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August 5, 2020

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Department of Justice - PPP loan fraud small businesses

Paycheck Protection Program (PPP) loans have aided more than 5 million small business owners, providing a much needed lifeline during the Coronavirus outbreak crisis. The overwhelming majority of business owners are legitimate and will use the money as intended to retain employees and stay operational.

But the PPP program has attracted a few rotten apples. And you won’t believe how rotten they are.

To date, the Justice Department has filed 30 PPP fraud cases. Defendants are charged with bilking taxpayers out of tens of millions of dollars. Luckily, the Feds have recovered a large part of the loan proceeds already.

And what’s been recovered tells a wild tale.

Feds have seized a 2020 Lamborghini Huracan sports car, a Rolex Presidential watch, a 5.73-carat diamond ring, and a diamond bracelet — all purchased with PPP loan money. Other loot includes a Tesla, a 26-foot Pavati Wake Boat, two Rolls-Royces, a Lamborghini Urus, and a Ford F-350 pickup truck.

Authorities also seized cash hoards, froze bank accounts, and recovered other assets.

Some defendants blew taxpayer money on wild spending sprees, including Las Vegas gambling, visits to strip clubs, and day-trading. In one case, a married couple was apprehended at JFK Airport purportedly attempting to flee the country after submitting 18 fraudulent applications.

Every government program attracts a small number of grifters and criminals. And the DOJ has made it a priority to root them out. On March 16, 2020, Attorney General William Barr directed all 94 U.S. Attorneys’ Offices to prioritize investigating and prosecuting PPP loan fraud cases.

PPP Loan Program Results

On March 27, 2020 Congress passed and President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act — or CARES Act. It authorized the Paycheck Protection Program. PPP is a low-interest, forgivable loan program designed to help small businesses and self-employed individuals.

In an unusual example of government speed, the Small Business Administration started accepting loan applications just a week later on April 3, 2020. Through July 24, the SBA has approved 5,005,261 loans, constituting $519,505,881,228, demonstrating its success.

The majority of the funds are going to help the nation’s 31 million small businesses, there’s no doubt about it. The number of fraud prosecutions is very small by comparison.

30 PPP Fraud Cases – So Far

Could these prosecutions involve nothing more than paperwork mistakes? They do not appear to be honest mistakes. All appear to involve egregious circumstances — assuming the government ultimately proves the facts. Some defendants actually were under indictment for other charges at the time of applying for loans. Others hid their criminal past.

Here’s a rundown of the 30 PPP loan fraud cases to date with some of the lurid details alleged:

Two Men, Identity Theft and a Conspiracy (Rhode Island – May 5)

David A. Staveley, aka Kurt D. Sanborn, and David Butziger were charged with conspiring to seek over $530,000 in PPP money. It’s alleged they falsely claimed to have dozens of employees at 4 different businesses, including a restaurant neither owned. They allegedly discussed their fraud in email and one assumed the identity of his own brother. Special Agent in Charge Joseph R. Bonavolonta of the FBI’s Boston Field Office said in a statement, “Thankfully we were able to stop them before taxpayers were defrauded.”

Texas Engineer (Texas – May 13)

Shashank Rai, an engineer from Beaumont, is charged with multiple counts of fraud and false statements to the SBA for seeking more than $10 million in PPP funds. He allegedly claimed to have 250 employees when there is no record of any in his business, Rai Family LLC. Court documents allege that handwritten notes recovered from his trash describe how he planned to use $3 million of the money for personal investments.

Reality TV Personality (Georgia – May 13)

“Love & Hip Hop: Atlanta” star Maurice Fayne was indicted on fraud charges over a $3,725,500 PPP loan application for his company, Flame Trucking. Fayne allegedly claimed he had 107 employees and submitted forged bank statements. It’s alleged he then blew the money on a Rolex Presidential watch, a 5.73 carat diamond ring and other jewelry. He also allegedly used the money to pay $50,000 for restitution in a previous fraud case, $40,000 in back child support, $139,000 to lease a Rolls Royce Wraith — and $230,000 to associates who helped him run a Ponzi scheme. When arrested, he had almost $80,000 in cash at his home and $9,400 in his pocket, authorities claim.

East Texas Man and the Online Name Generator (Texas – May 19)

Samuel Yates of Maud, Texas is charged with fraudulently applying for $5 million with two different lenders. He claimed to have 400 employees, but actually had zero. The complaint claims Yates used a name generator on the Internet to create names of fake employees. He also allegedly submitted forged tax documents.

