July 13, 2015

Tax Preparer / CPAs - More Sales Forever - Know your "Cost of Customer Acquisition" - Case Three

For independent tax preparers, bookkeepers and CPAs, this is how you can make your business boom.  The public would rather find you (You Are LOCAL) than use the major brand temp office preparer or one of those scary seasonal offices with the curtains in Walmart.

But let's start with knowing your "Cost of Customer Acquisition" - it is important to know.

"Cost of Customer Acquisition" is probably one of the most important pieces of knowledge to have in business.  This tidbit of information makes your small business act very big.  This tidbit of information is what makes businesses grow.  This Tidbit of information is what makes you more money and builds you a business that has asset value (sellable (ahh retirement)).
So let's figure this out.  How do I figure out what my Cost of Customer Acquisition is?  Probably the best way is use some industry averages.  They are available in your profession - attend a marketing seminar (they are at every major business show).  Note, if someone who is selling you marketing, claiming expertise in your business, and can not tell you what your profession's Cost of Customer Acquisition is, they ARE NOT an Expert.

The Tax and Tax Preparation business is heavily seasonal and you want to leverage, not only your own marketing and sales effort, but your competitions as well..

Tax Preparation and Accounting
Your Customers Marry You

Tax Preparation, CPAs and Bookkeepers
Local tax preparers typically have a low Cost of Customer Acquisition.  Most of their business comes from traditional hand-to-hand daytime marketing and referral.  We are assuming you want to grow, so we are going to throw out some ideas.   One real nice thing to remember, when you get a customer, they are typically FOREVER CUSTOMERS returning year after year.  So where should you be?

Internet and Social Media - The Internet and doing SEO are the easy parts for your business; there are a dozen computer geeks in every town that can make this happen for you - just don't over due it.  You are LOCAL, thus Google does most of the work for you (or them).  Social Media doesn't play a big roll either - You maybe should have a closed group for customers and / or an open page for general tips.  A blog is always good to have as well because Local people will find it on their searches ("CPAs in Albany" or even just "CPAs" because Google favors local).

 Note: People will "check you out" on Yelp and Facebook

Direct Mail - YES - EDDM (USPS Every Door Direct Mail) probably has the highest return for Tax Preparers; your clients come back over and over and over - for their lifetime in many cases - retention rates are high.  We have Tax Preparers that spend a large percentage when compared to their first years client fees (seems like a loser, but...) - they know, once the client is in - they are in for life.  Retention rates on someone who walks in the office are 80% to 90%.  The returns on such are almost unbelievable - huge - to big to quote because they are so unbelievable - think about it.  Remember, this is a "Local" Bang-for-the-Buck; there are diminishing returns, but doing once a year makes this a non-issue.  Do EDDM in surrounding neighborhoods, LOCAL to you .  Another nice thing is that this is a once-a-year event - December / January.

Referral Card
Referral Marketing - This is a no-brainer.  Your good relationships (goodwill) with local people and businesses gets you referrals.

So what can you do to help this referral marketing along?  Do some proactive referral marketing.
  1. Each client, on each visit, should walk away with a hand full of referral cards.  Those cards should reward the referred with some monetary incentive to come see you first;  "$$$ toward your Consult (remember, they come back year after year)".  In addition, the referrer needs to be rewarded with some credit as well (make it worthwhile) such as $10 for new clients (remember, they don't spend it till Next Year).  Clients will grab extra cards and give them out to all their friends for the sake of saving a few dollars (repeat - Next Year).  If you are  a bookkeeper or a CPA, you are likely to get a few business clients out of this as well.
  2. Possibly the most important task you have to improve your referral selection: Be Part of the Community - Be a Recognized Face = Be a Recognized Smile.
We will set up the complete program for increasing your business.

Call Me for advice - We Consult, we Print, and we will measure (count your money) if you like..

Bob Leonard
561-371-4113 (Call My Cell) 
512-593-8830 (in Austin)

We do business all over the Northeast, Austin, South Florida and in the SF Bay Area. 
Referral Marketing services provided by all LightsOn / Time4 offices.

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