5 ideas for stimulating sales through this pandemic winter

As commerce moves increasingly online, small businesses are looking for ways to get an edge on their competition and video marketing is a promising strategy. Take a look at these numbers: According to Google, YouTube reaches more 18- to 49-year olds in an average week than all cable TV networks—combined. And it’s more than reach. Video is a strong medium for selling, too. In a 2020 report by Wyzowl, 84% of respondents said they’ve been convinced to buy a product or service by watching a brand’s video.

The data is there. It’s clear that video has a place in marketing small businesses, but effective implementation is another thing entirely. If you’re already using video, do you have the resources and know-how to execute it effectively? And if you’re not, why not? In this article, we’ll share some ideas and best practices for getting the most out of video marketing. Types of videos to consider As a visual medium, video has very few restrictions. If you can tell a story visually, you can tell it on video. That said, your marketing clip may not be the best place to try out an avant-garde approach. Luckily, there’s no need to reinvent the wheel. These 9 types of video are tried and tested to get you the views and conversions you’re after.

Product overview

These short videos are the most common type of video marketing out there. Running around 90 seconds, a product overview shows the main elements and benefits of your product or service. Most television ads are product overviews. When shooting this kind of video, keep things short and sweet.

Teasers

Think of a teaser video as an amuse bouche for your upcoming product or event. As short as a couple of seconds, the teaser video is designed to pique the interest of your viewers, exciting and engaging them. As an example, imagine you own a kitchen supply shop and you have a new, imported pepper mill coming in. To market this, you could film a teaser with just an up-close glimpse of the grinder plates in action. You could even tie in a contest by having your audience guess the appliance. The idea of a teaser is to arouse interest and foster engagement.

Explainers

Similar to product overviews, explainers are frequently animated spots that break down products that would be difficult to demonstrate otherwise. If you have a complex or virtual product to sell, you might consider an explainer.

Livestreaming

Livestreaming videos are interactive and, due to their availability on platforms like Facebook and Instagram, free and extremely easy to set up. When you livestream you can speak to your audience directly and they can respond to you in the comments section. This is a live medium, so it’s important to make sure you have help with moderation but livestreaming can be the perfect way to share a Q&A or an event. You can showcase your expertise while making your viewers feel like they’ve had an intimate interaction.

Vlogs

Video blogs, or vlogs, are video-based posts designed to inform or educate. They’re suitable for how-tos, tips, or for information that breaks down easily into smaller chunks.

Tutorials

If you’re trying to show someone something more complex than suitable for a vlog, a video tutorial may work well. For example, let’s say you own a photography shop and want to share how to replace your LCD screen on a certain camera. A video tutorial will work perfectly. For computer-based tutorials, the content could be as simple as recording what you’re doing on your own screen.

Milestone or leadership announcement

If your business has reached a new milestone or has had a change in leadership, you could put out a press release and hope it gets read. Or, you could produce a video that captures behind-the-scenes content and showcases the personalities of the people involved. This is your chance to draw your viewers in and make them feel that they’re getting to see what your company is all about. Milestone videos can also help bridge the gap created by COVID and make your viewers feel connected to you and your business.

Contest or promotion

Running a contest or promotion is an established marketing tactic and using video only makes it stronger. As contests have closing dates, it’s critical to get the video shot well in advance.

Webinar or interview

Like a panel at a conference, a webinar or interview can educate and inform your viewers. Make sure you’ve selected a quiet space with a visually appealing background, and that your interviewer is knowledgeable and comfortable in their role. Webinars work well where the buying process is complex or lengthy.

As you can see, no matter your purpose or type of information, there’s a style of video for it. Start simply by running a livestream event or a useful tutorial and work your way up to the more expert applications.

Small business owners know that sometimes businesses need cash. Sometimes they need it fast. Liquidity is a lifeline for small businesses, and owners need to make sure they have the tools in place for every eventuality. A business line of credit is a strong defence against volatility, emergencies, or simple fluctuations, extending a continuous option of cash liquidity so that cash flow never becomes a problem. Read on for more about business lines of credit, how they work, and whether your small business would benefit from a line of credit.

What is a business line of credit and why would you use one?

