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Have you heard the news? You can now offer financing for smart home products as part of an existing project.* Keep reading to find out what makes this new product category so appealing and how you can make the most of it for your business.

What Are Smart Home Products?

Smart home products work by connecting to a central hub, where they are controlled remotely, securely, and more conveniently. Imagine being able to control your music, lights, cameras, temperature, and more, all from one device. Today, popular smart home products include:

  • Cameras
  • Locks and security systems
  • Doorbells
  • Thermostats
  • Plugs and lighting fixtures

With the growing popularity of these products, there’s no time like now to start using them to help close more sales at the kitchen table.

How to Use Smart Home Products to Close More Sales?

When positioned properly, the benefits of adding smart home products to an existing project will outweigh the minimal cost. The cost will barely even be noticeable in many cases, especially when it’s added to larger projects. Here are a few tips for using smart home products to boost your sales volume this year.

  • Have a customer that’s on the fence? Roll a smart home product into the sale as an incentive to help get a sale across the finish line.
  • Position smart home products as a unique gift idea that your customer can use for any occasion.
  • Get a leg up on your competition by positioning a smart home product as a special offer or gift from you to your customer.
  • Highlight the benefit of the smart home product you’re adding. Whether it’s added safety with a camera or energy savings with a smart thermostat, every customer will want to know what’s in it for them.

Make sure to keep this new product in your back pocket and start earning more today by adding smart home products to your sales toolkit.

Looking for more information on financing for smart home products? Reach out to your Business Development Manager today!

 

*Smart Home asset cannot exceed 30% of the total project invoice.

Meet Jacob (we call him Jake) Watson, our Senior Vice President of Marketing. Jake is the guy that brings our innovative products to life. He’s a passionate, dynamic marketing expert with a wealth of experience developing strong, data-driven marketing strategies that drive revenue and growth.

Marketing is a key component of any sales organization. After all, it’s hard to make sales if no one knows or understands the value of what you’re selling. As a SNAP Home Finance dealer, you also have access to our top-notch marketing team, led by Jake.

In addition to driving initiatives for the SNAP Home Finance brand, Jake’s team also plays a critical role in developing marketing strategies and collateral for you and your business. This includes developing key selling messages about consumer financing, producing high-quality assets you can use to market to your customer base, collecting consumer insights to strengthen your sales strategy, and more.

What Jake loves most about his job is discovering new, innovative, marketing solutions that drive growth for SNAP Home Finance dealers. “I love searching for new, creative, ways to drive growth for our valued dealers. Afterall, their success is our success. Every day is something new,” says Jake. “What sets us apart from everyone else is that we’re laser-focused on meaningfully improving the lives of our dealers, and it starts with building honest, valuable, relationships that dealers can rely on.”

When he’s not working, you’ll find Jake lounging by his pool with a margarita or hanging out with his wife and two daughters.

Close The Deal

Our main goal as your financing dealer is to do whatever we can to help you grow your business. We get that sitting down and reading through emails or jumping on a call in the middle of the day may not always work for your busy schedule, so we came up with a new way to bring the information right to you on your schedule—introducing our podcast, Close the Deal.

What You Can Expect from the New Podcast

Close the Deal covers a wide range of topics in the home improvement financing space. Our goal is to provide you with realistic, actionable advice that you can use day in and day out for your own business. You’ll get:

  • Tips and tricks to close more deals.
  • Insights on how to read your customers’ body language.
  • Tools for overcoming common customer objections.
  • Advice on how to generate more revenue by offering financing options.
  • Everything in between!

We also sit down with featured guests and experts to provide valuable insight and information and at the very least, good entertainment. Think of it like hanging out with your buddies to get some business advice—the “buddies” just happen to be experts.

How to Subscribe

Close the Deal is now available on Spotify, Apple Podcasts, and SoundCloud. Make sure to subscribe, so you don’t miss anything! New episodes come out every other week.

