when to follow up on prospects

you can divide your efforts into tiers, but you need a plan.

by jassen bowman
tax resolution systems

you invest a substantial amount of time and money to generate your leads. after your existing clients and past clients, your unconverted leads are the next best source of future revenue.

more: lead generation marketing must happen daily | checklists for new lead generation | client management checklists for tax resolution | how to handle client complaints | checklists for your tax resolution office setup | case study: building a tax resolution business | marketing requires ruthless accountability
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when somebody expresses an interest in your services, you should actively engage them on roughly a weekly basis for at least a couple of years. yes, years.

your long-term lead followup program may share a number of communications with your client touch program. for example, your prospects should receive your monthly client newsletter just like your clients do.

you should anticipate spending anywhere from $25 to $100 per year per prospect. some tax professionals shudder at the thought of investing this sum into their unconverted prospects, but think about it: what’s the value of that person becoming a client? for just tax return preparation, it should easily be $300+ per year, per client.

some tax professionals will choose to segregate their prospects into different quality pools, and invest more time and money into marketing communications for those prospects who represent higher potential lifetime client value (what they spend with you over the course of years or decades working together).

for example, you might create three tiers:

a prospects: expressed the highest level of interest in your services, and/or will potentially spend more than $800 per year with your firm. in some circles, may be referred to less politely as “big fish” or “whales.”

b prospects: expressed a reasonable degree of interest, and/or likely to spend at least $300 per year on tax or related services with you. these are profitable, mid-tier clients.

c prospects: marginally interested, and/or lower-value 1040-only clients. volume, baby!

d prospects: hardly interested, price shoppers, tire kickers. these prospects are probably only going to be receiving your mass email communications. personally, i’d kick them to the curb entirely, and refer them to a competitor.

sample followup programs for each tier

send monthly client newsletter: a, b (12 touches per year)

send weekly informative email: a, b, c, d (automated, 52 touches per year)

send 6 personalized holiday cards per year: a only (6 touches per year – mother’s day, father’s day, memorial day, labor day, their birthday and thanksgiving are great, non-religious holidays to hit)

make personal phone call quarterly: b only (4 touches per year)

make personal phone calls monthly: a only (12 touches per year)

send mid-year and year-end tax planning checkup reminder: a, b (2 touches per year)

invite to annual client appreciation picnic: a only (1 touch per year)

personal lunch meetings (never eat lunch alone!): a, b (1 or 2 touches per year)

send handwritten note and a magazine clipping or other item of potential personal interest: a (1 or 2 per year)

personal letter with biz card, brochure, quarterly: a, b (4 touches per year)

posted on february 3, 2018