Episode 2:
How to multiply your revenue streams WITHOUT increasing your marketing by $1
Picture this: A consumer sees an advertisement for your bankruptcy firm and contacts you for help. At first, it looks like a marketing dollar well-spent. After the initial consultation or perhaps even after they’ve signed on with you, however, you realize their legal challenge falls outside bankruptcy relief. Sound familiar? If so, what happened next? Did you write-off the lead as a loss? Did you send the consumer elsewhere? Or did you turn that lead into revenue?
In the September episode of our Jubilee by LegalPRO Facebook Live series, Honest Tax founder Todd Lewis discusses how bankruptcy firms can turn otherwise wasted leads into recurring revenue. It doesn’t take a bigger marketing budget; it just takes strategy. And a simple one at that.
View the Facebook Live discussion, “How to multiply your revenue streams WITHOUT increasing your marketing by $1” here.
Successful bankruptcy firms command the variables within their control. They adjust their business
models to accommodate the changing economy and legal system; take advantage of peer-provided tools, resources and partnerships; and identify opportunities to grow their profit margin.
Through its consumer bankruptcy affiliate program, Honest Tax helps bankruptcy firms across the United States take control of the leads in their pipeline to accomplish this flexibility.
With 20 years of experience in tax mediation, Todd Lewis formed Honest Tax to give clients a realistic expectation on their tax situation; if the company can’t provide an achievable resolution, it won’t take the case. This approach is the premise of the Honest Tax referral program.
As discussed in the Facebook Live event, many potential bankruptcy cases include or have an underlying tax issue that cannot be resolved via bankruptcy. What the affiliate program does is allow bankruptcy firms to refer these cases to Honest Tax but still monetize the lead.
“Either the leads are going to waste in the initial sales pipeline because there's nothing you can do for them - because all they have is tax debts - or they're going to waste because … you're not able to fully help them. You can take care of XY and Z, but you can't take care of the tax that they have in the way that would be the most beneficial for them”, Lewis said in the discussion.
He also hit on several points that support a positive return on investment (ROI):
- The importance of shifting your focus to variables your firm can control
- How generate more revenue on existing leads
- Processes and tools that stabilize and make the metrics you do control profitable
- Recognizing wasted marketing tactics and replacing them with smart ones
- The value in a referral program in cutting down wasted lead costs and building trust in the bankruptcy system
During the Q&A session, Lewis detailed which cases qualify for the affiliate program, when and how the referral fee is paid, and explained how Honest Tax strategizes to help its clients find a beneficial payment arrangement with the IRS.
The Facebook Live event gave viewers great insight into baking recurring revenue streams into their business model, but in a virtual age where growth opportunities abound, there was more to be said!
Lewis continued the conversation during the LegalPRO Insights virtual power hour, where guests had the opportunity to interact, ask more questions, and talk all things bankruptcy. You can view a recording of the power hour here.
LegalPRO’s mission to be a reliable, steady resource for bankruptcy attorneys looking for ways to build their practice, maximize their ROI and increase profits. Each month we’re bringing you a new guest speaker and follow-up power hour to provide you industry insights and opportunities that can help your firm be a top performer.
