Ready For a Refreshing COLA? 

                       Part 3 of 4 on recession proof industries

We all know that tax preparation services are recession proof. After all, there are only two things in life that are certain: death and taxes.

Something new will make this tax season even more interesting. 

This year, Social Security and Supplemental Security Income recipients saw a 5.9% increase to their benefits. It's called COLA -as in Cost of Living Adjustment. It's the largest adjustment since 1982. And there's more. The exact numbers are not in yet. However, many Americans not on SSI will receive a COLA for the 2023 tax year. 

How can that generate revenue for SummitMedia?

Tax Preparation and Accounting Services

Shortly after Christmas, the tax preparation industry will be gearing up for a very busy tax season. This tax year's COLA for SS and SSI recipients will no doubt be a key copy point by potential clients. If not, it should. 

There are two major demographics that will benefit most from the adjustment: retired boomers and those on the lower end of the economic spectrum. 

The challenge is: how do we position each of these clients (especially the "seasonal pop-up" services) against the others -without doing harm to any of them as well as ourselves? 

Almost all tax preparation services offer the same, identical services and incentives. There's just only so many things one can do with filing taxes. 

For established, year-round tax and accounting firms, tout that as a position -"Unlike seasonal tax services that operate out of an old gas station or strip mall, Helton is here year-round. We provide tax preparation and accounting services to some of Birmingham's biggest companies. Put that strength to work for you, knowing you really are getting the best refund possible and that it's done right." 

The tricky part is for the seasonal services. They all do the same thing with the same incentives: refund anticipation loan, direct deposit, etc. Therefore, before making a pitch to your perspective client, go ahead and do a little research. Find something -anything- unique, even if you have to come up with your own ideas. Look at the hours of operation -L & B Smart Tax is open till 8pm. That way, you don't have to miss work or even fight traffic. 

Then, for another tax service, position them against online entities like Tax Act. Have you ever had a fulfilling conversation with a robot? Tax Max hasn't either. At Tax Max, you work with a real human being that can answer all your questions --and not send you to a FAQ page.

It will take some creativity, but mostly some decent detective work to find -if not create -each services unique selling point. 

It's also worth noting that most people will either place their refund in savings or use it to pay existing bills, especially the ones accrued over Christmas. Don't expect a lot of retailers using now that you have your cash refund, use it as a down payment on a new car or appliance, etc. 

Legal Services. 

We live in a very litigious society. In several states, there are an average of six attorneys for every person. Chances are good, you already have law firms; local, regional, and national currently running. 

Almost every stopset is a commercial for medical malpractice or personal injury. And we all know now that the water in Camp Lejeune is bad.

This is an opportune time for the smaller, local law firms to position themselves against the large corporate firms. 

At Bertram, Hayes, and Bancroft, we grew up the same way you did. We were taught to say yes ma'am and yes sir, and that y'all is a grammatically correct contraction. You's guys is not. We handle the same types of cases the big corporate firms do. But, we're your neighbors, too. Whether it's personal injury, criminal, divorce, or medical malpractice, we look after your best interest -just as a good neighbor should. And we're not afraid to go to court. Learn more now at BHB Law dot com. 

10 second traffic sponsorships work well, too.  

The kids need help with their homework. The dog always needs walking. Your neighbors at the law firm of Bertram, Hayes, and Bancroft say get home safe. And have fun with that new math. BHB Law dot com. 

Funeral Services

We've already explored one of the two things that are certain in life. Now, let's look at the other: 

Death.

It sounds morbid. But, its worth remembering that people pass away regardless of the economic climate. Since the one we're currently enduring is so painful, let's use that as a selling point for a service that almost any funeral home provides. 

Preneed Planning/Arrangements.

Not long after you bought your new home, you had your folks over to see the new place. Both Mom and Dad were real impressed and told you just how proud of you they are. Then, your Dad pulled you aside and asked you what you paid. You told him. Then, he told you how much he paid for the home your grew up in. And you were both shocked. The average price on everything has really gone up. That's why it's good idea to get prearranged planning from RJ. Nixon Brown Service. By doing that, you're locking in today's prices -not the price decades from now. It'll also be one thing your family won't have to worry about when your time comes. Learn more today...

Unlike automotive retail and several other industries, don't look for funeral homes to also offer tax preparation services for use as a down payment. But, in a down economy, who knows. Either way, we'll know how to handle it in a creative yet gentle way. 

If you need any help with creative ideas, campaign strategy, spec spots, brainstorming, or a critical needs analysis session with a client, I'm always here for you. Just reach out to your market's production director and we'll schedule a time. 

Thank you again

Mike -The Reel Architect.