of overseas IP protection, trade credit insurance, etc.
- FTA & trade compliance consultancy
Overall, the grant is capped at S$100,000 per company per new market. A new market is when the company’s international sales have not surpassed S$100,000 in the last three years.
Furthermore, each application is restricted to one activity within a single overseas market, and no project can last longer than 12 months.
Who qualifies for the MRA Grant Singapore?
The MRA Grant requires businesses to meet the following criteria for eligibility:
- Your business must be operating and registered in Singapore.
- Your annual sales in the target market must not have exceeded S$100,000 in the last three years.
- A minimum of 30% of local equity must be held directly or indirectly by Singaporeans and/or Singapore permanent residents, based on the ultimate individual ownership.
- Your company’s employment size must not go past 200 employees OR group annual sales turnover must not exceed S$100 million.
How the MRA Grant Supports Digital Marketing for SMEs
Expanding your business on the international scene is a complex venture that will require comprehensive strategies and a big load of resources to succeed.
The easiest but effective way to reach your audience is, of course, through the internet–it’s technically a free resource. Besides, almost every individual and business has gone online and digital now. It is only intuitive for brands to capitalise on this trend and be where the market is.
However, the internet is quite saturated, and it may be difficult to find the right footing, especially if you aspire to conquer the global scale.
A solid digital marketing plan and strategy offer a targeted approach, helping you reach a wider audience and increase brand visibility for global expansion efforts.
With the MRA Grant’s coverage for overseas market promotion, brands can help companies in Singapore advertise their brand globally, somehow lifting financial weight off their shoulders.
Aside from funding benefits, the MRA Grant for digital marketing can provide:
- Better access to market research, studies, and services. This government grant for business expansion can help SMEs understand and learn more about their target foreign market by facilitating access to feasibility studies, market research and advisory services. These resources can help a brand build digital marketing campaigns supported by strategic planning and informed decisions.
- Enhanced presence and credibility. While SME internalization sounds overwhelming, the rewards of credibility and wider reach significantly outweigh the challenges. Expanding internationally boosts a brand’s authority in the industry and increases its competitiveness both locally and globally.
- Customer base expansion and diversification. Digital marketing for SMEs using the MRA Grant allows brands to tap into new revenue opportunities as they expand into new markets while also benefiting from financial support.
- Opportunity to work with leading agencies. The MRA Grant can give you more resources to partner with a trusted digital marketing agency in Singapore that can handle your campaign needs.
Key Digital Marketing Strategies Funded by the MRA Grant
The MRA Grant for overseas digital marketing covers several online marketing strategies that are designed to help brands tackle international markets and create an impact on global reach. Some of these include:
1. Search Engine Optimization (SEO)
When people need to pull information, they pick up their phones and use search engines to conveniently get the answers they need. It is crucial that your brand’s web content shows up on top of Search Engine Results Pages (SERPs), as this visibility significantly increases the chances of attracting potential customers.
Search Engine Optimization (SEO) services in Singapore ensure that your website ranks higher in search results–because when you go global, the immediate goal is to be seen. This digital marketing strategy refers to the process of enhancing and optimising your website to increase visibility, and it is considered to be one of the global market entry strategies that an SME fundamentally needs.
2. Social Media Marketing
Popular social media networks like Facebook, Instagram, and TikTok opened up a new digital marketing strategy that has effectively reached a wider audience and allowed brands to achieve their branding goals.
Implementing social media marketing allows you to build relationships, maximise your traffic, increase brand awareness, and humanise your business for effective global reach.
3. E-commerce platform development
E-commerce in Singapore and globally has grown and gained popularity, especially during the pandemic. As an e-commerce brand pursuing global opportunities, creating a website to showcase your products and engage with a diverse audience effectively is crucial.
Through a compelling website design as your virtual storefront and an effective e-commerce marketing strategy, you can build credibility and make a long-lasting impression with your global audience.
4. Content marketing for international audiences
Localised content is vital for your international marketing strategy. It can facilitate relationships, establish credibility and trust, and strengthen your reputation. With consistent brand voice and messaging, localised content can resonate deeply with your target audience.
Tailoring your message to the right personas can improve engagement and foster stronger connections. A personalised approach to content marketing is key to breaking through to your target customers overseas–all with the help of market research access, studies and more, which are some of the benefits of the MRA Grant.
Achieve your Global Goals with the MRA Grant
When you aspire to go global, you have to pull off resources and strategies that can effectively navigate diverse markets. While financial support is a big part of the MRA grant, it can benefit you in many ways besides monetary aid.
These advantages supplement digital marketing initiatives, helping in research and establishing visibility and credibility.
SMEs should take advantage of the opportunities presented by the MRA Grant to fuel their business growth.
iFoundries is a trusted digital marketing agency in Singapore that can help you maximise your grant’s benefits and assist you in creating successful digital marketing campaigns.
With our global network, we can help SMEs like you to subsidise a part of your digital marketing campaigns to an overseas market with this grant, such as in China, Malaysia, Indonesia, Philippines, Korea, Latin America, or the U.S.
