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mini house on a desk with red roof

The home improvement market is constantly shifting, and with every change, new trends and behaviours emerge. It can feel next to impossible to keep up with it all. Fortunately, we’re here to do it for you. We’ll be sharing quarterly market insights and product trends we see in the home improvement and financing space, along with recommendations for how you can use the information in your own business.

To get the ball rolling, we want to share a glimpse into two interesting market trends that we’re seeing that can change how you do business:

  • The volume of regular finance deals, especially those on the 240-month amortization (over $10K), is climbing.
  • At the same time, deals on deferral products are declining.

In other words, more homeowners are opting for affordable monthly payments over time while making it easier for them to budget monthly expenses.

Consumer behaviour is shifting towards subscriptions and monthly payments, as we’ve seen with the rise of companies operating within the subscription economy, like Amazon Prime, Netflix, Spotify, Salesforce, to name a few. We’re even seeing more traditional retail businesses moving toward subscription models, like grocery and meal prep boxes, monthly subscriptions for beauty and grooming products, “sock of the month” clubs, and more. The subscription economy is expected to grow two-fold to 1.5 trillion USD by 2025, because consumers enjoy the benefits of affordability and predictable budgeting.

So, what does this all mean for you and your business? Simply put, an affordable, predictable, monthly payment means you can close more deals at the kitchen table, while putting more money in your pocket by avoiding the dealer fee. It’s a win-win for both you and your customers. Plus, the 240-month amortization further reduces the customer’s monthly payment, which makes the decision even easier for them.

This is just a taste of the kind of information we’ll be sharing in our market insight updates. Keep an eye out for details about a series of meetings we’ll be hosting to share this information, plus upcoming issues of the newsletter that will include more comprehensive breakdowns of the market and emerging trends.

For more information on our financial products, available promotions, and how to sell more at the kitchen table, reach out to your Business Development Manager.

man sitting at desk writing on notepad

One of our main goals as your financing partner is to try and make your life as easy as possible. We’re making some updates to our application process that will do just that. When you submit applications through SNAP Central and SNAP Loan, you’ll be able to upload all your supporting documents in one place as they become available, instead of having to send them all at once via email.

The Perks of This New Enhancement

With this new document upload capability, you’ll be able to:

  • Upload documents to the platform as they’re ready.
  • See exactly which documents are required and keep track of everything with the new Funding Documents Checklist.
  • Enjoy an easy-to-use platform with an improved interface.
  • Easily access status updates on your applications.
  • Get automatically notified of any document deficiencies.
  • Spend less time managing documents and more time taking care of your customers.
  • Get your applications approved and funded faster!

How to Upload Your Funding Documents

The process will be quick and easy. Here’s what you’ll need to do:

Step 1: Complete the application form as you usually would. When you get to the DECISION SUMMARY screen, click on FUNDING DOCUMENT CHECKLIST.

Step 2: Upload each document on the list as you have it ready.

Step 3: Once you’ve uploaded all the required documents, click the SUBMIT button, and that’s it!

Step 4: Return to the checklist to review the status of your documents and replace any deficient items.

Step 5: Get paid!

If you don’t have access to the new document upload feature yet, you will very soon! This is the first of many enhancements we have planned for this year. Should you have any questions about this new update, or for more information, log on to SNAP Central and SNAP Loan or contact your Business Development Manager.

hand drawings outline of men and women

While mastering a slew of marketing strategies can work in your favour, the truth is there’s a much more powerful driver of sales: referrals. Referrals work so well because humans are social creatures. We tend to share information and make decisions based on the thoughts and opinions of the people that we trust, like our friends and family.

Here are some other reasons why referrals are so effective.

  • Referrals lead to very warm leads. If a person contacts you based on a referral, they are already predisposed to trust you and want to work with you.
  • 54% of marketers say that referrals offer them the lowest cost-per-lead of all their marketing strategies.
  • People are four times more likely to sign on or purchase when referred by a friend.
  • Referrals are considered the most trustworthy form of advertising, with 84% of people saying they trust what their friends and family recommend.

How to Get Better Referrals 

Getting referrals isn’t as simple as doing a great job and waiting for people to spread the word. If you want to incorporate referrals into your business as a dedicated sales and marketing strategy, your best bet is to develop and refine a referral program. Here are some suggestions for how to get started.

