a BIG idea : How To Come Up With The Big Idea

big idea, unique mechanism, marketing strategy.

A lot of companies experienced tremendous growth because of one thing :

Marketing.

And in their marketing strategy, it is not about creating creatives or hired a super copywriter to craft the headlines and chunk of text in your marketing message.

Yes, the creatives, videos, editing or even copy helps a lot. But the crux of today’s company that is different is their BIG IDEA

If your company do not have one big idea, the likelyhood of thriving in today’s market will be difficult. But once you nail that idea, you will be able to standout from your competitors and conquer your own market share.

A BIG IDEA, also known as:
– Hook
– Unique Mechanism
– Big Promise

Whatever name you named it, and this is for sure: When you sit down and brain storm your big idea, your business will be set. Set For Life.

So, what is a big idea that I’m talking about ? A big idea is an offer that allows you to stand out from the rest of your competitors. It is something your group of target audience has not heard before. It is commonly being referred to as – Unique Mechanism.

Without a big idea, your marketing strategy can still work, however, it will be lacklustre and would never go viral or hit a home run because you will sound the same like the rest of the offers that are fighting for the same attention from the same group.

Want to know what are some of the commonly seen big idea that are floating in the weight loss industry ?

“Keto Diet”
“Mediterranean Diet”

I bet you have heard of these fanciful diet. Those that come up with these make money initially. But if you try the same idea today, it won’t have work well.

Let me share with you this ONE method that I’ve been learning from Evaldo Albuquerque 16-word sales letter and is currently implementing it in the business.

Even though it is more inclined towards copywriting, but it is practical in your big idea ideation.

and this is his 16 word sales letter. ” The secret to converting copy is to define the one belief, then answer these ten questions ”

The formula is the following : This NEW OPPORTUNITY is the key to THEIR DESIRE and it’s only attainable through my NEW MECHANISM.

Back to the ten questions, these are the ten questions you should asked yourself when you are planning your marketing strategy.

1. How is my product/service different from everything else I’ve seen ?
2. What’s in it for the customer ?
3. How do the customer know what you said is real?
4. What’s holding your customer back from the buy button?
5. Who/what is to blame ?
6. Why should your customer buy now ?
7. Why should your customer trust you ?
8. How does your product/service work ?
9. How can your customer get started ?
10. What are the risk that your customer will faced (What do they have to lose) ?

Using the weight loss example above, this is how one can market their service if they are in this industry.

“Studies shows if you go to bed stressed, your body will produce more fat cells and if you go to bed without stress, your body will burn fat”

With this marketing big idea, I can sell a product or promote a service that helps to alleviates stress (new mechanism) for the target audience to get their desire (lose fat).

Got the idea now ?

If you would like to discuss more on big ideas and unique mechanism while tapping on branding and marketing grants to scale your business, contact us here.

The Critical Difference Between Growing and Scaling Your Business

In the dynamic world of entrepreneurship, the terms “growing” and “scaling” are often used interchangeably, leading to a misconception that they mean the same thing. However, in reality, they represent two distinct strategies, each with its unique objectives, approaches, and implications. Understanding the difference between growing and scaling is crucial for entrepreneurs seeking to chart a successful course for their businesses.

scaling vs growing

  1. Goal:

Growing: Growing a business primarily revolves around the process of increasing its size, revenue, or market share. It often involves expanding product lines, entering new markets, or attracting more customers. The key focus here is on expansion and increasing the company’s resources and capabilities.

Scaling: Scaling, on the other hand, concentrates on boosting revenue and profitability while maintaining or even reducing costs in proportion to that growth. The goal is to achieve exponential growth without a linear increase in resources or expenses.

  1. Strategy:

Growing: Growing a business typically involves incremental changes and a linear relationship between effort and results. This might include hiring more employees, opening new locations, or diversifying product offerings.

Scaling: Scaling, in contrast, necessitates finding ways to achieve exponential growth without a proportional increase in resources. This often requires leveraging technology, automation, and streamlined processes to handle increased demand without significantly increasing costs.

With the support from government to SME owners, business owners looking to scale their business can tap into various grants to help with lowering their cost when it comes to implementing their strategy.

