It’s “Tax Time” again, and for marketers, the season is about much more than personal finances. Tax Season poses a big opportunity for brands to grow revenue by claiming a big chunk of tax refund dollars. How big of a chunk? Last year, the IRS returned $318 billion to taxpayers (up 3.8% from 2015). Total refunds continue to grow each year, and if 2017 follows suit, marketers are facing a $330 billion advertising opportunity.
One more time… a $330 billion advertising opportunity (OK, just wanted to make sure we’re on the same page).
That’s huge. So why don’t we hear more about the wild success of Tax Season campaigns? Because marketers still fail to adequately support them. Tax Seasons campaigns are continuously undercut because marketers misunderstand the Tax Season window of opportunity.
The Tax Season Window of Opportunity Spans 15 Weeks
“15 weeks?! But my Tax campaign is only 2-3 weeks long!” (… is what I suspect most marketers will exclaim). And they’d be right to be concerned. Running brief Tax Season campaigns neglects the underpinning of any successful marketing efforts: the consumer mindset.
The Tax Season mindset can be understood by combining 2 types of information: (1) filing & refund timelines and (2) online search terms & behavior. We collected and analyzed this information to map the Tax Season mindset and identify the window of opportunity. Here’s what we found:
Still think your 2-3 week campaign is going to rake in your share of tax refunds? Yeah, me neither.
Luckily, there’s still time to right-size your budget and strategy to make your 2017 Tax Season campaign one for the record books.
Need more information to make a case for incremental Tax Season budget? Check out our Tax Season eBook, “Tax Season – the $330 Billion Advertising Opportunity,” to learn more about your window of opportunity, consumer spending power, and converting your tax season audience.
Magnetic is a digital marketing and artificial intelligence company. We use machine learning and AI to deliver smarter, faster, and more effective advertising. Our powerful AI platform continuously analyzes the attributes of 320 million live user profiles alongside real-time inventory supply and bid opportunities to deliver highly performant and profitable campaigns for our clients.