Narrow your target market, but expand your service offerings

I received several emails in response to yesterday’s missive, and there was a brief conversation ignited in the Academy, as I predicted.

Let me first address the obvious: Yes, tax liens are the most obvious indicator of a tax debt. Absolutely. Thus, with federal tax lien filings dead in the water, the clear “rip and replace” for those marketing campaigns is to switch over to state tax liens. Easy peasy.

But this doesn’t address the bigger issue: Even when NFTL’s are being filed, you’re still missing 95% of the market, on the federal side. Sure, you might sweep up quite a few of them in state tax lien mailings, but not all of them. How do you reach everybody else?

My suggestion yesterday was to substitute other lists. Specific industries, specific professions.

But doesn’t that create waste? Absolutely, very much so — if you are focused solely on tax debt resolution.

Now, there will be far less “waste” if you are focused on one of the four big industries that make up a disproportionate percentage of tax debtors. Those mailings can clearly be all about tax debt.

But, the missing piece of my message yesterday was this: Think beyond tax resolution.

If you are going to niche down your marketing to a specific target market, which is something that I’ve been advocating for years, then you also need to thinking about offering additional services.

Obviously, I’m the “tax resolution guy”, but I also frequently discuss the other services you need to offer that are in support of, ancillary to, or fed from tax resolution. Personal finance coaching, tax planning, expense reduction consulting, and advisory are just a few examples of additional services you can, and should, be offering to your tax resolution clients.

So let’s pick a random profession: K-12 public school teachers. That’s a mailing list you can obtain quite easily.

Do some of them have a tax debt? Yes, of course. Do all of them? No, of course not.

But what else can you offer them?

And please, don’t just say “tax return preparation”. That is the least important answer.

Do teachers struggle with personal budgeting? Do teachers struggle with understanding the options available in their state pension plan? Do they need to think about balancing retirement savings with not getting Social Security? Are they engaged in proactive tax planning?  How many teachers work a second job or run a side business during the summer? Are these teachers taking advantage of homebuyer programs specific to their profession?

When you go down the path of targeting a specific industry or profession for your services, you’re going narrow in one way. But at the same time, you need to broaden your scope in another dimension — the service offerings.

The great thing about niching like this is that it makes all your marketing easier, cheaper, and more effective.

But yes, you DO lose something in terms of marketing for specific services. You can still do tax resolution-specific marketing to niche industries and professions, but you need to rotate those marketing promotions in with other service offering messages, too.

If you’re interested in continuing this conversation for your own practice, join us inside the Tax Resolution Academy®. There are only a few days left before we close the doors for at least 6 months. After midnight on August 31, 2020, you’ll be locked out until we re-open.

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