  1. Resource Allocation:

Growing: Businesses that are growing may need to allocate more resources, such as capital and manpower, to support their expansion. This can lead to increased overhead and operational complexities.

 

Scaling: Scaling businesses focus on optimizing their current resources and finding efficiencies to streamline their process and assist in growth. The emphasis is on maximizing output with minimal additional investment.

 

  1. Profitability:

Growing: Growing a business often prioritize top-line revenue growth over immediate profit margins. The willingness to invest in expansion activities, even if they don’t yield immediate returns, can lead to a wrong focus on the business.

 

Scaling: Scaling businesses often aim to increase profitability while growing. They seek ways to expand without sacrificing profitability, which can involve innovative pricing models, cost control, and efficient operations.

 

  1. Risk and Sustainability:

Growing: Linear quick growth can be riskier, as it often requires taking on large debt or seeking external funding to support it’s expansion. How a business is able to sustain may become a concern if growth outpaces the ability to generate profits causing company to dip into their bank accounts to support the growth.

 

Scaling: Scaling aims for sustainable, long-term growth. It’s often seen as a more measured and controlled approach, with a focus on maintaining financial stability and minimizing risks.

 

Examples:

A local call centre mass hiring telemarketer is an example of growing a business. They are increasing their outreach and customer base which requires more resources and operational efforts.

 

A F&B outlet with multiple stores using central kitchens without significantly expanding their back end team such as chefs is an example of scaling a business. By leveraging on a central location and a single distribution line, they can efficient their processes while achieving exponential growth without huge increase in their costing.\

 

Conclusion:

Understanding the difference between growing and scaling is essential for entrepreneurs to make informed decisions about their business strategies. While both approaches have their merits, the choice between them should align with the company’s goals, resources, and risk tolerance. By grasping the nuances of these strategies, entrepreneurs can better navigate the path to business success.

How Singaporean Businesses Can Benefit from Government Grants

Singapore is a hub for startups and small businesses, with a thriving entrepreneurial ecosystem. However, starting and growing a business can be an expensive and challenging endeavor, which is where government grants come into play. In this blog post, we’ll explore how Singaporean businesses can benefit from government grants.

Financial Assistance

One of the biggest benefits of government grants is the financial assistance it provides. There are several grants available, such as the Productivity Solutions Grant (PSG) and the Enterprise Development Grant (EDG), which provide financial assistance for businesses to adopt new technologies and improve productivity. This financial assistance can help small businesses stay afloat and thrive, especially during challenging economic times.

Access to Resources and Networks

Apart from financial assistance, government grants also provide access to resources and networks. For example, the Startup SG Founder programme helps first-time entrepreneurs with mentorship, resources, and networking opportunities. This can be especially beneficial for new businesses that may lack industry experience or connections. Government grants can also provide access to training programmes, which can help businesses upskill and improve their overall competitiveness.

Encourages Innovation

The Singaporean government is committed to fostering innovation and encouraging businesses to take risks. To this end, it has several grant programmes that encourage businesses to invest in research and development (R&D). The Research, Innovation and Enterprise 2020 (RIE2020) plan, for instance, is a government-led initiative that aims to build a knowledge-based and innovation-driven economy. By providing grants for R&D, the government is creating a culture of innovation and encouraging businesses to explore new ideas.

Improves Reputation

Finally, receiving government grants can improve a business’s reputation. Grants are typically awarded to businesses that have demonstrated potential, and being awarded a grant can be seen as an endorsement of a business’s capabilities. This can help businesses build credibility and improve their reputation in their respective industries.

Conclusion

Government grants can provide much-needed financial assistance, access to resources and networks, and encouragement for innovation. For Singaporean businesses, applying for government grants is a great way to improve their chances of success and stand out in a competitive market. By leveraging government grants, businesses can take advantage of the resources available to them and achieve their goals faster and more efficiently.

A Guide to Understanding the Different Types of Government Grants Available in Singapore

If you are a business owner in Singapore, you may be aware that the government offers a variety of grants to support the growth and development of businesses. These grants can provide funding for various aspects of your business, including research and development, capability development, internationalization, and more. In this article, we will provide an overview of the different types of government grants available in Singapore.

