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There's plenty of upside this year for tax pros who want to compete for business, as well as some new twists. • The national unemployment rate is falling • E-filing continues to grow • Search behavior is changing • Competition is fiercer than ever Peruse the Bing Ads tax presentation for more digital marketing insights. For more Bing Ads digital marketing insights, visit bingads.com/industryinsights
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Making tax easyInsights for digital marketers
Individuals and businesses spend about 6.1 billion hours each year doing their taxes and complying with tax laws – that’s the equivalent of more than 3 million full-time workers annually.1
1Source: National Taxpayer Advocate Service 2012 Annual Report to Congress
Over time, the federal government has taken steps to make it easier for individuals to file their own taxes.1
1Source: IBISWorld Industry Report 54121d, Tax Preparation Services in the US, Jeremy Edwards, March 2014.
Factors affecting this tax season
National unemployment rate
Electronic filing
Regulation External competition
Source: IBISWorld Industry Report 54121d, Tax Preparation Services in the US, Jeremy Edwards, March 2014.
The national unemployment rate continues to fall
Projected
Source: IBISWorld Business Environment Report, National unemployment rate, June 2014.
With decreasing unemployment rates, filing volumes are increasing
Source: IRS Filing Season Statistics for week ending May 16 2014
136.9 Millionindividual tax returns were filed in 2014, an increase of 1.3% over 2013.
118 Million individuals filed their taxes electronically in 2014, an increase of 2.9% over 2013.
Since 2001, electronic filing has nearly tripled
Source: efile.com, 2014 merged with IRS Filing Season Statistics for week ending May 16 2014.
86%of tax filers used e-filing in 2014, 2 percentage points more than in 2013.
In 2014, tax professionals dominated electronic filing
Source: Data analysis on IRS Filing Season Statistics for week ending May 16 2014.
After the initial spike, tax professional e-filing gained ground as individuals rushed to file by the deadline
Source: Data analysis on IRS Weekly Filing Season Statistics, 2014
E-filing and manual filing peaked at different times
E-filing experienced two peaks – at the beginning and end of the tax deadline.
Manual filing, done without a tax professional, experienced only one peak at the end of the tax deadline.
Source: Data analysis on IRS Weekly Filing Season Statistics, 2014
Searches on the Yahoo Bing Network aligned to e-filing trendsThere were two main search peaks – in late January/early February when W2s were delivered, and mid-April, as the filing deadline approached.
Source: Microsoft internal data
Clicks peaked heavily the week of the tax deadline
Source: Microsoft internal data
In 2014, the Yahoo Bing Network saw a substantial year-over-year increase in click-through rates and a decrease in cost-per-click (CPC), resulting in strong performance increases. Source: Microsoft internal data
Tax searches were heavily concentrated – the top 10 searches made up approximately 80% of the top 25 tax-related searches.
Tax-related searches were highly competitive
Source: Microsoft internal data
As individuals received their W2s, IRS tax information searches peaked in late-January.
After the initial IRS research spike, individuals started searching for Turbo Tax, H&R Block, and other tax service providers. After the 2nd spike, IRS-related searches continued.
Terms searched for in the final tax deadline spike were IRS- and Turbo Tax-related words.
IRS and tax professional-related searches peaked at different times
Source: Microsoft internal data
In line with Yahoo Bing Network searches, IRS website visits peaked at the beginning of the tax season
Source: Data analysis on IRS Weekly Filing Season Statistics, 2014
Refund interest peaked during the first tax spike, illustrating that filers were incentivized to file early to get their refunds faster.
Source: Microsoft internal data
Within IRS searches, individuals most often searched for tax refund information
The IRS doesn’t advertise – this presents a unique search advertising bidding opportunity, as 38% of the top tax searches were IRS-related.
Source: Microsoft internal data
Brand name searches peaked at different times according to tax services offered
Source: Microsoft internal data
Tax professional brands experienced a more pronounced search spike at the beginning of the tax season whereas self-service software brands tended to experience a higher spike the week of the tax deadline.
Source: comScore Long Term Trend, 2014
The 2014 tax season saw a 4% increase in unique visitors to tax websites.
TurboTax, H&R Block and TaxAct are consistently the top 3 tax websites
Pie Chart Source: Hitwise, Demo Report
Half of tax website visits come from those 45 years and older and the Yahoo Bing Network has a higher index than Google on individuals ranging from ages 45-64.1
1Source: comScore Plan Metrix, US, April 2014, custom measure created using comScore indices and duplication
Mobile phones are making gains at tax time
Mobile phones have experienced 71% year-over-year growth on tax-related searches
Source: Microsoft internal data
Brick-and-mortar traffic surged on mobile phones
Source: Microsoft internal data
Tax professionals should use Location Extensions and Call Extensions to help customers find their local business.
Want to drive local leads to your store front?
Up to 7%higher click-through rate with Location Extensions than with standard text ads1
Location Extensions and Call Extensions, can help your customers find you quickly – putting your business address and phone number right at their fingertips. Drive in-store traffic with features like store locator, click-to-directions, and click-to-call for mobile searchers.
1Source: Microsoft internal data
Want to drive online tax filers to your website?
