John: I have a sales question for you. So you know I’m pretty good at closing deals but I’m very slow because I give the prospect a lot of free information before I sign them up because I just don’t get for myself, and I think my problem is I keep comparing consumers to how I would be the consumer which is wrong because there’s very different kinds of consumers and prospects. But I don’t get how I can get someone to buy transcript analysis when we don’t even know potentially what their problem is. So I have this fear on this side of my head where I’m selling them something that maybe they don’t really need because maybe they don’t really have a problem. But on the other hand I feel like if we get some people to sign up for transcript analysis then they’re more invested, so then it’s easier to get them to sign on for other services that they might actually need. But my question is should we try to sell transcript analysis upfront more often because right now I’m just providing it for free and then only trying to get them to do a deal once we see what their problem is.
The secret to building credibility with your prospects is what I call ACE: Authority, Credibility and Expert Status.
One way to stand out as an authority is by writing a book. Watch today’s video to learn more about becoming an authority.
I want to give a big shout out to one of our Mastermind members, Jeffrey Schneider, who just came out with his book called Now What? I Got a Tax Notice from the IRS, Help. And he hands this book out to prospects, he has it on his website that they can request a free copy. Having a book automatically positions you as an expert, as an author. Author means authoritarian, you know what you’re talking about. So this is one of the best ways to get authority, credibility and expert status. Get your books out.
What would you do if I gave you $10,000 today to invest in your business, and you couldn’t pay yourself a bonus of $10,000?
Now the vast majority of you would answer marketing and education. So if someone gave me $10,000 today this is what I would spend it on in terms of marketing.
The first thing I would do is do radio. There are many, many stations throughout the United States where you can get on the air waves for $2,000-$3,000 a month. So you can run a direct response tax resolution ad and get out on the air waves for about $2,000 or $3,000 a month.
The second thing I would do is buy a list. Buy a small list of people who already have Notices of Federal Tax Liens filed against them. And I would do a 3-step direct mail campaign to that small list.
And then the third thing I would do is get a phone system because once you start marketing you’re going to be getting calls so you need someone to answer the phone. And by the way, remember, the case value of just one client for a tax resolution case is $5,000. So I would make sure I had an up to date phone system, a voice over internet protocol, or VOIP phone system is the way to go today, and I would make sure that that phone is answered live. So you can have a virtual assistant answering that phone, or there are many other options to have your phones answered live today where you don’t necessarily have to put somebody on your payroll.
Watch the video to find out the fourth thing I would do with the last portion of the $10,000 investment.
So those are the things, and I wouldn’t necessarily do them all at the same time. I would space it out and spread it out. That’s what I would do if I had $10,000 today to invest in my business, and remember the case value for one tax resolution is $5,000.
Until next time,
I was on one of the tax forums I belong to in LinkedIn and one of the group members posed the question,
“What do I charge a new tax resolution client?”
Do you know the answer to that?
There were about 8 or 9 comments regarding this post: One person said charge $1,000 – $1,200. Another said charge $1,500; and someone else posted, “Just charge your hourly rate, mine is $200.”
Then I scrolled down and one of the posts from a group member said:
“Get at least $5,000 for the case, get 50% of it upfront, and make sure you get a signed ACH Authorization Form to collect the future remaining recurring payments.” I looked at the name, and the person happened to be an Insider Circle Roz Strategies member!
My point is, get out of the “time and efforts” business when it comes to your practice. Get out of the routine of trading dollars for hours. You will never reach your next level of success this way.
Tax problem resolution lends itself very nicely to value pricing. As a CPA, an Enrolled Agent, or an attorney, you are uniquely qualified to take advantage of this situation because you’re the only 3 credentialed people on the planet who can represent clients before the IRS.
During tax season one client generally means one tax return, one fee. The season is short and then you’re back looking for work. When you do representation work, you get new clients year-round and one client can often mean four to seven tax returns plus the fee for resolving their tax problem. So, what would you rather have, one tax prep client that pays you $350 or one tax resolution client that’s worth $5,000 and more? Watch the video now to learn more about the value of doing tax resolution work.
I’ll see you on the next video.
Do you want to know how you can turn all the
hoopla and noise around the new Tax Reform Bill into a
huge marketing opportunity for you right now?
News reporters, local TV news and, radio stations, are all looking for expert commentary on the new Tax Reform Act that goes into effect this year. What better expert than you to give them your take on what it means to the general taxpaying public. Contact your local radio and TV stations, local newspapers, and they’ll interview you.
Another way to use the Tax Reform Act to promote you as the “go-to” expert is to do a brief summary of the new Bill and post it on your blog and promote it through social media.
Watch the video below for more tips on turning the enactment of this historic tax reform bill into marketing opportunities for you.
We’ll see you on the next video.