Posts

Great Canadian Dealer Showdown 2022

The Great Canadian Dealer Showdown was such a big success in 2021 that we’ve decided to bring it back! We’re excited to announce that the 2022 program will be starting on February 1. Keep reading to learn more about what to expect from the Showdown this year, including more prizes up for grabs—plus a chance to win a grand prize worth $15,000.  We’re also bringing back 4x the ballots, this time for all standard and regular finance deals.

What Is the Great Canadian Dealer Showdown?

We launched the Great Canadian Dealer Showdown in the second half of 2021 as a way to support, appreciate, and celebrate our dealer partners. Everyone wins with increased sales and revenue, plus there are some awesome prizes to be won. Here’s a quick refresher on how it works:

  • To participate, simply continue submitting deals—every deal is worth at least one ballot.
  • Every approved application up to $10K is worth one ballot.
  • Every approved application over $10K is worth two ballots.
  • All standard/regular finance applications (excludes deferrals, rate buy down, and equal payment finance applications) are worth 4x ballots.
  • Winners will be announced via email every week. There will be weekly, monthly, and a grand prize winner.

The contest period ends May 31, 2022.

Prize Breakdown for 2022

We’ll be giving away prizes every week and every month, plus the grand prize at the end. Here’s the full breakdown on how to win:

Weekly Prizes
  • $100 gift card for the salesperson with the highest number of ballots
  • $50 gift card for two lucky draw winners
Monthly Prizes
  • $750 prize value for the highest number of ballots. Choose from an iPad Air, a premium speaker package, a smart TV, and more.
  • $250 prize value for one lucky draw winner. Choose from a Nintendo Switch Lite, vintage champagne, a Nespresso coffee machine, AirPods, and more.
  • Plus, we’re introducing a new prize this year for standard/regular finance deals (excludes deferrals, rate buy down, and equal payment finance applications). The highest number of ballots in this category for the month will get to choose a prize worth $500. Prize options include a Dyson vacuum or hairdryer, an outdoor pizza oven, premium headphones, and more.
Grand Prize 
  • Prize valued at $15,000 for the highest number of ballots for the contest period. The grand prize winner will be able to choose from an all-inclusive trip, furniture or appliances, an ATV, hot tub, cash, and several other grand prizes.
  • $3,000 prize value for one lucky draw winner. Choose from a weekend getaway, workout equipment, a MacBook, and more.
  • We’re introducing a new prize this year for standard/regular finance deals (excludes deferrals, rate buy down, and equal payment finance applications). The highest number of ballots in this category at the end of the contest period will get to choose a prize worth $3,000. Prize options include plane tickets, cash, and more.

Bigger and Better Prizes

Our 2021 winners got to choose from all-inclusive trips, high-end electronics, spa packages, home entertainment systems, cash, and so much more. This year, we’ve put together an even bigger list of prizes that includes new home appliances, home entertainment systems, video games, gift cards, cookware, Apple products, vacations, and much more.

Start getting those deals ready—the 2022 Great Canadian Dealer Showdown begins in just five days! For more information, please reach out to your Business Development Manager.

Here’s last year’s grand prize winner receiving his cheque for $15,000!

Here’s last year’s lucky draw winner receiving his cheque for $3,000!

eNews Financing

Offering monthly payment options to customers can have a huge impact on your business, from expanding your customer base to increasing your revenue potential from every sale. For customers, the option of low monthly payments can help them achieve necessary upgrades when finances are tight or get them the upgrade that they really want when they don’t have the cash on hand.

Why, then, do so many businesses decide that financing isn’t right for their customers, before even offering it to them? We’re going to debunk the myth that financing isn’t helpful to customers by showing you why consumer financing benefits both you and them.

Why Should Customers Care About Consumer Financing?

Financing makes it possible for your customers to turn their aspirations into reality. There’s no doubt that home improvement projects are expensive, and many customers will hesitate when committing to such a big purchase, no matter how much they may want it. You can offset the sticker-shock of a large upfront investment by offering the option of affordable monthly payments, which will be much easier to manage.