Just like a personal line of credit, a business line of credit is a loan that gets you access to capital that you can use to meet your needs. For small businesses, these needs might be purchasing inventory, replacing or repairing equipment, renovations, paying off unexpected expenses, or other short-term cash flow gaps. Cash flow allows you to be nimble and make decisions quickly. With a business line of credit, you can simply take out an advance on a pre-approved amount with its own predetermined repayment plan to meet your short-term needs.

A business line of credit from iCapital is an unsecured line of credit with pre-negotiated interest rates and repayment terms. With this product, you can access any amount of money up to your limit on an as-needed basis. And, when you take out a business line of credit with iCapital, our software will automatically send a notification when you become eligible for credit limit increases so you’ll always have up-to-date information on your available cash flow. If you’re interested in a business line of credit, simply apply online with your bank statements and your application will be reviewed on the same day. You can expect funding in 24 hours or less.

Alternatives to a business line of credit

A business line of credit is not the only product you can use to ensure you have access to cash flow for your business. Other products include:

• Term loan
  With a term loan, you repay daily or weekly over a set term. There is no interest rate but rather a predetermined fee negotiated by you and the lender, based on your credit score, length of time in business, and other factors. This type of product might work well for a single unforeseen expense such as replacing broken equipment.
   
• Merchant cash advance
  Also, a one-time loan product, a merchant cash advance is perfect for those in retail, hospitality, or food service-type businesses. Rather than having a set repayment amount, you repay based on a percentage of the daily sales transacted through your credit/debit machine. This means that you can get much-needed cash flow without worrying about closures or slow seasons.
   
• Secured business loan
  With collateral (typically property), you can get a business loan to use toward your expenses. As a secured product, you may be able to negotiate lower interest rates and longer repayment terms.

Cash flow is absolutely vital for small businesses and it can be hard to keep on hand. Business loans, cash advances, term loans, and lines of credit are all powerful products to help you keep your business running smoothly. Applying for a business line of credit will ensure you can enjoy the peace of mind knowing that you have access to a pre-approved amount, should the need arise.

As 2021 grows closer, many small business owners are making plans with an eye towards rebounding from a year disrupted by the pandemic. Now is the time to plan, but COVID-19 is really only one of many variables impacting small businesses right now. The pandemic affected how products and services were offered and delivered, and will have implications well into 2021. But savvy business owners are also planning against other market forces like the shift to big box stores and the uber-fast delivery expectations set by Amazon Prime. As you build your new year’s strategy, consider these ideas to make your business stronger in 2021.
 

Make purchases and delivery easier—for everyone

According to web registrar GoDaddy, “Roughly half of those [businesses] surveyed had a website or active social media account before the pandemic hit. That number has almost doubled.” Businesses who want to maintain or grow during COVID-19 are flocking to online and the next big shift is going to be the adoption of platforms that do everything in one place: sales, email communication, and even marketing.

By undergoing a digital transformation, small businesses can improve their own system while continuing to offer top-notch customer service—and it’s not as complicated as you might think. Take for example, Coffee Tree Roastery, a small shop in Toronto’s West End that, as a response to the COVID-19 retail shut downs, began selling online and offering local delivery or pick-up. They chose the Canadian platform Shopify, which allows them to manage everything from online orders and payments, to in-store POP transactions with one system. For their customers, this represents an easy way to order and pay 24/7.

Some businesses are new to being online, while others are ready to adopt better digital tools. Wherever your business is in regards to your digital presence, now is the time to invest in online.

Go all-in on customer service

It’s tough to compete with the lightning fast delivery times of Amazon Prime or the rock bottom prices offered by some big box stores. Our advice? Don’t. Cultivate your advantage where the giant retailers can’t compete—the personal touch.

You’ve already taken steps towards an online platform so your customers receive the fast and easy ordering process they deserve. Next, figure out what more you can do to make shopping with you pleasant, stress-free, and perhaps even memorable. Free local deliveries, discounts for in-store pick-up, and personalized invitations on key dates like birthdays or anniversaries are all terrific ideas.

Be memorable

Find ways to stand out beyond your customer service efforts, too. Take 15 minutes with your team to brainstorm strategies that make your product or brand memorable, with an added bonus for “feel good” touches. Even if you’re only allowing curb-side pick-ups, consider putting out a small hot apple cider to warm up your customers. Include a hand-written note on the bag for the personal touch. Or, tuck a little freebie like a candy cane or chocolate into the order.

