TaxCoach Briefs:    October 23, 2008

Volume 3, Number 42

TaxCoach Briefs archives.

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MARKETING MINUTE (EAL)
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LESSONS FROM JACK PALANCE

Actor Jack Palance, who died in 2006, appeared in over 100 movie and TV roles. But I remember him best for his Oscar-winning performance as "Curly," the craggy old cowboy in Billy Crystal's original City Slickers.

At one point in that movie, Palance holds up a finger, looks Crystal in the eye, and tells him the secret to life:

Palance: "One thing. Just one thing. You stick to that and everything else don't mean s@8&."

Crystal: "That's great. But what's the one thing?"

Palance: "That's what you've got to figure out."

(Click here for the scene.)

Keith and I have just finished hosting the fourth of our six nationwide PowerUser Roundtables, with the fifth coming tomorrow in Baltimore. And we've discovered the "one thing" that members are taking away from the session.

It all comes down to something we've emphasized for years. And while the quote applies specifically to the TaxCoach plan, the lesson applies to everything you present to your clients, whether it's a quarterly compilation, a tax return, or a comprehensive financial plan:

We don't want the client to perceive the value as coming from the report. We want them to perceive the value as coming from your delivery of the plan.

Don't take what I just said for granted. Stop and think about it for a moment. Your clients hire you to provide a service that usually culminates with some sort of deliverable. But clients aren't nearly as interested in the deliverable as they are in how you can use that information to benefit them.

(Okay, clients don't really ask you about their Sharpe ratio. But you get the point.)

At the Chicago Roundtable, one member said he had produced a full TaxCoach report for each of his 400 clients, sent them out, and gotten no response. He realized at the Roundtable why that was a mistake, and why his clients hadn't seen the value he knew was in the information he had sent. His clients didn't want just a report. They wanted actionable information and ideas on how to cut their taxes, delivered and implemented by a trusted advisor.

The same lesson holds for "packaged" or "generic" tax information. We recently discovered a subscriber selling a $39 generic version of the plan online. That's a copyright violation, as the TaxCoach licensing agreement specifically prohibits selling derivative works created from our content. But it's also a missed opportunity to profit from the value of delivering the plan.

And for the love of Pete, that WalMart pricing! It connotes that TaxCoach strategies themselves are worth next to nothing, instead of their real value -- which is thousands of dollars in tax savings, per year, per client, when . . .

("Say it loud!")

. . . when delivered and implemented by a trusted advisor.

When it comes to marketing, your value should be the "one thing" you focus on delivering to your clients. You stick to that, and the rest of it all falls into place.

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UPDATED CONTENT (EAL)
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CAMPAIGN 2008 TAX PROPOSALS

We've updated the "Campaign 2008 Tax Proposal Comparison" we first introduced on June 12. You'll find it in the TaxCoach Playbook, under "Sample Letters in Microsoft Word."

Your clients are already inundated with elections news. But shouldn't you let your clients know you're keeping an eye out for them? Evaluating the candidates' proposals? Anticipating their potential effects? Well, here's the latest:

New proposals from Republican John McCain:

And from Democrat Barack Obama:

A lot can happen in two weeks. We've all seen the famed "Dewey Beats Truman" headline. But if current trends continue, Barack Obama is going to win. And he'll take office with a solid Congressional majority giving him free rein to tinker with the Tax Code. (Check out www.fivethirtyeight.com for our favorite take on the latest polls.)

If you're a McCain supporter, that's not good news. But an Obama administration presents you with a truly historic opportunity to make tax planning the centerpiece of your marketing.

Just think about it. The business owners and affluent individuals who make up your best customers are terrified about their taxes. Even those who support Obama because they think the country needs more revenue will pay handsomely to see that someone else actually pays those taxes. I just finished a consultation with a new member in northern California who told me about his last-minute filers, who came to his office professing support for Obama in one breath . . . and complaining about their own taxes in the next! You surely have clients just like that yourself.

So no matter who you or your clients support, and what actual tax impact is planned or actually occurs, you can use the buzz to your advantage. We'll be releasing our first Obama-themed marketing, including a new seminar kit with a complete PowerPoint presentation, on November 5. You'll want to use these tools to be the first in your market to establish yourself as the "go-to" expert on navigating and managing these new changes.

Today's rough economy has everyone looking at expenses, and we've heard from a couple of members that you are no exception. In fact, your competitors may start cutting back on marketing . . which makes now the time for you to stand out. The truth is, with the changing atmosphere in both politics and the economy, and with your clients' fear of it, our unique approach to proactive tax planning is about to make TaxCoach more valuable than at any time since we launched the system.

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MEMBER EVENT (EAL)
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"POWER USER" ROUNDTABLES - LAST CHANCE!

Roundtables are almost over for this season. While Keith and I won't miss the time we've spent traveling, we've had great meetings, and we've both enjoyed the chance to see how members are using the system in diverse practices across the country.

At this point, we have just one session left, on Wednesday, October 29, at the Centre Club in Tampa, Florida. It looks to be a big one -- over 20 registrations to date -- but our event coordinator reports the room can still handle a couple more.

If you're looking for insights and strategies that can transform your practice, click here for a detailed agenda and register now!

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We're happy to answer your questions on TaxCoach content, features, or marketing. While we give first priority to our All-Star and Hall of Fame members, we work to answer all questions. For best response, email support@taxcoachsoftware.com. If we think the answer will be useful to all of our members, we'll publish it (anonymously) here in the 'Member Q & A' section of TaxCoach Briefs.

Regards,

Ed Lyon
Keith VandeStadt
www.taxcoachsoftware.com
(513) 321-2820

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