Sales are all about developing relationships. Like any relationship, the connection between dealer and customer takes work to establish and maintain, regardless of whether it’s a prospective or existing customer. In the sales world, this skill of developing and maintaining successful relationships with customers is known as lead nurturing.

What Is Lead Nurturing?

Lead nurturing is a sales skill that focuses on developing and reinforcing relationships with current and potential customers. As many as 80% of new leads never end up making a purchase, so building a compelling lead nurture program is crucial for curbing that drop-off.

By establishing connections with customers throughout every stage of the sales funnel, it’s easier to offer opportunities and information that will be useful and help encourage purchases without being overbearing or spammy. Ultimately, the goal of any effective lead nurture program is to increase sales, but there are other metrics that indicate success, including:

  • Increasing click-through rates
  • Increasing conversion rates
  • Decreasing cost per customer

5 Foolproof Techniques for Effective Lead Nurturing

While measuring your success is important, what’s more critical is establishing a lead nurturing campaign that’s carefully calibrated to your customers and their needs. Although there’s no one-size-fits-all approach for this, there are some best practices and techniques you should be following.

  1. Develop custom buyer personas. The most successful lead nurture campaigns are effective because they understand their target audience well. The best way to do this is by developing unique buyer personas, then creating custom content, offers, and communications to reach each one.
  2. Use more than one channel to reach customers. Why limit yourself to one medium to get your message out there? Start small and then branch out. For instance, if you’ve stuck with only email marketing, consider incorporating social media or paid retargeting to bolster your lead nurturing campaign.
  3. Have multiple touches. Every customer journey is different, but on average, prospects are used to receiving 10 touches, from the time they first see your company to the time they become customers. The most successful lead nurturing campaigns are ones that guide leads through the buyer journey at every stage.
  4. Personalize your emails. Email is one of the best ways to nurture leads since it’s cost-effective and can easily be automated. Personalize your communications as much as possible, like segmenting your audience to deliver more relevant content and triggering emails that go out when a prospect clicks on something from your website or a previous email.
  5. Follow up promptly. We can’t stress this one enough. Speed to lead is critical. All the marketing techniques in the world won’t help your lead nurturing campaign if you fail to respond to prospects quickly. The longer you wait, the less likely they are to convert.

Ultimately, the best way to nurture your leads is to personalize your marketing efforts to the needs of your target customers. Your leads are more likely to move down the sales funnel to an eventual purchase with consistent and relevant communication.

For more tips on growing your business with better marketing and sales techniques, reach out to your Business Development Manager today!

Bringing in a steady stream of customers can take a lot of work, not to mention the time it takes for prospecting. What if we could take some of this lead generation pressure off you? What if there was a way you could receive pre-qualified, highly motivated leads without looking for them yourself? That’s exactly what the SNAP All-Star Alliance is designed to do.*

This brand-new proprietary program is available exclusively for SNAP Home Finance dealers who are looking to get qualified leads, close more sales, and generate incremental revenue without adding extra work to their already packed schedule.

How the SNAP All-Star Alliance Works

  1. We generate new prospects for All-Star Alliance members.
  2. Every prospect is pre-screened according to a detailed set of criteria, so they receive a personalized experience from start to finish.
  3. We tailor the experience based on your needs as an All-Star Alliance member, including pricing, intake forms, questionnaires, and more.
  4. When the lead comes to you, they’re ready to sign on the dotted line.

What You Need to Know as an All-Star Alliance Member

As a member of the SNAP All-Star Alliance, you’ll receive highly qualified leads generated from various sources within SNAP Home Finance. For the program to work effectively, all members are required to provide the following:

  • A list of your required criteria for each lead so we can properly qualify prospects for you.
  • A list of the areas you service.

The key to maximizing your conversion ratio and success with the program is speed to lead.

  • Within 24 Hours: Call the lead to begin the sales process.
  • Within 48 Hours: Have your first appointment with the prospect booked.
  • Within One Week: Complete or schedule the installation.

