Over the course of the next few months, I’m going to be writing and speaking extensively about a topic that may be new to you.
It’s a simplified, holistic way to approach the entire subject of client attraction — from lead generation to prospect follow up to conversion to client to upselling and cross-selling of additional services.
The marketing philosophy, business growth paradigm, or practice growth dogma — whatever the heck you want to call it — is pretty simple. Here’s the basic 3-step formula behind database marketing (yet another term for it):
- Choose a specific industry or profession + a geography.
- Build a list of people that know, like, and trust you.
- Send educational information to that list, along with occasional solicitations for your services.
To put it in shorter marketing parlance for any business school folks in the audience:
- Define your target market.
- Build a prospect list.
- Make offers.
Easy peasy, extra cheesy.
Now, just to be clear, this is no different than how you’ve seen me talk about marketing in the past. All the same concepts apply. I’m just giving you different packaging.
Because defining a simple paradigm to work from makes all other conversations about growing your tax firm easier. It gives a starting point of reference. A place from which to start conversations, anchor initiatives, narrow our focus, and align our strategic objectives. (Can you tell I’m working on MBA coursework? Hmm.)
In reality, all we’re really talking about is direct response marketing. There’s nothing new about that.
But, I want to give you a new structure from which to view it. A structure that will hopefully make it easier for you to implement and profit from.
Let me give you an example. When I was running my tax resolution firm, about 70-80 percent of my marketing was to small trucking companies, with 5-10 trucks, in five states (e.g., my target market). Through a variety of marketing media, including direct mail, telemarketing, Google ads, Facebook ads, and the like, I generated leads (e.g., a list of people that knew me). Some of those businesses moved from the lead list to the prospect list by having a consultation with me. Some (not all) of those prospects became paying clients. So, I was creating three separate lists within my database: Leads, prospects, clients.
All of my follow up marketing to those leads and prospects was … Continue reading