Earn a loyal following

Building your brand is about more than just awareness. You want to earn your customers’ loyalty. Think about ways you can inspire your customers to not only return for more of your product or services, but also recommend you to their friends, family, and colleagues.

Tap into what matters. For example, if your customers value their local shops, find ways to reinforce this like giving them a branded reusable shopping bag. Remember your customers’ names and listen when they tell you about their lives. Recalling their order or their children’s names will go a long way to making them feel special. Encourage repeat customers with VIP offers or discounts. Positive interactions are an incredibly powerful advertisement for your business.

There are many challenges facing small businesses as we roll into 2021, but there’s no shortage of pathways to success. Customers want what they’ve always wanted—fast and easy ordering, a pleasant experience, and a personal touch. COVID-19 has caused notable changes in the shopping experience, but good service is always appreciated, even from six feet away.

There are all sorts of compelling reasons to renovate your home. Perhaps you’re making room for a new addition to your family or seeing someone off to college. Kitchens and bathrooms especially appreciate regular updates. Or maybe you’re just protecting your investment. Whatever your reason for considering a renovation, you’ll have to work with a budget to get the job done. For most, this means looking into a home renovation loan. If you have questions about how to take out a loan for your home renovations—or even if you should—you’ve come to the right place.  

What is a home renovation loan? 

As the name suggests, a home renovation loan is money borrowed to do home renovations. It’s a personal loan, and at most lenders, iCapital included, it’s secured against the equity you have in your home. Another term for this is a home equity loan.

Home equity loan vs mortgage refinancing vs a HELOC

Some borrowers find money for renovations by refinancing their mortgage. This method also uses the equity in your home as collateral but in the case of refinancing, the idea is to pay off your mortgage and take out a new mortgage—ideally at a lower rate. This option isn’t well-suited to those who intend to sell in the shorter term.

Like mortgage refinancing, home equity loans give you access to a lump sum of money, and they use your home as collateral so they tend to offer a lower interest rate than unsecured personal loans. 

A third borrowing option is a home equity line of credit (HELOC). Imagine a HELOC like a credit card with your equity representing your limit where you can borrow small amounts as you need them. HELOCs are offered by all of the major banks and are typically based on a variable interest rate.

Ultimately, the product you choose will depend on your circumstances but all of these loans can be used towards a home renovation.

Is now really a good time for renovations?

The COVID-19 pandemic has thrown a lot into question for a lot of Canadians. Some have had their hours reduced or lost jobs altogether. Others have seen their investments tank. If you’re struggling with the idea of borrowing money for a home renovation you’re not alone. It’s wise to go into a borrowing agreement informed and now is a time of great uncertainty. That said, there are valuable opportunities for those in the position to seize them.

Individual Canadians are not the only ones living with financial uncertainty, and that means lenders are offering notably low rates. A personal loan for homeowners at iCapital can be financed for as low at 9.99%. 

Other factors to consider are that you and your family might have more time to dedicate to a renovation and even be able to funnel some funds earmarked for something else (like travel for example) into the project. No matter what else is going on, it’s always a good idea to protect your investment by keeping your home in good shape so now might be an ideal time to take care of maintenance and updates.

Is a home renovation a good investment?

Your home is likely one of your biggest investments so it makes sense to care for it. That said, some renovations promise a higher potential return than others. If you’re thinking about your renovation as an investment on your resale value, skip the accessories and think about the basics. A new roof or furnace will go further than countertops or interior paint—particularly if you don’t intend to move for a while during which time styles may change. That said, deep renovations on kitchens and bathrooms that include up-to-date appliances can provide the “wow” factor to command a higher asking price. 

What you need to know before applying

Before you apply for a home improvement loan you should have been able to prove your financial solvency and ability to pay back the loan. Generally, you’ll need to show a regular income, a bank account, and a permanent address. A good credit score is important as it shows lenders that you have a record of repaying your loans. Also, a better credit score will sometimes get you access to a lower interest rate.

In addition to the loan amount, you will also need to negotiate the amortization period—that is, the amount of time you have to repay the loan—and the terms. At iCapital, the amortization periods can range between 9-60 months, and repayment is done through a regular, scheduled automatic debit from your account.

Whether you’re considering renovations as an investment or to simply increase your own enjoyment of your space, there are compelling reasons to make the leap now. Favourable interest rates and a bit of free time don’t generally come along simultaneously. With the right preparation and plan, you can go after a home renovation loan with confidence.