Proven Success Formula COACHING

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1 Chauncey Hutter, Jr s Proven Success Formula COACHING Tax Business Development Strategy MODULE 1

2 Success Key #1 Build Your Tax Business On A Solid Foundation: 3 Legged Marketing Stool MARKET Who? MESSAGE Why? MEDIA How?

3 MARKET The Who is the MOST Important Starving Crowd Narrow Focus (riches in niches) Affinity Specialist (or perceived as one) Target Multiple Markets

4 Examples Occupation Location (proximity to your office) Basic Demographics (income, # in household, single or married) Specific types of small businesses Large employer in your area Blue Collar / White Collar

5 MESSAGE Why You Why Your Tax Business? Aren t there already a ton of people preparing taxes for folks in your area? What sets you apart? Your Unique Selling Proposition (USP) Why should a taxpayer (fitting the description of your target market) choose your tax business over any and every other option available to them? [Note: You CAN have multiple USP s]

6 WHAT DOES YOUR TARGET MARKET WANT? Can you guarantee it?

7 What if you are offering basically the SAME tax services as your competition down the street? How can you describe what you re offering so it sounds different and unique? Printer Example: We use 100% real ink. Tax Biz Example: The tax return will be filed correctly or we pay the penalties and interest on our mistake Guaranteed!

8 Same Tax Service Described Differently [Would You Choose A or B?] A) Acme Tax Service offers low prices and a fast turn-around service! B) Acme Tax Service GUARANTEES The Lowest Tax Preparation Price Compared To Those National Brand Name Companies, Plus We Offer Our Special And Unique Promise To You: Your Tax Return Prepared In 1 Day Or You Don t Pay!

9 Multiple USPs for multiple different target markets Blue Collar target market USPs: 1 Day Refund Loan Checks GUARANTEED Next Day Tax Preparation Services Our Promise: The tax return will be correct or we pay the penalties and interest on our mistake! White Collar target market USPs: Complete Peace Of Mind, IRS Protected Accuracy Guarantee No-Client-Waits Executive Tax Service Guarantee Special Procrastinator Discount Valid Until 6 p.m. April 14th

10 Irresistible Offer Well Matched to What Target Market WANTS Differentiates Your From Other Tax Business Owners Attention Grabber Increases Readership Of Your Ad The Best BAIT Catches The Best Fish (the best profile of client for your tax biz) Discriminates AGAINST Other Types of Taxpayers NOT A Good Fit For You [Special Report for Single Moms Frustrated By Men Taking Advantage of Them]

11 Example of Irresistible Offer (Blue Collar, Low Income Market) Fastest Tax Refund In Town (backed by guarantee) Complete Worry-Free Accuracy Guarantee (audit protection) Special Discounted Coupon (w/ deadline date) Our Tax Biz T-Shirt (free promo for us) Over $2,500 IN FREE Money (we compiled coupon booklet) [very good discount coupons from local businesses] This Tax Service Bundle Offer Kicked Butt!

12 MEDIA How will you get to your target market with your marketing message? Must Be REACHABLE & AFFORDABLE

13 How to View Your Investment with MEDIA Response % vs. Dollars in the Bank Making Money vs. Breakeven Return On Investment (front end) vs. Breakeven (free clients) vs. Backend ROI (lifetime value of client)

14 Buying MEDIA 101 Direct Response vs. Broadcast Testing Several Different Ads vs. Spending All Your Marbles in ONE ad GOALS?

15 Riding a Winner! Same message, run through different media Similar media, increase frequency Ask Your Clients (more TARGETED media)

16 MEDIA CHECK LIST (Not Meant To Be Exhaustive) START WITH YOUR OWN CLIENT LIST existing client sales letter (w/ referral slips) existing client follow up sales letter (w/ more referral slips) existing client reminder post card thank you note and cash reward letter yellow page ad (test in your area this media still can work with right economics!) direct-response website (not brand-building or brochure style) Search Engine Optimization (SEO) Pay Per Click (PPC) Banner Ads Internet Endorsement Marketing

17 banner, your business sign (other attention getting drive by ideas) national coupon book (or magazine) vendors local coupon book (or magazine) vendors w-2 coupon inserts into company envelopes newspaper inserts (daily paper) news rag paper insert (weekly paper) register tape coupons (grocery stores near our location) new homeowner sales letter new business owner sales letter coupon fliers (target niches) posters & flier coupons (high traffic locations) newspaper classified ads newspaper display ads (advertorial only) press releases (newspaper, TV, radio) TV ads radio ads bus ads billboard ads

18 Media MATH Example: Val - Pak Coupon vs. Direct Mail Sales Letter Reach 10,000 homes 10,000 homes Cost per.075 Total exp. $750 $8,000 Unit sales 10 Total Sales $2,000 $8, postage;.31 printing; piece including misc. =.80 TOTAL Gross Profit (@$200 each) $1,250 Breakeven

19 Your Turn Write Down As Much As You See Fit and Chauncey: #1 Your Target Market(s) #2 Your Core Message (USP) #3 Your Media & Why (Estimate Economics)