Plus, with flexible financing options such as varying amortizations, customers can access higher-ticket items and projects without having to increase their monthly spend. For instance, the cost-per-month for a $15,000 loan with 120-month amortization works out to $189.61. However, a $20,000 loan with 240-month amortization would be $179.30—they’re getting more money and paying less per month.

Comparing Interest Rates

We’ve made the process as convenient as possible by allowing you and your customers to complete the application on the spot at the point of sale. In many cases, the biggest hesitation will revolve around interest rates. Here’s what you need to know.

If your customer needs financial support for their home improvement project, they’re going to get it from somewhere, whether it’s through your business or somewhere else. Our interest rates are lower than many other lenders, which can have a significant impact on how much customers are paying. Let’s break it down:

  • Interest rates on a credit card can be as high as 19.99%, possibly even more depending on the type of card. (Cash advance rates will be higher as well.)
  • The rate on unsecured personal loans can be up to 47%.
  • In comparison, the interest rate with SNAP Home Finance is under 10%.

By choosing a loan through SNAP Home Finance, your customers can secure significantly lower monthly payments, which means they are better equipped to afford the home improvement project of their dreams.

How to Circumvent Credit Card Purchases

A common obstacle we’ve seen to closing financing deals is that many customers are opting to put home improvement purchases on their credit card. These customers are likely doing one of two things:

  • They’re paying it off right away through other means (a cue to upsell because they obviously have available dollars to spend).
  • They’re using their credit card to facilitate the transaction and paying it off over time.

Here are a few tips to remember when you’re sitting at the kitchen table:

  1. Start by asking which of these scenarios they fall into.
  2. Customers who pay off debt slowly over time are prime candidates for low monthly payments. Plus, their cost of borrowing will be lower with SNAP Home Finance.
  3. Remember, the interest rate on most credit cards is higher than ours. Clearly showing them the cost breakdown of each option allows them to understand where they’ll find the most savings each month.
  4. For customers who are paying off their credit card purchases through things like bank loans, show them the affordability, and then play up the added convenience.
  5. The process with SNAP Home Finance is quick and simple—the application can be done on the spot, they can find out the same day if they’re approved, and then you can keep the project moving, rather than having to wait on their bank for rates and approvals.

At the end of the day, the goal is to make your customers’ lives easier (and happier) by enabling them to complete the home improvement project of their dreams. With our flexible financing options, you have the power to do just that.

For more information on promoting low monthly payments with SNAP Home Finance to your customers, or for tips to overcome common customer objections, reach out to your Business Development Manager today!

Home Renovation

We recently released our 2021 Q3 and Q4 data, revealing some insightful trends on home improvement and financing, plus what we can expect in 2022. Keep reading to find out what the numbers show and how you can use them to your advantage as we kick off the new year.

1. The Impact of Supply Chain Issues on Home Improvement

In Q3/Q4 last year, we saw:

  • An increased cost of both goods and services.
  • An increased cost of home improvement projects across many verticals.
  • The volume of sales remained steady.
  • A 10% increase in the overall value of approved loan applications when compared to Q2 of 2021.

For the last several months, the media has been reporting on the supply chain delays that are impacting Canadian residents and businesses. Some of the most significant effects have been felt in the retail and home improvement sectors, as global shipping delays have struggled to catch up to a huge surge in demand.

So, what does this mean for you and your business?

  1. Although we’ve seen an increase in the cost of goods and services, the demand for home improvement projects is still very much in play.
  2. Make sure you’ve got your financing solutions in your back pocket to reinforce affordability and help you close more deals at the kitchen table.

Click here to learn more about how to effectively promote financing with your customers.

2. Increasing Investment in Essential Home Upgrades

The Q3/Q4 numbers also shed some light on the continued interest in home improvement investments:

  • You may have noticed a slight dip in applications for essential renovations from Q2 to Q3.
  • However, rest assured that overall, applications were still up almost 30% from Q1.