  1. Just ask. Asking for a referral from a customer may seem obvious, but you’d be surprised at how few sales professionals actually do it. If you don’t ask, you probably won’t get one.
  2. Ask for referrals earlier in the customer relationship. The most effective referrals occur when the customer is excited about the product or service. If you wait too long, they’ll be a loyal customer but may be less motivated to spread the word about your business to their friends and family.
  3. Create a referral request template. If you aren’t used to asking for a referral or feel unsure about how to approach it, do some research on referral templates and create one for your business. This could be an email or simply a script for you to read over the phone. Having this template will help you feel more confident as you approach customers for referrals.
  4. Make it easy for customers. The easier you can make it for your customer, the more likely they are to follow through. Instead of just asking them to tell you about their experience, consider sending them a form via email or text. Just make sure it’s quick and easy to complete.
  5. Follow up when you receive a referral. If you end up connecting with a customer that comes through as a referral, a simple thank you can go a long way—be sure to reach out to the referrer to express your gratitude. This helps them feel like their opinions are valuable and they’ll be more likely to refer you again in the future.
  6. Offer incentives. If you really want to incentivize people to refer your business, create an incentive program that will offer them something of value in return for their efforts. It could be something as simple as a gift card or a small cash reward.

Regardless of how big or small your business is, referrals are always a valuable marketing and growth tool. For more tips on how to grow your business through referrals and other marketing strategies, reach out to your Business Development Manager.

We know you have a steady stream of customers, but we also know how hard you’ve worked to get them. What if there was a way that you could have pre-qualified, highly motivated leads come straight to you without having to do any of the extra work to get them?

That’s exactly why we’ve developed the SNAP All-Star Alliance*, the first of its kind in Canada. This new proprietary program, available exclusively for SNAP Home Finance dealers, is designed to help you get more leads, close more sales, and earn more money without any of the extra prospecting.

How the SNAP All-Star Alliance Works

  • We generate thousands of new prospects for All-Star Alliance members.
  • Every prospect that enters our ecosystem is pre-screened according to a set of comprehensive criteria and receives a customized experience from start to finish.
  • We tailor the experience based on your needs as an All-Star Alliance member, including pricing, intake forms, questionnaires, and more.
  • When the lead comes to you, they’re ready to sign on the dotted line.

What You Need to Know as a Dealer in the Program

As a member of the SNAP All-Star Alliance, the dealer experience is extremely simple. You’ll receive highly qualified leads that are generated from various sources by SNAP Home Finance. That’s it—it’s that easy.

Simply put, the All-Star Alliance is a way for you to generate extra revenue without having to put in any extra effort. So, instead of spending time trying to secure new leads, you can focus on what you do best: running your business.

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 a true game changer for our dealer network. As a SNAP Home Finance partner, you’re already a step ahead. To learn more about the SNAP All-Star Alliance or become a member, please speak to your Business Development Manager.

* Currently available only in Ontario.

win up to 15k banner

We are officially halfway through the 2022 Great Canadian Dealer Showdown! We’ve already given away thousands in prizes, so don’t miss your chance! There are two months left to win one of our weekly or monthly prizes, not to mention a shot at the grand prize worth $15,000 at the end of May.

How the Showdown Works

Every approved application submitted between now and May 31, 2022, will be worth at least one ballot toward the Showdown. The more deals a salesperson submits, the more chances they have to win.

  • Approved applications up to $10K are worth one ballot.
  • Approved applications over $10K are worth two ballots.
  • All standard/regular finance applications* are worth 4x ballots.

Earlier this month, we had a Double Points Week where all deals were worth twice as many ballots. Keep an eye on your email for upcoming opportunities to boost your ballot count.

Here’s What You Can Win

We’re giving away prizes every week and month, plus the grand prize at the end of the contest period.