Manhattan Businessman (New York – May 21)

Muge Ma, a/k/a “Hummer Mars,” a Chinese national residing in Manhattan, was arrested on charges of trying to obtain over $20 million in PPP and EIDL money. Ma is alleged to have falsely represented to the SBA and five financial institutions that his companies had hundreds of employees when he was the only employee. He also allegedly was involved in a scheme claiming to represent the New York State Government in procuring COVID-19 test kits.

Hollywood Film Producer (California – May 22)

William Sadleir, the ousted head of Aviron Pictures, was charged with wire and bank fraud in connection with a $1.7 million PPP loan. He allegedly used some of the money to pay off $80,000 in personal credit cards and a $40,000 car loan. Sadleir was Executive Producer on films like Serenity, starring Matthew McConaughey. In an unrelated matter the SEC charged Sadleir with allegedly defrauding investors of $13.8 million through Aviron.

Lyft Software Engineer (Washington – May 22)

Baoke Zhang, a software engineer at ride share company Lyft, is charged with wire and bank fraud. He allegedly created fake technology companies to obtain $1.5 million in funds. U.S. Attorney Brian T. Moran said in a statement, “I am pleased that the systems designed to detect and deny fraudulent payments caught his scheme before federal funds went out the door.”

Man on Parole (Virginia – May 29)

Joseph Cherry II of Virginia was indicted on 10 counts of COVID fraud and faces 10 to 30 years of prison time on each count. Cherry was on supervised release in an unrelated federal case when he applied to the SBA program. It is alleged he got over $190,000 in proceeds and managed to withdraw cash or cashier’s checks for $140,000. “Providing false statements to gain access to SBA’s programs will be aggressively investigated by our office,” said Hannibal Ware, Inspector General of the U.S. Small Business Administration, in a statement.

Walmart Project Manager (Oklahoma – June 4)

Benjamin Hayford is charged with fraud for seeking about $4.4 million in PPP financing. He allegedly certified that his business was operating as of February 15, 2020 (a requirement of the law) and had 247 employees. Prosecutors say a search of his email account showed he didn’t even set up a company until a few days before applying in April. At the time of his arrest Hayford was a Project Manager for Walmart. The retail giant suspended him and stated the charges were unrelated to Walmart.

Auto Repair Shop Owner (California – June 5)

Geoffrey M. Palermo of Novato faces charges of wire fraud and making false statements. The former manager of the San Francisco Hilton allegedly embezzled from the hotel in a kickback scheme going back to 2013. After leaving the hotel he opened GMP Cars, an auto repair shop. In April he allegedly obtained a PPP loan of $1.7 million by falsely certifying that GMP Cars had employees for whom it paid salaries and payroll taxes. In fact, according to the criminal complaint, Palermo used company funds for lavish personal expenses including a Ferrari racing car, leaving the business in financial distress.

IT Company Business Owner (Illinois – June 16)

Rahul Shah of Evanston is charged with bank fraud and making false statements to a financial institution. He allegedly applied for $441,000 under the Federal Paycheck Protection program for several companies. The allegations say he submitted fake IRS documentation. Several individuals he allegedly submitted payroll documentation for said they never worked for his company, per investigators.

Austin High Roller (Texas – June 18)

Michael George McQuarn, 51, of Austin, is charged with with fraudulently receiving over $2 million in SBA loans for two fictitious companies, Vantastic Voyages, LLC and Happy Days Movers, LLC. McQuarn allegedly used the money for personal purposes including buying a 26-foot Pavati Wake Boat and a Rolls Royce.

IT Services Company Owner (Massachusetts – June 22)

Elijah Majak Buoi, president of Sosuda Tech LLC, is charged with fraudulently applying for over $13 million in PPP aid. Buoi allegedly misrepresented how many employees he had and that the United States was their primary residence (required). He ultimately received over $2 million but the government seized $1.98 million from business bank accounts.

Wedding Planner (Texas – June 23)

This owner of a wedding planning company is charged with submitting two PPP applications, and claiming to have 120 employees when he actually had none. Fahad Shah got $1.5 million in funds. He allegedly used the money to buy a Tesla car, make personal investments and make his home mortgage payments.