This shows that while application volume is still a bit unpredictable, applications are generally trending upward, which indicates a steady investment in essential home renovations and projects, such as HVAC systems, roofing, and windows and doors.

So, Canadians are still motivated to complete necessary upgrades to their homes, even during a pandemic, which means that there is a lot of business to be had in the home improvement industry. But prices of goods are increasing. So, if there was ever a time to have the benefits of financing in your back pocket, it’s now.

3. Prepare for Success in 2022 with SNAP Home Finance

Looking at this data from last year, here are a few tips to keep in mind to set your business up for success this year:

  • Be Transparent: Set expectations with customers by informing them of delays in supply chains.
  • Create Trust: Create a business relationship built on trust and mutual understanding by offering realistic timelines and cost estimates. No one likes surprises, and they’ll be more likely to refer your business to a family or friend once they’ve had a positive experience.
  • Be in the Loop: Remain agile and efficient by keeping up with trends in home improvement—the more you know, the better equipped you’ll be to offer the best possible services and financing solutions.

Regardless of where you’re located or the hurdles you tackled last year, 2022 offers a new opportunity to engage with customers by providing the payment options they need to take on a variety of home renovation projects. SNAP Home Finance is here to help by continuously working on innovative products you can use to grow your business.

Connect with your Business Development Manager today to learn more about how we can help you achieve even greater success in 2022.

Power of Video

Many businesses and brands are turning to video as a useful tool for their marketing and advertising campaigns—as many as 86% of businesses, to be exact—and of those that already use it:

  • 93% say that it’s a cornerstone of their marketing strategy.
  • 80% say that they’ve noted a direct, positive impact on their sales.

Keep reading to learn more about the power of video as a sales tool, and how you can integrate it easily and effectively into your business with minimal cost and effort.

Why Video is Such a Powerful Selling Tool

Simply put, video is effective because it’s such a rich sensory tool that allows audiences to easily envision their aspirations.

  • It makes aspirations feel attainable in an emotional and visceral way.
  • It enables them to see their wants and needs manifested in “real life”.
  • They’re better able to imagine attaining that aspiration and establish an emotional connection to it.
  • When done right, it can elicit an emotional response from a potential customer.
  • The more they can connect with your video content, the more likely they are to buy into what you’re selling.

All these qualities have become even more useful during the COVID-19 pandemic. The vast majority of us are watching more videos online than ever before—providing people with this type of content can help make it easier for them to experience what you have to offer.

You’ll want to start by using videos as sales aids. You can always publish them online to generate views, but this is secondary. Sales aids are what will give you the most bang for your buck.

7 Ways to Create Effective Video Content on a Budget

Fortunately, creating sales aid videos on a budget isn’t difficult. Here are some tips on how to do it right.

  1. Plan it out. Start with a clear vision of what you’re trying to accomplish, or what question you’re trying to answer, with your video. This will make it easier to figure out how you want your video to look, feel, and sound. The clearer your vision is from the get-go, the less time and money you’ll spend on editing and reworking it down the road.
  2. Set a reasonable budget. Without a budget, you’ll likely end up spending more than you intended and wind up with a haphazard and ineffective video sales strategy. If possible, allow yourself a bit of a buffer in case you want to add more to your video later in the process.
  3. Start with stock footage. There are plenty of great websites that provide high-quality stock video with a reasonably priced subscription. You can always move to shooting your own video when comfort and budget allows. Click here for some useful sites with free stock video footage you can start with.
  4. Keep it short. People don’t have long attention spans anymore, so short and sweet is the way to go. Stick to a minute or less to keep your audience engaged. Plus, shorter equals cheaper.
  5. Use simple editing tools. You don’t need to source an expensive video editor—use an easy-to-use online platform to do it yourself instead. VEED is an online video editor that’s perfect for beginners. The basic plan only costs $12 USD per month, which allows you to create videos up to 25 minutes at 1080p export quality. Some other options for simple video editors include Filmora and Animoto, which are free.
  6. Get help from freelance experts. If you want to enlist help, consider a freelancer. These are people who have expertise and experience, and who are adept at parachuting in on projects to produce high-quality, engaging content. You can also present your budget to them and ask for specifics about what could be produced at that price point. Some great sites for hiring freelancers include Fiverr and Upwork. Like anything else you source online, be sure to read reviews from previous clients.
  7. Measure your success and adapt. Make sure you’re always tracking engagement and metrics on your videos so you can see which are the most successful. For sales aid videos, the measurement would be how it impacts sales, so make sure you’re listening to feedback at the kitchen table. Are your potential customers engaging with the video content? Do they still have questions? This can help you make future updates for even stronger video content.