Weekly Prizes
  • $100 gift card for the highest number of ballots for the week.
  • $50 gift card for two lucky draw winners each week.
Monthly Prizes
  • $750 prize value for the highest number of ballots for the month. Choose from an iPad Air, a premium speaker package, a smart TV, and more.
  • $250 prize value for one lucky draw winner each month. Choose from a Nintendo Switch Lite, vintage champagne, a Nespresso coffee machine, AirPods, and more.
  • NEW CATEGORY: $500 prize value for the highest number of ballots from standard/regular finance deals* at the end of each month. Choose from a Dyson vacuum or hairdryer, an outdoor pizza oven, premium headphones, and more.
Grand Prize 
  • $15,000 prize value for the highest number of ballots by the end of 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 at the end of the contest period. Choose from a weekend getaway, workout equipment, a MacBook, and more.
  • NEW CATEGORY: $3,000 prize value for the highest number of ballots from standard/regular finance deals* at the end of the contest period. Choose from plane tickets, cash, and more.

Click here to see the complete list of prizes up for grabs this year.

Two months down, two more to go until we announce our $15,000 grand prize winner. Get those deals in before time runs out! The contest period ends at 11:59 p.m. EST on May 31, 2022. For more information, please reach out to your Business Development Manager.

*Excludes deferrals, rate buy down, and equal payment finance applications.

spring promotions on green background

If you’ve been taking advantage of our winter promotions, you already know how valuable they can be for helping to get a yes at the kitchen table. If you never got around to using them, you’re missing out. But not to worry, because now you can make the most of our new Spring promotions!

With deferred payment deals, discounted dealer fees, and more, these offers are designed to help you close more deals, increase your average ticket, and boost your sales volume by providing savings you can pass on to your customers. The new spring promotions will be available from April 1, 2022, to June 30, 2022*, so be sure to make the most of them while you can.

Need a little help getting a customer across the finish line? Check out this article for helpful pointers about how financing can benefit them and how to circumvent the common hurdle of credit card purchases.

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

* Funding must be completed by July 31, 2022.

Sandra Pierre name on blue background

Meet Sandra Pierre, Contract Administrator for the Funding department at SNAP Home Finance. Sandra is one of the team members responsible for a key piece of the puzzle: getting your deals funded.

Once you submit a deal, Sandra and her team begin the auditing process by going through all the documentation to make sure everything is in order. She works closely with the dealer support team to source any missing information or correct any deficient documents, and then gives the all-clear so you can get paid as quickly as possible.

“The best part of my job is seeing my dealers getting paid. We are very proud of meeting our SLAs and being able to fund deals within 48 hours or less,” says Sandra. “At the end of the day, we clear the queue and it’s the best feeling knowing our dealers are happy.”

When she’s not working, you’ll find Sandra tackling a fun workout regimen or kicking back with a good audio book.

two men and a woman discussing business

You can now offer customers 3 months of deferred payments with no interest and no dealer cost. It’s as simple as that!

This is a savings of $125 to you!*

Don’t lose another sale because a customer isn’t quite ready to move forward yet. Now, you can offer them the option of putting off payments for the first 90 days of their loan. The best part is that it won’t cost you a thing! This could very well be the ace up your sleeve for closing more sales this month.

Start submitting your deals today to take advantage of this exclusive promotion!

 

*Based on a $10K loan, 60-month term and 180-month amortization.

SNAP Home Finance Launches New 240-Month Amortization Product

Imagine yourself sitting around the kitchen table with your prospective customers. You’ve discussed the work that needs to be done and the products they’ll need to complete it. The only problem is their vision is bigger than their budget. And now they’re wavering. To try and salvage the project, you scramble to try and figure out alternatives that are more in line with their budget. But they’re still not convinced and now you’re about to lose this sale.

How Do You Save the Sale?

For many dealers, this is an all too familiar scenario. Customers will always want the best of the best, but in many cases, it just isn’t possible with their financial constraints. Instead of having to resort to inferior solutions to make it work, what if you could close the deal on the spot by giving them exactly what they want with an even lower monthly payment?

This is why we’ve developed our 240-month amortization product, which allows you to offer your customers a shot at getting exactly what they want while keeping the monthly payment affordable. Plus, cost is often one of the most common customer objections—being able to address it before it comes up as an issue will increase your chances of crossing the finish line for that sale.

Check Out How Much Amortization Affects Affordability

The chart below shows how amortization affects the customer’s monthly payment.