How to Join the SNAP All-Star Alliance Program

The SNAP All-Star Alliance is a ground-breaking program in the home renovation financing space and has already been a game-changer for many dealers in our network. To learn more about the program or become a member, contact your Business Development Manager, and they will walk you through the next steps.

 

* Currently available only in Ontario.

If you haven’t been taking advantage of our spring promotions, what are you waiting for? The promotions end on June 30, 2022*, so there are only a few weeks left to use them!

These promotions are designed to give you a leg up at the kitchen table with discounted dealer fees, deferred payment offers, and more. Not only will you be able to close more deals and boost your sales volume, but you’ll also be able to pass on great offers and additional savings to your customers. Remember, a happy customer is more likely to be a returning (or referring) customer.

Tips for Closing Deals with Promotions 

Here are a few tips and tricks for how you can use our spring promotions when selling at the kitchen table.

  • Use it as an added incentive. Sometimes, a deal needs a small push to take it across the finish line. If you have a customer who’s sitting on the fence, offering the option of a deferral might just be enough for them to sign on the dotted line.
  • Position it as a gift. Offer the promotion to your customer at the end of the conversation as a “thank you” gift for their business.
  • Ease stress for new homeowners. New homeowners, especially first-time owners, may feel overwhelmed and will be relieved to know they can defer payments while settling into their new home.
  • Use it to increase the ticket size. Depending on the project, you may be able to use a promotional deferral to upsell, depending on how flexible the customer’s budget is.

Don’t forget, the promotions end in just a few weeks, so take advantage of them while you still can!

For more sales tips, information about recent home improvement trends, or to discuss how we can help you take your business to new heights, get in touch with your Business Development Manager today.

 

*Funding must be completed by July 31, 2022.

There’s no doubt that inflation is a hot topic in today’s market. You see it everywhere you go—at the grocery store, gas pumps, restaurants, manufacturers—the cost of goods everywhere has gone up, including your own. In March 2022, the annual inflation rate in Canada jumped to 6.7%, the highest it’s been since January 1991 and higher than predicted. The good news is that with consumer financing options in your back pocket, you’re already armed to combat the impact of inflation.

How Inflation Is Impacting Consumer Spending Behaviour

While the cost of goods continues to rise, most people’s incomes are the same. The result is that many consumers are keeping a closer eye on their budget, which can lead to a few different outcomes:

  • They feel like they can no longer afford the home improvement project they want.
  • They think they have to scale back on how much work they’re getting done.
  • They have a strict budget without fully understanding what it can get them, leading to disappointment.

Despite the impact of inflation, we are still seeing increasingly high demand in the home improvement space, which means the interest is still there. Also, keep in mind that with the Bank of Canada recently increasing its rates, mortgage rates are also going up, and the housing market is cooling down. As a result, people are staying in their existing homes longer, which means they’re more likely to spend on upgrades and renovations.

What does all this mean for you? The truth is you’ll likely encounter more hesitation. But we’ve got you covered with tips and techniques you can use to handle objections.

How to Respond to Common Objections About Cost and Inflation

Here are a few tips to keep in mind when talking to consumers who have objections about cost.

Objection #1: The project is too expensive, and I can’t afford it.

  • Solution: Remind the customer that breaking up payments into smaller, bite-sized payments through financing will stretch their budget further and make it more affordable to get what they really want instead of settling for what they think they can afford.

Objection #2: The cost of borrowing is too high.

  • Solution: There’s no denying the ripple effect that inflation has had on the cost of borrowing. Reinforce with the customer that they can pay off the loan at any time without penalty. So yes, the interest rate and cost to borrow may seem more expensive now, but instead of putting off the project, they can use this as a bridge to get from point A to point B and pay off the loan when they are ready.

Objection #3: If I put this off for a while, maybe the cost will come down once things go back to normal.  

  • Solution: Generally speaking, costs aren’t likely to come down. At least not to where they were a few years ago. Not only that, but supply chain issues are still causing delays, so you’ll want to get ahead of that now. Rather than putting the work off, leverage our suite of financing products to lock in the price before costs go up more and avoid further delays.