Married Couple Attempting to Flee (Virginia – June 24)

The FBI apprehended Monica Jaworska and her husband Tarik Jaafar at JFK Airport allegedly attempting to flee to Poland. The paid are charged with submitting 18 fraudulent Paycheck Protection applications with false payroll tax returns, and receiving $1.4 million in funds. The Feds managed to freeze most of the funds but not before the couple allegedly withdrew $30,000 in cash.

Funeral Director (Texas – June 24)

Jase DePaul Gautreaux aka Jase Dixon, a funeral director in Houston, is charged with seeking $13 million in funds and ultimately receiving over $1.6 million. The criminal complaint charges him with false statements to a financial institution, bank fraud and engaging in unlawful monetary transactions. He allegedly submitted applications on behalf of a business that did not exist and for businesses he did not own.

Owner of Private Investigation Firm (Ohio – June 24)

Nadine Consuelo Jackson is charged with bank fraud and other charges for seeking forgivable loans in the amount of $1.3 million, $1.2 million and another $46,000 in Economic Injury Disaster funding. She allegedly claimed to have 73 employees at her Dayton private investigation business. Three people she allegedly claimed as employees told investigators they never heard of her company. The bank recalled one loan and the Government seized funds for the other two.

Ophthalmologist Already Under Indictment (New York – June 24)

Apparently one fraud isn’t enough for some people. Meet Goyal, MD, an ophthalmologist in Rye, New York, was under indictment for healthcare fraud. That didn’t stop him from allegedly applying for two PPP loans using different business names. He also allegedly lied certifying he had no pending indictments. Acting U.S. Attorney Audrey Strauss said, “Goyal allegedly looted over $630,000 in federal funds earmarked for legitimate small businesses in dire financial straits.”

Seattle Doctor (Washington – June 30)

Dr. Eric R. Shibley is charged with one count of wire fraud and one count of bank fraud. The complaint alleges he applied several times to get aid totaling $3 million, in the names of businesses with no actual operations. He allegedly lied about his criminal past, and submitted fake tax documents including names of people who did not work for the businesses.

Man Under Indictment (Wisconsin – July 8)

Ahmad Kanan, formerly of Madison, is charged with wire fraud and money laundering. He allegedly applied for two loans totaling $119,560 acting as owner of Altin Labs, Inc. The indictment alleges Kanan was under federal indictment on an unrelated matter at the time. He then allegedly transferred $47,000 to his personal checking account.

Trucking Company Owner (Utah – July 8)

Hubert Ivan Ugarte of Draper, with the assistance of Lisa Bradshaw Rowberry of Provo are charged with fraudulently obtaining a PPP loan of $210,000. He allegedly lied about not being under criminal charges — he in fact was under indictment for a bribery scheme. After two banks declined, Rowberry allegedly said she would help him re-apply through a friend. Ultimately Ugarte received funds from Transportation Alliance Bank. Ugarte allegedly used funds for past due truck payments to Kenworth instead of required payroll.

Medical Company Owner (Florida – July 10)

Carlos Belone is charged with wire fraud and other charges in connection with several fraudulent PPP applications. He allegedly got $22,000 which he then deposited partially into a personal account and partially gave to another company in furtherance of a $5.6 million Medicare kickback scheme.

Construction Company Owner (Washington D.C. – July 13)

Oludamilare Olugbuyi is charged with fraudulently obtaining two PPP loans totaling more than $400,000. Allegedly he submitted fake IRS 1099 Forms containing worker social security numbers that were invalid. The complaint claims he submitted a tax return reporting $175,565 income for tax year 2019. However, on April 14, 2020, Olugbuyi allegedly filed a 1040 “non-filer return” reporting $1 in income for 2019 which qualified him to receive a $1,200 economic impact payment.

The Cryptocurrency Investor (Texas – July 14)

Joshua Thomas Argires of Houston was arrested on various fraud charges. Argires allegedly filed two fraudulent applications seeking $1.1 million in forgivable funding. One was on behalf of a company called Texas Barbecue and the other called Houston Landscaping. Argires allegedly invested some of the proceeds in a cryptocurrency account and withdrew other funds via ATM transactions.

The Vegas High Roller (California – July 16)

It’s easy to take risks on day trading and gambling when you’re using taxpayer money. Andrew Marnell of Los Angeles is charged with bank fraud. He allegedly used aliases to obtain $8.5 million in aid using fake tax filings and falsified records of payroll costs. He allegedly blew through about $200,000 in Las Vegas casinos, where he was caught on surveillance cameras at a Bellagio blackjack table. Authorities also claim he lost $500,000 on risky stock market trades. Wells Fargo previously fired him for embezzlement, according to news reports.