  1. Capability Development Grant (CDG)
    The Capability Development Grant (CDG) is designed to help businesses grow and develop their capabilities. This grant provides funding for up to 70% of the costs of various projects, including upgrading of equipment, development of new products and services, and implementation of new business processes.
  2. Productivity Solutions Grant (PSG)
    The Productivity Solutions Grant (PSG) is a grant that aims to help businesses improve their productivity and efficiency. This grant provides funding for up to 80% of the costs of various productivity solutions, including IT solutions, automation equipment, and training.
  3. Market Readiness Assistance (MRA) Grant
    The Market Readiness Assistance (MRA) Grant is designed to help businesses expand into new overseas markets. This grant provides funding for up to 70% of the costs of various activities, including market research, overseas market promotion, and participation in international trade shows.
  4. Enterprise Development Grant (EDG)
    The Enterprise Development Grant (EDG) is designed to support businesses in their growth and expansion plans. This grant provides funding for up to 70% of the costs of various projects, including upgrading of equipment, development of new products and services, and expansion into new markets.
  5. Innovation and Capability Voucher (ICV)
    The Innovation and Capability Voucher (ICV) is designed to help businesses develop their capabilities in areas such as innovation, productivity, and human resources. This grant provides funding for up to 70% of the costs of various services, including consultancy, training, and certification.

In conclusion, these are just some of the many government grants available in Singapore to support businesses. As a business owner, it is important to understand the different types of grants available and to determine which ones are most relevant to your business needs. With the right grant, you can access funding to help your business grow and succeed.

Unlocking Business Growth: Why Singaporean Entrepreneurs Should Apply for Government Grants

As one of the most business-friendly cities in the world, Singapore has been a hub for entrepreneurs and investors. With its strategic location, political stability, and strong economic fundamentals, Singapore has been a magnet for foreign investments, start-ups, and established companies alike. Despite the favorable business climate, however, entrepreneurs and businessmen alike often struggle to secure the funding they need to grow their business. Fortunately, the Singapore government has established various grant schemes to support the growth of local businesses.

In this article, we will discuss the benefits of applying for the government grant in Singapore, and why every businessman in Singapore should consider applying.

  1. Access to funding: One of the primary benefits of applying for the government grant in Singapore is access to funding. The grant schemes are designed to provide financial assistance to businesses at various stages of their development. This means that whether you are just starting out or looking to expand your business, there is likely a grant scheme that can help you. The funds can be used for a variety of purposes, such as hiring employees, purchasing equipment, or developing new products.
  2. Competitive advantage: By receiving a government grant, your business gains a competitive advantage over others in your industry. Not only does it provide the funding you need to grow your business, but it also demonstrates to potential investors and customers that your business is worthy of government support. This can help to build credibility and trust, and position your business for future growth and success.
  3. Mentorship and networking opportunities: Many government grant schemes come with mentorship and networking opportunities. This can be invaluable for entrepreneurs and businessmen who are looking to learn from experienced professionals, connect with potential partners or customers, or gain exposure to new markets. The mentorship and networking opportunities can help to accelerate your business growth, and position your business for long-term success.
  4. Improved business operations: Applying for the government grant in Singapore requires businesses to undergo a rigorous evaluation process. This evaluation process is designed to identify areas where the business can improve its operations and management practices. By addressing these areas, your business can become more efficient, productive, and profitable.
  5. Support for innovation: The Singapore government is committed to supporting innovation and new technology. As such, many government grant schemes are targeted towards businesses that are developing new products, technologies, or services. By applying for these grants, your business can access the resources it needs to develop cutting-edge products and services that can help to differentiate your business from competitors.

In conclusion, applying for the government grant in Singapore can provide numerous benefits to entrepreneurs and businessmen alike. Whether you are looking to secure funding, gain a competitive advantage, access mentorship and networking opportunities, improve your business operations, or support innovation, there is likely a grant scheme that can help you achieve your goals. So, if you are a businessman in Singapore, it is definitely worth considering applying for a government grant to take your business to the next level.