Objection #4: I have too many monthly payments to manage and don’t want to worry about another one.

  • Solution: Increase the amortization period to reduce the monthly obligation. If it’s over $10,000, customers pay less than $90/month* on the 240-month amortization product. This allows you to make it affordable for your customer while still staying within their budget.

This all boils down to one of the most fundamental sales tips: listen to your customers. Understand their concerns, figure out where their objections are coming from, and then try to come up with practical solutions that help them get the job done (with you).

Remember, your Business Development Manager is always ready to help with more tips and tricks to take your sales game to the next level!

 

*Terms of the loan may vary.

We’re always working to find new ways to grow your business. Check out the financial products and programs that we’ve built to do just that. All of these have been designed to make it easier for you to not only sell more but also sell smarter!

240-Month Amortization – An Industry First

  • Close more deals and increase sales volumes by offering customers a more affordable payment option.
  • Increase your average ticket by selling additional or higher-end products.
  • Stay ahead of your competition with a product that’s unique to the home improvement lending category.

You can now offer customers even lower monthly payment options for greater flexibility with our unique 240-month amortization plan. With a longer amortization period, a customer can get a higher loan amount but still have the same low monthly payment, which means they no longer have to compromise on their budget or sacrifice quality.

Residential New Construction (RNC) Program

  • Competitive installation allowances.
  • Right of first refusal for all service work.
  • Payment directly upon installation.
  • Customized packages and rates.
  • The ability to easily order equipment and install it yourself.
  • An incentive program with cash bonuses.

This program for new construction is designed to help dealers further increase their bottom line. With a simplified, purpose-built process, you’ll be able to offer custom solutions in the new home construction and multi-residential property management sectors. We’ll equip your builders with the best equipment backed by a clear, transparent agreement for the new homeowners, and you’ll have a dedicated Account Manager ready to help when you need it.

Staged Funding (Coming Soon)

  • Work on multiple projects at the same time without tying up your cash flow.
  • Alleviate the impact of high-cost projects by paying off expenses as you go.
  • Manage long-term projects more effectively by allocating cash where you need to.

This is one that you’ve been asking for, and we’re excited to share that it will be coming soon! With our new staged funding program, you’ll be able to access funds throughout a project, instead of having to wait till the very end to get paid. With staged funding, you can withdraw funds up to three times, for up to 20% of the full loan amount at different project stages, before the final payment is made upon full completion of the work.

Extended Hours of Operation

  • Monday to Friday: 8:30 a.m. to 11 p.m. EST
  • Saturday: 8:30 a.m. to 9 p.m. EST
  • Sunday: 9 a.m. to 9 p.m. EST

We want to make sure that we’re here for you every step of the way and that we can make it as easy as possible for you to get the job done. That’s why we’ve made sure to keep our hours of operation for adjudication and funding as long as possible, so that we can review and approve more applications, and you can successfully convert more customers.

Weekly Seminars

We are excited to be hosting weekly seminars to provide our dealer partners with as much support as possible. Seminars range in topics, from marketing and sales tips to recent product and process enhancements and how you can implement them with your customers. Every session is packed with valuable information that can improve the way you do business. Plus, we close our seminars off with a fun event you won’t want to miss! To join, get in touch with your Business Development Manager, who will be able to recommend the best seminar for you and your business, and get you signed up.

In fact, your Business Development Manager has all the information you need on these and all our other programs and enhancements. Feel free to reach out to them anytime—that’s what they’re there for!

Navien is known for being a leader in water heating equipment. Their series of premium efficiency condensing tankless water heaters are among the best-selling in North America, and now you can get your hands on one for FREE! All you have to do is keeping doing what you’re doing—submit your deals!

We’ll be giving away a complimentary Navien tankless water heater to the dealer who submits the most HVAC and water equipment volume with SNAP Home Finance over the next month. It’s that easy. This is a special offer from Navien, exclusively for our dealer network.

