September 29, 2015

Cross Marketing Of Insurance and Tax Clients

Hi, I’m Mario Costanz, also known as The Problem Solver, I’m the CEO of Happy Tax Franchising. Thank you for joining us.

In this week's session, I'll answer a question from Dan from Miami. Dan is an insurance agent and has been doing that for about 10 years. Dan’s income has been flat for the past 5 years or so and contacted us about adding a Happy Tax franchise to his product line. He has a large base of customers who are personally connected with him and his company has a small staff to help take care of customer service for him. Dan is the man when it comes to customer satisfaction and making his customers Happy. Before I get to Dan’s question, I’d like to address 2 big problems he has.

First off, since he is selling life insurance, most of his clients are one time transactions. In the tax business, many clients will stay with you for years or decades and you will have a continuous revenue stream as well as yearly interactions with them where you will ask for referrals and increase the size of your business. Having the ability to provide tax preparation in addition to the life insurance policies he sells gives great opportunities to cross market and sell to the same sets of clients. Effectively potentially doubling the revenue per client on first year clients.

Next, Dan works for the agency so he doesn’t own his client base. He hasn’t built any equity for all of the work he has done over the past decade. He can’t sell his business or leverage it to expand. Owning a tax business or franchise is an asset that can be sold, borrowed against or passed on to future generations. He has what’s called a JOB. Otherwise known as Just Over Broke. He makes a good income, however, that can stop on a whim of the owner of his agency. I understand we all have to pay the bills and there is nothing wrong with working a job. However, there is a quote spreading around the internet that says: "It's crazy how some people feel that 2-5 years in a business is a long time to get rich. However, don't feel that 40 years at a job is a long time to STAY BROKE. "

Now to Dan’s question. Dan wanted to know how to effectively cross promote tax services to his existing base of insurance clients. There are 3 key ways to do so and they are all easy. The first is to pick up the phone, let the client know that you are now in the tax business and an owner of a Happy Tax franchise and that you’d like the opportunity to prepare their taxes at an upfront and transparent price and have those taxes prepared by one of our licensed CPAs. The second is to use one of our pre-done templates for your email or direct mail templates to let your clients know that you’re in the tax business alongside industry professionals and want that same opportunity to earn their business. Finally, the 3rd way is somewhat stealth and in-depth. However, it involves online digital advertising and retargeting to your client list. It is by far the most cost effective use of advertising dollars that exists. When you join us as a Happy Tax franchisee that is one of the 13 guided marketing techniques that we will teach you and work with you to implement to ensure that you grow your business. If you are in the insurance industry, we’d like to talk to you to see if you qualify for our Insurance Industry Partnership Program. We will only be accepting 100 insurance partners this year and many have already signed up. Learn more at

Have a wonderful and productive rest of the week and take care.

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Happy Tax.  - Smile, It’s Time to File.

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