Handmade Entrepreneur (Arkansas – July 16)

Ganell Tubbs, the entrepreneur owner of Little Piglet Soap Company and Suga Girl Customs, an Etsy shop, is charged with fraudulently obtaining nearly $2 million in PPP loans. Days later she paid $8,000 on her student loan and then went on a spending spree at Sephora and other retailers, it is alleged.

Ex-Microsoft Executive (Washington – July 23)

Mohan Mukand, who used to work for Microsoft and Amazon according to his LinkedIn profile, is charged with submitting 8 PPP applications on behalf of six companies. According to the U.S. Attorneys office, the companies didn’t exist or didn’t have the employees he claimed. Authorities allege he bought a company on the Internet in May with no employees, and then forged documents to claim he had paid millions in payroll taxes in 2019. He allegedly transferred a quarter million dollars of proceeds to his personal brokerage account.

High-Living Florida Man (Florida – July 27)

David T. Hines of Miami is charged with fraudulently seeking $13.5 million in PPP money using false statements about various companies’ payroll expenses. He was approved for $3.9 million. Days later he allegedly bought a 2020 Lamborghini Huracan sports car for $318,000. He also allegedly squandered money at luxury retailers and Miami resorts.

Miami Chiropractor (Florida – July 29)

Dennis Nobbe, a chiropractor in Miami, is charged with wire fraud, health care fraud, money laundering and conspiracy. He allegedly obtained $200,000 in Paycheck Protection Program and Economic Injury Disaster funds and used the money for personal expenses. Allegations also claim he perpetrated a credit card scam on low-income patients. He allegedly got patients to open credit cards to pay for out-of-pocket medical expenses for services he did not fully render.

Houston Partier (Texas – August 4)

Lee Price III is charged with making false statements to a financial institution, wire fraud, bank fraud and engaging in unlawful monetary transactions. He allegedly received over $1.6 million. He then went on a luxury buying blitz acquiring a Lamborghini Urus, a Rolex watch, a 2020 Ford F-350 pickup truck, and real estate — according to allegations. He allegedly squandered thousands at strip clubs and nightclubs.

The DOJ and U.S. Attorneys are using a variety of charges for enforcement, including wire fraud (18 U.S.C. § 1343) and making false statements to the SBA and FDIC-insured banks (18 U.S.C. § 1014). Depending on the charges, penalties could include up to $1 million in fines and up to 30 years in prison, legal experts say.

But of course, the government has to prove the allegations. Justice Department lawyers remind everyone that, “A criminal complaint is merely an allegation and a defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law. ”

More Prosecutions on the Horizon

PPP money is still available and the current deadline for applying is August 8, 2020 (unless extended). A total of roughly $649 billion has been authorized by Congress, leaving $130 billion still available for small businesses as of July 24th.

Have we seen the last of PPP fraud prosecutions? No. New ones are being announced weekly. But it’s important to remember that 30 frauds out of 5 million loans is a minuscule number. The overwhelming majority of loans have no allegations of fraud surrounding them.

Still, a June report by the Government Accountability Office found, “there is a significant risk that some fraudulent or inflated applications were approved.” Treasury Secretary Steven Mnuchin announced that the Treasury Department would review every PPP loan over $2 million. However, the GAO recommended oversight of the more than 4 million smaller loans, also.

The government watchdog also pressed for safeguards and oversight plans to avoid double dipping. There’s a recommendation to audit COVID-19 unemployment benefits paid to workers rehired by employers using PPP loan funds.

Yet to Come: The PPP Forgiveness Process

Another wrinkle is the loan forgiveness process. Millions of small businesses eventually will apply for forgiveness. That’s bound to trigger another round of scrutiny.

In order to get Paycheck Protection loans forgiven and not have to repay the money, small business owners have to show proof that at least 60% of the money was used for payroll and the rest for other permitted expenses. A requirement of forgiveness is that borrowers must rehire or retain workers — and maintain salary levels.