Up to 22%higher click-through rate with Sitelink Extensions than with standard text ads.1
Sitelink Extensions create richer, more relevant search ads by providing direct access to site content and purchase pages. By giving customers additional links in your ad that take them to the exact information they’re looking for, this increases conversion rates and your profits.
1Source: Microsoft internal data
Mobile phone searches on the Yahoo Bing Network peaked at the beginning of the tax season
Source: Microsoft internal data
Within mobile phone searches, individuals mostly searched for tax refund information
Source: Microsoft internal data
In line with mobile phone searches, mobile phone clicks peaked at the beginning of the tax season
Source: Microsoft internal data
In 2014, The Yahoo Bing Network saw substantial year-over-year increases in click-through rates and a decrease in cost-per-click (CPC) on mobile phones, resulting in strong performance increases. Source: Microsoft internal data
Effectively reach your tax audience with the Yahoo Bing Network
The Yahoo Bing Network delivers value for tax
2.6M or29%
Source: comScore qSearch (custom), US, March 2014; industry categories based on comScore classifications.
Total tax searchers
Total tax searches
of all tax paid clicks
2.9M
7M
42%
Tax searchers not reached on Google
Our audience has a higher propensity to access financial services through their mobile deviceCompared to Google, the Yahoo Bing Network Audience is:
9% more likely to have used a browser on their mobile device to access stock trading
More likely to have used SMS on their mobile device to access their bank accounts
More likely to have used their mobile device to access financial news almost every day
Source: comScore Plan Metrix, US, March 2014, custom measure created using comScore indices and duplication. March data was used to reflect the month before tax filings are due.
Source: comScore Plan Metrix, US, March 2014, custom measure created using comScore indices and duplication. March data was used to reflect the month before tax filings are due.
Connect with your target audience Compared to Google, the Yahoo Bing Network audience is
20% more likely to have bought personal finance/tax software offline in the last 6 months.
The key is to more effectively reach the tax audience
Source: comScore Media Metrix, US, March 2014. March data was used to reflect the month before tax filings are due.Source: U.S. Census Bureau, Statistical Abstract of the United States: 2012 (131st Edition) Washington, DC, 2011; http://www.census.gov/compendia/statab/
The Yahoo Bing Network over indexes on household incomes $40,000-$59,999 and $75,000+ compared to the overall Internet population.
31.6% of the population
Tax Advertiser Target Market
Bing Ads can help you take your ad copy to the next level
% Off
Advice/ Consultation
Call To Action
Debt eFile Fast/Easy
File Taxes
Forms Free
Income Taxes
IRS Official Site
Online
Relief
Returns
Tax Calculator
Tax Identification
Tax Preparation Services
Tax Refunds
Tax Software
Tax Type
Taxes (General)
Year
% Off
Advice/ Consultation
Call To Action
Debt
eFile
Fast/Easy
File Taxes
Forms
Free
Income Taxes
IRS
Official Site
Online
Relief
Returns
Tax Calculator Tax Identification Tax Preparation Services
Tax Refunds
Tax Software
Tax Type
Taxes (General)
Year
Great Good Insufficient dataPoor
Here’s how to read a heatmap
In this example, a tax ad with “tax refund” in the title and words in the tax identification bucket in the description, such as “EIN,” “Tax ID,” or “ID Number,” has high ad quality.
Ad description
Ad t
itle
% Off
Advice/ Consultation
Call To Action
Debt eFile Fast/Easy
File Taxes
Forms Free
Income Taxes
IRS Official Site
Online
Relief
Returns
Tax Calculator
Tax Identification
Tax Preparation Services
Tax Refunds
Tax Software
Tax Type
Taxes (General)
Year
% Off
Advice/ Consultation
Call To Action
Debt
eFile
Fast/Easy
File Taxes
Forms
Free
Income Taxes
IRS
Official Site
Online
Relief
Returns
Tax Calculator Tax Identification Tax Preparation Services
Tax Refunds
Tax Software
Tax Type
Taxes (General)
Year
Ad description
Ad t
itle
Great Good Insufficient dataPoor
Tax heatmap
Top 5 word combos in tax ad copy
All DevicesTitle Description
Tax refunds [Tax identification]
[Year] Income taxes
[Year] Tax calculator
Tax calculator Advice/consultation
Tax calculator Tax calculator
The words “tax calculator” appeared in three out of the five top performing ad copy combinations, whether in the title, description, or both. People are not just looking for general information, they are seeking tools to help them in the process.
Top tax ad copy word combos by device
PC/Tablet
Title Description
Tax refunds [Tax identification]
Mobile
Title Description
Tax refunds % off
2. Test ad copy early in January before the first peak and run with the best performing ads. Remember to use dynamic insertions in your ads and have a clear call-to-action.
3. Target mobile searchers at the beginning of the tax season with refund-related ad copy and appropriate keyword bids.
Some tips to consider for tax season
1. Align budgets and bids to search trends. Plan for the two search peaks.
4. Brand name searches spike early and late in the season, and vary by tax professional services and self-serve software. Align your search campaign timing to the service you’re offering.
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© 2013 Microsoft Corporation. All rights reserved. Microsoft, Windows, and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.