Amortization Period and Corresponding Monthly Payment
Loan Amount 60 Months 120 Months 180 Months 240 Months
$10,000 $207.54 $126.62 $101 $89.91
$15,000 $311.31 $189.93 $152.06 $134.86
$20,000 $415.08 $253.24 $202.74 $179.82
$25,000 $518.85 $316.55 $253.43 $224.77

How 240-Month Amortization Can Help Your Business

In addition to successfully closing more deals, it also allows you to increase your average ticket, since customers will be able to afford additional or higher-end products that would have otherwise been out of their price range. And because this program is the first of its kind in the home improvement lending category, you’ll be able to stay one step ahead of your competitors by offering your customers a more tailored solution.

As always, your Business Development Manager is available for more information about the 240-month amortization program or to share more tips on how you can successfully close more deals.

When it comes to increasing your average ticket, it seems obvious to upsell your customers, especially now that you can bundle multiple products and services into a single loan application. Sounds simple, right? Not so fast. Sure, upselling will help, but it’s not the first step. Jumping right in with add-ons and higher price tags can, in many cases, scare away a customer, especially when you’re dealing with already-steep transactions and rigid budgetary constraints. The honest answer to increasing your average ticket is to listen and pay close to attention to every single thing your customer is saying. Actively listening to all of your customer’s concerns will provide invaluable insight about where there’s room for more. And don’t forget, you can always get in touch with your Business Development Manager for more tips on how you can drive more sales.

5 Examples of How Listening Can Result in Higher Tickets

Maintenance and Protection Upsell: You’re talking to a customer about their HVAC needs and they’re really excited about the idea of upgrading to a new high-efficiency furnace, but they’re worried about owning the product outright and then being on the hook if something goes wrong. This would be the perfect opportunity to talk about maintenance and protection plans as part of a purchase deal. In addition to the amazing new furnace, you can also give them the Annual Maintenance Plan for the useful life of the equipment, built right into the cost. Just like that you’re increasing your average transaction by incorporating the plan with the equipment. They now also become your customer over the long-term instead of just for the one transaction.

Additional Products: You’re meeting with a couple about replacing the windows in their home and you hear one of them mention in passing about how they’d love a more attractive entrance to complement their summer porch decor. Here’s a great opportunity to introduce your package deals for windows and a new front door, or to mention financing options to help manage the cost of a bigger upgrade for the home. Perhaps the couple says something about the air quality in their home (you could suggest a humidifier or HEPA product) or something to do with managing the temperature in their home—how about a new programmable thermostat? Here’s one more for you. If they say something about being able to open up their backyard pool soon, you can mention pool chemicals. The opportunities are endless!

Customers Prolonging Their Decision: You’re fixing something in a customer’s home, and they mention that they really want to reno the kitchen but need to hold off for a couple months because they have some big bills to manage first. Offer them financing with the three-month deferral option. (Remember, we currently have our spring promotion where you can offer the three-month deferral with 0% dealer fee!) You can close the deal on the spot, add on the additional reno project, and you both walk away happy. There’s also the option of offering the 240-month amortization (more on that in a minute), which brings down the monthly payment and makes it easier to afford.

Compromising on Quality: You have a customer that is opting for a lower-quality product because as much as they’d like to go for the top-of-the-line option, they just can’t afford it. Instead of letting them buy something they’re not 100% happy with because of financial constraints, tell them about the 240-month amortization option, which enables them to get what they really want through more affordable monthly payments. For example, they really want the more expensive hardwood floors that are pushing them above their budget. You could offer them a $10,000 financing option to cover the hardwood. A 120-month amortization would make their monthly payment around $126. But even better, you could offer a 240-month amortization which would lower their payment to about $89.

Listen to Build Trust: Listening helps you build trust with your customers, because it shows them that you truly understand their needs. It demonstrates your ability to connect with them on a more personal level and as a result, they’ll be more likely to come back to you with more business when they need it—and you’ve set yourself up for a higher ticket the next time around!

4 STEPS TO INCREASE YOUR AVERAGE TICKET THIS MONTH:

  • Actively listen.
  • Identify problems.
  • Provide solutions.
  • Capitalize on opportunities.

As always, your Business Development Manager is always available to help when you need it!