Deals must be submitted by June 30, 2021 to be included in the final count, so don’t miss out. Start submitting today to take advantage of this exclusive offer!

Terms and conditions apply. For more information, please contact your Business Development Manager.

A lot of things have changed in the past year, including the way Canadians spend, save, borrow, and manage their money. But contrary to what a lot of people think, the changes haven’t been all bad, especially when it comes to the home improvement industry.

Consumer Confidence in Canada

Consumer confidence is a measurement of how optimistic consumers feel about current economic conditions. The Consumer Confidence Index (CCI) is a score derived from a five-question survey among 5,000 households. Participants are asked to answer each question as “positive”, “negative”, or “neutral”. Using a specific calculation based on values assigned to each question, the answers are averaged together to end up with a final number. It’s the direction of that score that matters most—the premise of the CCI is that if the score increases, it means consumers feel good about what’s happening in the economy and their expected financial situation. As a result, they’re more likely to spend and help support a thriving economy. But if the score drops, it means they feel pessimistic about the economy and their lack of spending could further impact the situation.

When the COVID-19 pandemic first hit a little over a year ago, consumer confidence dipped, dropping 73 points over the course of two months to hit a record low of 47.6 in April 2020. No one was really surprised, given the lockdown measures, physical distancing guidelines, and high unemployment rates seen across the country. For the rest of 2020 and even into 2021, the numbers have bounced up and down.

The Impact on the Home Improvement Sector

At the start of the pandemic, the home improvement industry seemed to follow the same trajectory as the CCI. When customer confidence was at its lowest, we also saw a lull in business with a dip in new loan applications. In the first four months of 2020, loan applications were 23% lower than the 2019 volume. However, despite the fluctuations in consumer confidence, we’ve since been seeing nothing but upward trends with regards to loan applications. We actually saw an uptick in numbers with record-breaking investments in the home improvement sector. Here’s how 2020 ended up shaping out:

  • In 2020, we actually recorded a 20% increase in loan applications compared to 2019. In fact, we had more loan applications in 2020 than in the previous three years.
  • Although we saw numbers drop in Q1 of 2020, loan application volume from May to December was 38% higher than the same period in 2019.
  • In 2020, we loaned Canadians 24% more money than we did in 2019.

This trend has carried on into 2021. In Q1 of this year, we received 32.8% more loan application submissions compared to Q1 2020. Our Residential New Construction business has also seen a jump with a 47% increase year-over-year as builders recover from the pandemic and continue to ramp up on construction to make up for delays in 2020.

For the remainder of 2021, we’re expecting a continued increase in home improvement spending. A recent survey by HomeStars, Canada’s largest network of verified and reviewed home service professionals, found that 74% of Canadians have plans to improve their homes this year through repairs, improving functionality, or just updating and upgrading. When it comes to anticipated spending, 46% of respondents plan on doing jobs for up to $10,000, while 24% are planning for jobs up to $25,000.

What Does All of This Mean for You and Your Business?

The fact of the matter is that Canadians are willing to invest in their homes, now more than ever. Given the rolling lockdown measures across Canada, people are spending less time (and money) on the road and on travelling, and more time at home. And as a result, they’re becoming more acutely aware of what needs to be fixed or upgraded in their home and are more likely to redirect funds accordingly.

But for many homeowners, their disposable income may not be as readily available as they were pre-pandemic, thanks to closed businesses and changes in employment. This is where financing comes into play. Our unique financing programs, like the 240-month amortization option, are specifically designed to help your customers get the home improvements they want without having to sacrifice on quality. For you, this means being able to sell more at the kitchen table. By leveraging the option of financing, you’ll be able to increase your average ticket and successfully close more sales.

All things considered, the upcoming year looks promising for the home improvement industry, which means your business is uniquely positioned to thrive. And as always, we’re to help. We’ll continue to provide you with the tools, resources, and dealer promotions you need to continue offering your customers the industry-leading financial solutions they want.

For a more in-depth look at our market trends, industry insights, or for more information on our dealer promotions, get in touch with your Business Development Manager!