The DOJ has signaled it may also pursue civil penalties not just criminal prosecutions, particularly around loan forgiveness. Principal Deputy Assistant Attorney General Ethan P. Davis noted in a June 26th speech: “When the borrower is ready to seek forgiveness of the loan, it has to certify that the funds were in fact used to pay costs that are eligible for forgiveness. If an applicant knowingly answers any of these questions falsely, it may face False Claims Act liability.”

This means you have to be just as scrupulous when applying for forgiveness as when you applied for the money initially. The False Claims Act can impose steep financial penalties, including treble damages.

If the PPP debt is not forgiven, the interest rate is very low — 1%. Businesses that have to repay the money get 2 years to repay if funding was issued before June 5. If you got funding after June 5, you have five years to repay. The PPP promissory note you signed will have the terms applicable to you. See the SBA website for updated forgiveness information.

Should Business Owners Be Worried?

It’s a scary thing for legitimate business owners to sign borrower certifications under potential penalties of fines and prison time. The SBA programs have complex rules. It could be easy to trip up innocently.

This has caused some entrepreneurs and business owners to think twice about applying. No one under pressure of this pandemic wants to fumble on a technicality while legitimately trying to pay employees and keep their life’s work afloat. One local businesswoman told me she prayed for two weeks before applying because of her fears over confusing requirements.

Representatives of the Department of Justice say honest owners acting in good faith shouldn’t worry. Stephen J. Cox, the U.S. Attorney for the Eastern District of Texas, wrote in an op-ed in Texas Lawyer:

“Rest assured that we will be careful not to discourage legitimate businesses from accessing the important financial resources that Congress made available through the CARES Act. We will not punish companies that accessed stimulus funds in good faith compliance with the rules. Nor, will we seek out applicants who made technical mistakes in processing paperwork or honestly misunderstood regulatory or certification requirements. Our focus is on fraud.”

Let’s hope the entire government is on the same page as Mr. Cox.

This article is not intended as legal advice. It’s intended to offer news and peer perspective on an important issue that affects us as business owners. Stay informed and check with your attorney and/or accountant with questions.

Case data source and image source: Justice.gov

This article, “30 PPP Fraud Prosecutions So Far, and Counting” was first published on Small Business Trends

August 5, 2020

How easy is it to market online?

B2B Marketing Rules Covid-19
I was supposed to go to an Alanis Morissette concert this July. When the pandemic hit hard in March, I wasn’t ready to cancel my ticket yet. Surely, surely we would have it sorted in time for an outdoor concert four months from now. I held out hope. Then, in June, she rescheduled for July, 2021. And now I’m wondering if that will be enough time.

Isn’t it ironic?

Don’t you think?

All of which to say: This pandemic has been around for longer than we thought it would, and is looking to linger far longer than we would like. What seemed like a brief, surreal interlude to be gotten through has now become a reality to live with, at least for the time being.

As B2B marketers, we need to reassess how we are adapting our marketing to our buyers’ current situation. We’re no longer scrambling to cobble together short-term fixes — we need to be out of reaction mode and into strategic planning mode.

Our marketing agency has been helping clients revise their marketing plans for months now, from messaging and audience to tactics and measurement. Here are a few rules we’ve picked up that other marketers should follow:

6 New Rules for B2B Marketing in the COVID-19 Era

Rule #1: Always Be Relevant

Okay, this is less a NEW rule than a timely reminder. I’m sure most marketers who read our blog (as smart, skilled and beautiful as you are) don’t need to hear it. But just in case: You should never come to an audience without something of value.

Corollary: “Something of value” can not equal “Knowledge of how our product/solution can improve your life.”

People are distracted and stressed. They’re dealing with a new crisis every day. They’re spending way more time with their children than is psychologically healthy. And they have more content than ever before to occupy their free time. If you’re asking for their attention, you must reward it. Be entertaining, be useful, be both if you can. [bctt tweet=”‘Be entertaining, be useful, be both if you can’ in your #B2B content marketing, says @nitewrites.” username=”toprank”]

After you deliver, then you can ask for a next step. But make sure your content is intrinsically valuable.

Rule #2: Encourage Interaction

The pandemic lifestyle is, to put it lightly, isolating. Who would have thought you could miss hearing co-workers rock in their chairs, play music a little too loud, or bump into you in the hallway? Most of us are craving social interaction.

If you’re used to broadcasting with your content, it’s time to consider how you can start conversations. How can you interact with your audience on a human level? How can you encourage them to interact with each other, too? Think how much your audience would value a lively, thought-provoking conversation with their colleagues and peers.

