Scenario Marketing for Liberty Tax Service Inc.
Liberty Tax Service, Inc., a US based company provides services of preparation of tax return for individuals and small business. John Hewitt started the company in 1997. Headquarters is in Virginia Beach, VA USA.
Company’s mission statement – Company’s mission is to provide the effective and efficient Tax preparation for tax return and Tax preparation courses for everyone. Company is dedicated to ensure that everyone get the knowledge of tax process and it enforce everyone to submit their tax returns. Mission statement of company shows its vision to educate everyone and to connect every one with this regulatory process of income tax return filling.
But now with the launch of new products company is facing issue due to older advertising campaign. In the older advertisement campaign it was shown that an IT professional is taking the services form the physically present representative of Liberty Tax Service during the submission of tax return. But new product is about provide online guidance to everyone irrespective of their job profile including small business with the help of web products of company, educating client over the internet and removing the need for physical presence. Due to this there is a huge need for making a promising marketing strategy.
I have created Objectives for this company for the coming years. These objectives are specific, relevant to company growth, are time bound and have a measurable outcome. At the end of the year achieving these objectives will ensure company’s success. As a marketing manager all objectives are in line with company’s mission statement and its vision
- Educating everyone for tax returns and its importance and connecting them with company with in First quarter of 2015 by efficient marketing.
- Targeting appropriate customers in the market and achieving 30-40 % growth in coming year 2105.
- Providing Customer friendly products and services by launching two new products in first quarter.
- Targeting Asian market in the third quarter of 2015.
- Another Objective is achieving the 15-20% market share in Asian market in this year.
- Target is to Achieve 50% profitability by expanding customer base.
For achieving these goals company will target the following market.
As a tax return preparation of service provider, company will target the each segment of market. Primary market will be all salaried employees and small businesses. Company will make necessary adaption in the service to make them more effective and cost friendly to target this section of market. As a secondary market company will target self employed individuals by educating them and helping them in the tax return.
As salaried employees are more available on digital devices like smart phones tabs so company will use mobile e- marketing to target them, and will launch mobile applications and online videos that will help them in preparation of tax return. Self employed individuals will provide a huge customer base to company and company will conduct sessions and seminars to connect with them.
Main competitors are Intuit, H&R Block and Jackson Hewitt Tax Service for the company. They all are providing the similar kind of product like TurboTax® Tax Preparation Software from intuit is famous in market. These companies are majorly targeting the salaried customers as their prime market.
For Sustaining in the market and ensuring the continuously increasing profitability it is required to create the value of products in the market. Value proposition will ensure brand value of company.
Value proposition is kind of a promise of value and quality to be delivered to the customers or anyone and getting the acknowledged and a belief from the customer that value is getting delivered and experienced by them. It can apply to complete organization, customers or any product or service. Developing a value proposition is core of business marketing
“Strategy is based on a differentiated customer value proposition. Satisfying customers is the source of sustainable value creation”(Barnes & Blake & Pinder, 2009). I see that Company is giving all the benefits and additional services in return of the associated price of product. Customers are allowed to take the online tutorials and are allowed to customize their required service. Liberty is given to the customers and the service cost is also affordable for everyone. Company is targeting the both segments of markets so there is huge growth opportunity and their innovative and customer friendly product is creating proper value in market for company.
Company is offering products like online tax filling, preparation of tax return and education for tax related information to target the desired customer base. Small business are taking the customize service plans for handing their entire process of preparation of tax and filling it. Price of all products is kept in a way that they allow everyone to use their services and don’t become overhead while keeping the sufficient profit in consideration. Services are available for entire US and also company is planning to target Asian market. Online and offline services are continuously supporting the customer needs. E – mobile marketing, branding, mobile application and promotional videos all are marketing and promotional strategy of company and which seems to be on right trace as rapid growth is showing that.
Marketing Plan Ingredients Illustration
Company is targeting all the individuals who are eligible to pay tax and offering them variety of services in nominal cost. Companies spending lot of efforts in their market research to analyze the actual need of customer, current market trends and as a outcome they are offering quality products in affordable price. Over the years in the tax services, research has shown a rapid growth. There are many opportunities in this market as customers need all types of financial education and planning support. These products are in touching their maturity level and there are a vast space for enhancing them and making more efficient.
To enhance the services and to keep the customers intact, company will provide add on services like recommendation for Investment for tax savings, proper financial and money management services to their existing customers. For small business company will offer additional subscription for services for one or two more years. To keep them associated other services like audit assistance, year-round Support and Correspondence assistance will also help them with their financial planning.
Rana, N. (n.d.). Mobile Email Marketing. In E-Marketing Intelligence: Transforming Brand and Increasing Sales Using Digital Channel (p. 202).
Barnes, C., Blake, H., & Pinder, D. (2009). Creating and Delivering Your Value Proposition: Managing Customer Experience for Profit (1st ed.). Kogan Page.
Tax Service at Liberty Tax (n.d.). Retrieved from http://www.libertytax.com/about-us/
Belch, GE & Belch MA (2007), Advertising and Promotion: An Integrated Marketing Communication Perspective (7th ed.), McGraw Hill/Irwin, New York.