The Internet is not the tax resolution marketing panacea that you may think it is

We are obviously neck deep in the Internet age.

With that, business owners are constantly bombarded with the message that if they’re not “all in” on digital marketing, then their business will simply implode within the next X years.

For some businesses, this is absolutely true.

For other types of businesses, it couldn’t be further from the truth.

Taxpayer representation is one of the latter.

Yes, you need a website (with a blog). Yes, you need to be creating content. Yes, you need to be building an email list of leads and prospects.

These are certainly things you should be doing. I’ll never tell you otherwise.

But, like many things in business, it’s an 80/20 thing. Ye olde Pareto Principle.

The simple, unvarnished fact of the matter is that the majority of all tax resolution services sold in the United States is still done through cold call telemarketing.

You can choose not to accept this fact, that’s up to you. But fake news it is not. The large, national tax resolution firms are still primarily telemarketing driven.

What about smaller practitioners, like us? The vast majority of smaller tax practices are generating these clients through either referrals from other CPAs, EAs, attorneys, financial advisors, bookkeepers, etc., or from delivering speaking presentations to niche industry groups.

Seriously. That’s how most small tax practices are generating leads. Referrals from other professional service providers and through speaking gigs.

So if you ignored any of Dan’s emails last week about the power of public speaking, I’ve got some uncomfortable news for you. 🙂

Before I left on my current vacation, I asked readers to email me their questions that I could answer in future emails, blog posts, YouTube videos, etc (there is a marketing lesson right there, btw, for those of you inclined to learn it).

The vast majority of the questions I got back were along the lines of:

  • How do I get clients?
  • Where should I buy leads from?
  • I have $X dollars to spend. Should I do Facebook ads or direct mail?
  • I tried X, Y, and Z, and they didn’t work. What should I be doing for marketing?

Well, what you do is:

  • Network with other financial service providers and ask them for referrals.
  • Start giving Tax Talks to specific, niche groups with a high propensity for tax debt or audit problems.
  • Cold call tax liens.

Seriously, do that, and you’ll be doing 90% of … Continue reading

Riches in Niches: Cliche, but true

As Colorado currently sits mired in a couple feet of snow, I suddenly have the time to make new rhymes. What I should be doing is moving out of my house today, but the snow and forecast 90 mph wind gusts put the kibosh on the moving truck showing up.
This is, of course, my annual move out from an owner occupant financed house for the purposes of converting it to a rental property. This is how I’ve purchased more than half my rental properties, and will continue doing so. This is a niched form of real estate investing.
This reminds me that I haven’t reminded you about niches in a while. It’s one of those things that is worthy of frequent repetition.
In short, if you haven’t hitched your wagon to a specific niche target market, you’re doing it wrong.
The tax and accounting practices that will survive the up and coming AI apocalypse will not be the firms that do nothing but provide the same ol’ compliance services to anybody and everybody. You can ignore this all that you want, despite me and everybody else in the tax/accounting/financial media warning you about it for years. If you’re close to retirement, you can safely ignore it. If you’re far from retirement, however, then ignoring it is, quite bluntly, stupid.
If you want to be in business 20 years from now, you have to niche. It’s simply not optional anymore.
You need to niche the services you provide, and you need to niche down to whom you provide those services.
Pick your niches, then dominate them.
The reason I was successful in tax resolution is because I niched. That’s the hands down, #1 factor. I didn’t offer any other services — none. And I focused almost entirely on two easily identifiable niche target markets, and focused all my marketing on them and only them.
That’s all there was to it, and you have to do the same.
Seriously, if you have no intention or desire of ever focusing your practice in this manner, then I can’t help you — I don’t know how, and neither does anybody else. If you hired McKinsey to consult for your firm, one of the first things they would tell you is to narrow down your practice and focus on serving a niche. This is just that fundamentally important.
I’ve presented numerous webinars on how to niche, written about
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Referrals are the single best source of new tax resolution clients

I don’t think I need to try convincing you that referrals are the best way to grow your practice.

It’s the way that many tax firms do grow, and that way we want them to grow.

But, I also know that you’re smart enough to recognize the fact that if you want referrals, you must be proactive about it. If you’re passive about this, it’s just not going to happen.

Furthermore, as a professional in the financial services industry, you also recognize the fact that for some services, getting referrals can be difficult.

Such as IRS Collections representation.

People generally don’t tell their friends and colleagues about their financial problems. Thus, it can be incredibly difficult to obtain client referrals from existing tax resolution clients. Not impossible — it does happen — but they are rare compared to tax prep, tax planning, financial planning, and other client referrals.

But referrals from other tax pros? That’s much more common.

Over the weekend, I was reminded that I’ve already presented some pretty good training (if I do say so myself) on the subject. If you haven’t watched my webinar on the top 3 marketing strategies working in 2019 for tax resolution, then you really should.

Watch it here.

After that, I’m sure you’ll want to get more referrals from other tax professionals. To help you with that, I’ve assembled a toolkit to help you do just that. This toolkit contains:

  • Audio recordings from two Diamond member calls — nearly 4 hours of training — covering the step-by-step details for getting referrals from other tax professionals, from how to contact them, what to say during those meetings, and what NOT to do.
  • A sample referral arrangement proposal letter.
  • A sample endorsed mailing proposal letter.
  • Complete second course on networking with other tax pros by teaching CE/CPE, including materials for producing your own continuing education events and a 3-hour tax resolution PowerPoint that you can utilize in your own presentations (you can cut this down to 50-minutes by just doing the first block – perfect for local tax org lunch ‘n’ learns).

To get access to this toolkit, pick it up here.

Continue reading