Applications for businesses engaging in international digital marketing open until the end of September
Trade Malta seeks all possible ways to assist Malta-based businesses to internationalise beyond the island’s shores. Amongst its several schemes and initiatives, it helps businesses attend fairs, carry out market research as well as provide broad export assistance. One innovative way it helps businesses, however, came about out of necessity, as the world was navigating the uncharted waters of the COVID-19 pandemic.
“We all remember how travel was banned during the lockdown years of 2020 and 2021, so international trade fairs had been suspended,” explains Klaus Pedersen, Manager at TradeMalta.“This led us to think outside the box, as we developed a scheme through which we started to assist businesses with internationalisation ambitions in their Digital Marketing efforts.”
Source: Whoswho
Date: 07/08/2024
By: Edward Bonello
In fact, the Digital Marketing scheme is only one aspect of the wider package of assistance businesses can avail themselves of as part of TradeMalta’s internationalisation support.
“The scheme helps businesses reaching out to international markets through digital marketing, by refunding up to 50 per cent of their spend on digital marketing platforms such as Meta, Google Ads and others. We all know how capital-intensive such marketing campaigns can quickly become, especially when targeting vast areas on an international scale. TradeMalta’s Digital Marketing scheme has helped businesses go an extra mile or two,” adds Mr Pedersen.
The scheme operates on an annual basis, running for a calendar year with applications for the current year 2024 continuing to be accepted till the end of September.
The scheme supports micro enterprises and SMEs, providing them with up to a 50 per cent refund on their advertising expenses, whereas larger companies employing more than 250 employees can avail themselves of a 40 per cent refund. The annual grant is capped at €10,000 per company. This forms part of a larger internationalisation refund mechanism offered by TradeMalta for businesses which may reach up to €30,000 annually.
“The scheme aims to make a difference for SMEs, providing them with support to enhance their international marketing efforts. To qualify, companies need to specify their target markets and products when applying. It is crucial for the marketing efforts to be directed towards the declared markets, ensuring the advertising is not for local or unrelated markets. TradeMalta emphasises the importance of thoughtful and strategic project planning, requiring evidence that the company has put significant consideration into their marketing campaign,” Mr Pedersen remarks.
The scheme covers expenses related to spend and the actual design of the assets for the campaign. In fact, businesses will be asked to provide their invoices as issued by Meta, Google, LinkedIn or similar platforms to be eligible for the refund.
“While companies are at liberty to hire third parties to help them carry out their advertising and marketing campaigns, the funding is limited to cover the cost of the spend itself, and does not cover management or consultancy fees,” Mr Pedersen clarifies.
Businesses can submit claims up to four times in a year and are not limited to specific platforms. They can present multiple paid invoices for reimbursement, offering flexibility while accommodating various digital marketing strategies.
While the scheme is open to most sectors of the economy, it places an emphasis on economic groups such as manufacturing, computer programming, software, and education, including language schools. Businesses operating in the tourism and financial services sectors are not covered by the scheme, as they are eligible for other funding sources operated by other agencies.
“The current call for applications closes at the end of the third quarter of this year, with plans to reopen towards the end of the year for the 2025 cycle as businesses are expected to plan their digital marketing efforts from beforehand. With this call we want to ensure that businesses have regular opportunities to benefit from the scheme, promoting sustained international growth,” Mr Pedersen concludes.
For more information on the Digital Marketing Scheme please visit the dedicated web page or contact TradeMalta at info@trademalta.org.
