What is the best method to acquire SME customers in Singapore?
Singaporean B2B Startup Founders Must Know
There are many ways to acquire new business, but these will focus on the direct route, and not on the indirect route such as via referrals.
Advertising, trade shows, direct mail, telemarketing, cold calling and even old fashioned word of mouth are all forms of direct targeting which can be used to acquire new customers.
There is an old saying that the most expensive sale you will ever make is your first sale, so it pays to ensure that when you do finally get that first sale that it is repeatable so you can continue to grow your business. You will learn more from losing business than gaining it.
In Singapore, you may have problems obtaining customers for your business if you are not involved with a local Chamber of Commerce or Enterprise Singapore.
This is because chambers and Enterprise Singapore have access to government procurement opportunities where they can help SMEs win contracts and get access to new business.
It is unlikely that you will obtain any significant volume of business through these government contracts, but it can be a great source of reference business if you can win one.
So what is the best method to acquire new customers in Singapore?
The answer is there isn’t just one route, and the best way is to try many different routes and see what works for your company. It can take years to find out what works for your business, and sometimes you never find the secret formula!
You can market your small business at very low cost by using social networking sites such as Facebook or twitter where people may be interested in what your company has to offer.
You should ensure that all your social media profiles link back to a main website where people can find out more about your company.
You should also make sure that you have a business card or brochure that people can take away with them when they have visited your website.
You can also use Google Adwords to place ads on the right hand side of search engine results pages for keywords people might be searching for.
This is a great way to advertise to people who are actively looking for a company like yours and which is very targeted advertising.
There are many other low cost marketing options available such as printing flyers, business cards and brochures, but you must ensure you have an offer that people will want to take up.
Which is the most effective?
I have found that a combination of the above strategies works best. Advertising on social media can be very effective if you can get the right level of exposure, but advertising on Google Adwords is more targeted and hence can be more effective as people are actively searching for your product or service.
About the Author
I am the Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces and SaaS). You can also find me on Cudy for early-stage Startup Founder mentorship and advice.
You can connect with me on Linkedin (https://www.linkedin.com/in/alexanderlhk) and let me know that you are a reader of my Medium posts in your invitation message.