You can encourage interaction with content in a few easy ways:

Host a LinkedIn Live chat
Run a Twitter chat
Sponsor a topic-themed chat in a video conferencing app
Run an interactive webinar

In general, look for ways you can call out a subset of your audience and get them talking, both to each other and to your brand representatives. We can all use a little more social interaction right now.

Rule #3: Keep Messaging Empathetic

I don’t know about you, but I cringe every time I see an ad about something “going viral.” We are 6 months into a viral pandemic and marketers are still running ads about going viral! How can this be?

This is just one example of how completely innocuous messaging pre-COVID can seem tone-deaf now. Does your content have an anecdote about a dinner party with 15 people? Does your header image feature a crowd of people? Are you talking about “going into the office” or “thinking about this on your commute?” If so, you’re alienating your audience.

Not every piece of content has to be about the pandemic, or being nostalgic for the world that once was. But there needs to be a baseline of empathy: Working from home, social distancing, and mask-wearing are all facts of everyday life.

Rule #4: Experiment with Formats

In the time before the pandemic, we all spent hours looking at screens every day. It’s just there were different screens, in different environments. It was easier to differentiate between the office and home, work and play. Now, our surroundings are homogenous throughout the day — and the content we consume feels same-y, too.

Think about content fatigue as you plan your calendar. Is your audience looking for another wall of text? Do they want to look at another grid of talking heads?

Our agency is finding more success right now with multimedia, interactive content. Our B2B Influencer Marketing report is an example. The content includes case studies, influencer participation, and original research, presented in an animated, dynamic way.

Essentially, keep in mind that idea of efficiently delivering value. Can your blog post be a quick video or audio interview instead? And can that video be five minutes long instead of 10? [bctt tweet=”Can your blog post be a quick video or audio interview instead? And can that video be five minutes long instead of 10? says @nitewrites.” username=”toprank”]

Rule #5: Collaborate on Content

For me, one of the stranger elements of pandemic life is learning how similar I am to everyone else. I had an urge to do puzzles in March — all the stores were sold out. I wanted to make bread in April — the stores ran out of flour. In May, everyone bought bikes.

Right now, every B2B business is missing their trade shows and in-person demos. So most of them are doubling down on content. The best way to differentiate your content is to bring your audience voices they can’t hear anywhere else.

Co-create content with influencers. Feature subject matter experts in your organization. Tap your current and prospective customers to get their take. The more voices you can bring to your content, the more it will stand out to your audience.

Rule #6: Re-Align Measurement with Current Goals

Per rule #1, people are less interested in promotional content right now. Businesses may have put their purchasing plans on hold, or at least tightened budgets. Marketing’s chief goal right now is likely to be establishing brand credibility, creating thought leadership content, and building relationships for the future.

As your goals change, your measurement must change as well. You can’t measure an awareness campaign in SQLs, or relationship-building in number of demo requests received. That doesn’t mean giving up on measurement or accountability — it just means making the metrics match your goals. For example, you could measure:

Brand share of voice
Email/Blog subscribers
Social media audience/interactions
Content consumption metrics (time on page, scroll depth, links clicked)
Content resonance (backlinks and social shares)

How New Are These Rules?

So here’s the $100,000 (adjusted for inflation) question: At what point should you stop producing relevant, interactive, empathetic, dynamic and collaborative content? When can you heave a sigh of relief, stop listening to your audience, and start broadcasting promotional messages?

When you put it that way, it’s obvious: These rules are best practices for content no matter what’s going on in the world. The pandemic didn’t create the need for these rules; it just amplified how crucial they are. Back in January, we might have had the luxury of ignoring one or more of them. Now we have the joyous necessity of being forced to do better.

And that’s the good news: Making your marketing better for the pandemic will make you a better marketer now and for whatever comes next.

Need help creating content? We’re here for you.

The post 6 New Rules for B2B Marketing in the COVID-19 Era appeared first on Online Marketing Blog – TopRank®.

August 5, 2020

Did you lose your job or business in this pandemic?

lightspeed tools retail small business

As the landscape in which small retail businesses operate in continues to change, they must adapt. The new digital tools from Lightspeed look to help retailers improve their digital transformation and address the changes taking place.

