Marketing lessons from a 310-million-year-old fossil.
April 16 is almost here (yes, I know this year’s deadline has been extended through May 17), and for many of you, your year will be over soon. Work like a dog, ignore your friends and family, and hope you can store up enough nuts to last you all through winter.
That’s no way to live. Tax Master Network is all about giving you ways to transition from once-a-year transactions to steady, predictable year-round revenue.
Scott Galloway, the NYU branding professor who wrote one of last year’s TMN Book Club selections (Post Corona: From Crisis to Opportunity) coined the term “rundle” to describe the “recurring revenue bundle.” If you’re an Amazon Prime member (and you are), you’re buying the most popular rundle in America. If you’re an Apple fan, signing up for Apple TV Plus gives you content you can’t find anywhere else.
But rundling creates opportunities far beyond traditional media content:
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You can subscribe to socks.
You can subscribe to private jet travel.
You can subscribe to cheese.
You can subscribe to fish.
You can subscribe to spices.
You can subscribe to hot sauce.
You can subscribe to neckties.
You can subscribe to vegan beauty supplies.
You can subscribe to jigsaw puzzles.
You can subscribe to Japanese knives (a new set every eight weeks so they’re always sharp!)
You can subscribe to art.
You can rent the runway.
You can subscribe to vacation villas.
You can subscribe to dive bar t-shirts.
You can subscribe to weed paraphernalia.
So . . . can your clients subscribe to your tax-prep service? I don’t mean just for monthly accounting and bookkeeping. I mean for tax preparation – plain old 1040 prep, with audit protection, “customer care,” year-round Q&A, and as-needed planning for situations like buying or selling a home?
Plenty of TMN members across the country are already doing it. They set themselves apart from their competition, deliver more value to clients, and make sure they get paid for the pain-in-the-ass tasks like responding to CP-2000 letters they generally wouldn’t bill for.
Roll it all into a nicely-branded rundle and you can charge twice or more what you’re charging now. You can make it an option for your current clients. Or you can require them to sign up in order to keep doing business with you. Worried you’ll lose clients that way? (Of course you are – this isn’t my first rodeo.) Don’t be. You’ll lose far fewer than you think, and the new revenue will more than make up for their loss. I promise.
That’s it. Go back to cranking out 1040s and think how much better life would be if you doubled your revenue and smoothed out your cash flow. Think how much equity you could conjure up out of thin air that way. And think how many more dinners you could enjoy with your family by doing things a little bit different.
Oh, and did I mention you can subscribe to fish?
The Briefs is a weekly column on marketing and business planning for tax professionals and financial advisors looking to better serve clients and grow their business.
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