Developing a plan for the number of videos you want and the subject matter they will cover is the best way to create a successful video sales and marketing strategy. Start small and gradually ramp up until your video marketing efforts really start showing their return on investment.

For more tips on using video or other marketing strategies, reach out to your Business Development Manager today!

Winter Promotions

A new year means new promotions, and we want you to start the year off with a bang. So, be sure to take advantage of our recently launched winter promotions, available now until March 31, 2022.* With deferred payment deals and discounted dealer fees, they’re designed to help you and your customers save more this quarter.

In addition to added savings, you’ll also be able to increase your closing ratio, boost your sales volume, and take your business to new heights this year. So, what are you waiting for? Submit your deals today!

* Funding must be completed by May 31, 2022.

Rhea Cameron

Meet Rhea Cameron, Senior Dealer Experience and Credit Analyst. She works directly with you and your team to ensure that we’re able to get every application approved as quickly as possible, so you can get your job done faster.

Rhea lives and breathes dealer experience. Whether it’s emailing or getting on a call with you to source additional documents, taking a second look at an application with you, answering questions about a specific application, or handling an application extension request, she’ll do whatever it takes to make sure you’ve got the support you need. She and her team are constantly working to find new ways to help streamline and speed up the process to improve your dealer experience.

Having started as a Customer Experience Coordinator and then Credit Analyst responsible for loan approvals, she’s got an incredibly clear understanding of what’s required for getting an application past the finish line. With Rhea on your support team, you can rest assured that you and your business are in good hands. It’s no surprise that Rhea was named a Simply Group Quality Excellence Award winner this past December.

“My favourite thing about this job is how the team comes together to get the job done. With everyone’s unique contributions, we’re constantly focused on making sure our dealers are getting what they need to be successful,” says Rhea. “At the end of the day, it’s nice to know we do everything we can to improve the experience for our dealers and their customers. It’s a good feeling knowing we make a real difference.”

When she’s not working, you’ll find Rhea getting creative in the kitchen. Her favourite pastime is trying her hand at new recipes or even making up her own, and her specialty is savoury, spicy butter chicken.

Want to get in touch with Rhea? You can reach her at [email protected]

Winners

Our first Great Canadian Dealer Showdown has wrapped, and it was a huge success! We had one Double Points Week, plus Double Points December, and in total, we had 338 winners. We gave away over $60,000 worth of prizes, including:

  • 306 gift cards to weekly winners (total value of $30,600)
  • 30 monthly prizes (total value of $15,000)
  • 1 grand prize valued at $15,000 for the highest number of ballots overall
  • 1 prize valued at $3,000 for one lucky year-end draw winner
  • A TV, golf clubs, Dom Pérignon, Raptors tickets, a Dyson V11, a Nespresso coffee maker, an Apple watch, Beats Solo3 Wireless Headphones, a JBL speaker, and more.

Here’s our GRAND PRIZE winner receiving his cheque for $15,000!

Here’s our lucky draw winner receiving his cheque for $3,000!

Thank you for participating in the Great Canadian Dealer Showdown and helping to spread the word with your teams. We hope it helped you achieve success, more applications, and motivated salespeople.

We appreciate our partnership, and this is just the beginning. We’re happy to announce that the program will be returning this year with bigger and better prizes up for grabs. Click here to learn more about the 2022 Great Canadian Dealer Showdown.

As always, your Business Development Manager is available for any additional questions you may have.