It is tax season. If you are happy to complete tax returns fast and earn as fast as possible during the tax season, you would love to know how to be happier earning more from same clients even after tax season.
There are great opportunities for accountants and tax pros to sell more DURING the tax season. Here’s how…..
Surveys indicate that nearly 60% clients do not know what other services their accountants provide and how those services will help them. Cleverly using tax season interactions with clients and prospects is a greatly productive way for you to increase your revenue and profit, as the selling/marketing costs can be minimized. You don’t have to spend extra time, money and effort to attract new clients.
1. Cover Letter is Your Sales Letter
When you send tax return to your client for signature, you invariably use a cover letter. You want to do a very quick analysis of threshold amount of tax paid by your clients to identify which clients will benefit from tax planning services. Ideally, if any of your clients are paying so much tax that you can save them significant money via tax planning. So much so that even after paying your fee for tax planning, they will still save a lot for themselves. It is, in reality, zero cost to them; actually a profit for them and profitable new revenue for you.
Mention in your cover letter something like:
“We can help you reduce your taxes. Let us meet after the tax season for a tax planning consultation session. After paying our tax planning services fee, you will still make good money by reducing your tax liability i.e. money you are simply losing because of not planning in advance. If we cannot identify tax savings for you, the consultation will be totally free of cost. Book your consultation appointment “. (Provide a link to an online calendar wherein they can block your time).
Human behavior science has proven that “loss aversion principle” moves people to take action; much more than by chances of gain. The above paragraph not only appeals to the loss aversion principle and chances of gain but also provides the second appeal to the loss aversion principle by stating they lose nothing if they just consult you.
2. Connect With Their Context, in a Neuro-scientific Way
When clients meet you face to face, make sure you connect with their context. Be alert and aware of their particular financial situation, their profession / industry etc. Before the meeting, be ready with a few common problems and challenges people in their situation and their profession face. Neuroscience research over the years has identified that more than any other thing; “pain points” trigger people to take action.
Cite the common pains and tell how you are qualified and competent help people overcome those pains. A tax client can become your regular client. At the very least, you can sell a consulting assignment.
3. Neuro-scientific Referral
Tax return well done, client happy, thank you, see you next year! Is that how your tax prep flow works? Don’t just stop at thank you. ASK for a referral.
No. It is NOT just in your interest. It can help your client to be more happy. Can’t believe? Here’s why.
When they help others, people feel happier, more fulfilled, empowered, rewarded and have a sense of community. Neuroscience studies indicate that helping others triggers the portion of the brain responsible for feelings of reward.
With social media, the “innate need” of human beings, to share happiness, is accentuated; and easier to fulfill. But you must remind your clients about it. Give away a few of your business/name cards to make it easy for your clients to refer others to you. Send a thank you email with a subject line like “Share your happiness: help others ease tax season”.
Have more ideas to help CPAs and Tax Preparers earn more all year round? Please share here.