The company is introducing in-store POS, eCommerce, Digital Wallet, and Analytics Core solutions. It will also include Mobile Tap, which will support contactless payment and curbside pick-up. Lightspeed says this will support small businesses as they adjust to new consumer behavior. And if businesses don’t overhaul their digital capability, they will not attract customers that are adopting these new behaviors.

Lightspeed Tools for Retail Business

The Founder and CEO of Lightspeed, Dax Dasilva, explains the priority is to look to the future of retail. Adding he wants businesses to adapt rapidly to the quick and dramatic consumer behavior changes of the past few months.

In the release, Dasilva goes on to say, “The SMBs that Lightspeed powers are innovating quickly because they are equipped with tools that help them remain agile, stay connected with their customers, and future-proof their businesses.”

For retailers, it means improving the omnichannel shopping experience so customers can seamlessly go in and out of a brick and mortar and digital stores. According to Lightspeed, the goal is to enable greater multi-location efficiencies and provide opportunities for improved productivity for its retailers.

Mobile Tap

One of the new behaviors consumers are having to adopt is avoiding or greatly limiting contact with people. But by their very nature retail businesses require some contact; at least that was the case in the past.

With Mobile Tap, retailers can deploy contactless payment and provide curbside pick-up for their customers. This will dramatically reduce the points of contact between employees and customers.

Lightspeed says merchants in the U.S. using its payment system can process transactions with just a tap. This includes anywhere in the store as well as curbside so they can follow social distancing protocols.

The Mobile Tap hardware connects through Bluetooth thus turning an iPad into a contactless mobile payment terminal. The end-to-end encryption technology then processes the payment securely.

Digital Wallet for eCommerce

One of the biggest challenges for eCommerce retailers is abandoned carts. According to Lightspeed 21% of U.S. eCommerce shoppers abandon their cart at checkout. This the company says is because of lengthy or complicated checkout processes.

The Lightspeed Digital Wallet will expedite the process with a secure and seamless experience. Digital wallets are fast and efficient in the real world often taking seconds to pay for items. The one-click eCommerce checkout will make customers happy and improve the conversion rate by lowering abandoned carts.

Analytics Core

Another essential tool part of a company’s digital transformation is analytics. Because more businesses now also have a digital presence, Analytics Core looks to empower owners so they can make data-driven decisions.

With Analytics Core businesses can get access to different dashboards and get insights on sales, inventory, and employee performance.

The New Economic Landscape

The way people consume is going to be different for the foreseeable future. Whether it is one, two or more quarters businesses must adapt in this new economic landscape. And this will change businesses after the pandemic is under control.

For those who manage to survive, it is because of their ability to adapt to the new consumer behaviors with technology. And the great thing about this is, the technology will continue to deliver long after the pandemic is over.

The key is to explore all possible opportunities digital technology offers to your industry and business. While not everything will deliver positive results, having a strong presence in a digital ecosystem will pay dividends.

Image: Lightspeed

This article, “New Lightspeed Tools Helping Small Retail Businesses” was first published on Small Business Trends

August 5, 2020

Do you know anyone that likes to shop online?

Isn’t it ironic?

Don’t you think?

6 New Rules for B2B Marketing in the COVID-19 Era

Rule #1: Always Be Relevant

Corollary: “Something of value” can not equal “Knowledge of how our product/solution can improve your life.”

After you deliver, then you can ask for a next step. But make sure your content is intrinsically valuable.

Rule #2: Encourage Interaction

You can encourage interaction with content in a few easy ways:

Host a LinkedIn Live chat
Run a Twitter chat
Sponsor a topic-themed chat in a video conferencing app
Run an interactive webinar

Rule #3: Keep Messaging Empathetic

Rule #4: Experiment with Formats

Think about content fatigue as you plan your calendar. Is your audience looking for another wall of text? Do they want to look at another grid of talking heads?

Rule #5: Collaborate on Content

Rule #6: Re-Align Measurement with Current Goals

Brand share of voice
Email/Blog subscribers
Social media audience/interactions
Content consumption metrics (time on page, scroll depth, links clicked)
Content resonance (backlinks and social shares)

How New Are These Rules?

And that’s the good news: Making your marketing better for the pandemic will make you a better marketer now and for whatever comes next.

Need help creating content? We’re here for you.

The post 6 New Rules for B2B Marketing in the COVID-19 Era appeared first on Online Marketing Blog – TopRank®.

August 5, 2020

How easy is it to market online?

lightspeed tools retail small business