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Cracking the Code: How CTV Advertising Gives Tax Prep Services the Greatest Return

Tax preparation companies and services are more popular than ever in the U.S., with over 80% of taxpayers annually using paid preparers or software to file their returns, according to the Internal Revenue Service. These expert services help ensure that Americans take advantage of all the deductions and credits they are entitled to, which can lead to larger refunds or smaller tax bills. Additionally, tax preparation services can help identify potential red flags that could trigger an audit, and they can provide representation in the event of an audit. And this trend will only continue as the tax code grows increasingly complex and more Americans turn to professionals for help navigating the process.

The Challenges for Tax Preparation Services

At the same time, tax prep services are facing more competition than before with the proliferation of digital tax-preparation software and other online-filing options. As tax prep marketers strive to reach both new and existing customers for the 2023 tax season, the unique capabilities of streaming and CTV advertising make it a cost-effective complement or even a viable alternative to digital and social channels.

Tax Filers Are Watching Streaming TV Ads

Streaming is now the single most popular channel for TV consumption in the U.S., according to Nielsen, attracting more viewers than not only traditional broadcast and cable, but also more time spent than social media, gaming and music. And when it comes to advertising, adults in the U.S. pay more attention to streaming TV than another media channel, eMarketer found, thanks to the full-screen presentation, immersive experiences and non-skippable ad formats.

Reaching the Right Customers: The Advantages of CTV Advertising for Tax Prep Services

While online advertising can be targeted to specific demographics, it's limited to people who are actively browsing digital or social platforms. Plus, ad-blocking software has become increasingly popular among consumers, which can make online advertising less effective.

CTV advertising, on the other hand, reaches viewers who are watching streaming services as well as the streaming apps associated with linear networks, making it a more effective way to reach potential customers.

For example, according to the IRS, the majority of taxpayers who use paid preparers in the past year have an adjusted gross income of $50,000 or more. Additionally, research by the National Society of Accountants (NSA) found that the average income of a taxpayer using a paid preparer was $75,000. And according to the AARP, older Americans are more likely to use tax preparation services, with the majority of paid preparers used by those over the age of 60. The right streaming TV advertising solution can hone in on any or all of these depending on the needs of a tax prep marketer, without wasteful duplication across devices or platforms.

Streaming and CTV Advertising: A Cost-Effective Solution for Tax Prep Services

Streaming and CTV offer tax prep marketers specific capabilities that are superior to other media, such as addressable targeting, deterministic measurement, campaign flexibility and speed, performance-led optimizations, cost-effectiveness and audience engagement. And when it comes to return on investment, streaming TV delivers a 30% higher ROI than all other marketing channels, including digital video, digital display, paid search and social, according to Analytics Partners. Streaming and CTV advertising can also provide a more premium, safe environment for brands, which can help build trust and credibility with potential customers.

How CTV Advertising Complements Existing Digital and Social Strategies

Streaming and CTV advertising can be a cost-effective complement to a tax preparation service's existing online, social, or digital advertising strategy. By using a multichannel approach, tax preparation services can reach potential customers through a variety of platforms, increasing the chances of their message being seen. Additionally, CTV advertising can provide measurable results, allowing advertisers to track the effectiveness of their campaigns and adjust them as needed, making the most of their advertising budget.

Simulmedia’s Unique CTV Advertising Solution for Tax Prep Marketers

Simulmedia’s TV+© is the only streaming TV advertising platform designed to prioritize a tax prep marketer’s needs. Here’s how we can help this tax season:

  • Our technology allows us to build your audience target by who they are, how they’re watching and what they’re watching so we can confidently reach them at the most high-engagement, high-attention moments and at the most efficient cost.
  • Our direct integrations with virtually every ad-supported streaming service, publisher and app – plus every linear network and channel – allows us to place your ads in premium, brand-safe environments with full transparency into where you’re running.
  • To ensure maximum results with minimal waste, we deduplicate audiences and manage frequency across ad-supported streaming services so you’re not overdelivering your message to the same viewers.
  • Our team of experts and TV veterans manage all aspects of your campaign from start to finish.
  • We provide more granular measurement of the KPIs that matter to you than you’ve ever enjoyed before while our dedicated Simulmedia team optimizes your campaign for continuous improvement throughout your flight.

Streaming and CTV Advertising: The Key to Success for Tax Preparation Services

In conclusion, CTV advertising is an excellent option for tax preparation services looking to reach potential customers during tax season. With a wider audience, targeted advertising, measurable results, and a premium environment, CTV advertising is a better choice than online, digital, or social advertising alone.

Additionally, CTV advertising can be a cost-effective complement to a tax preparation service's existing online, social, or digital advertising strategy, maximizing the chances of reaching potential customers. As the industry continues to grow, and streaming services become increasingly popular, CTV advertising will likely become an even more critical aspect of tax preparation marketing. It's worth considering for companies that want to stay competitive and reach their target audience in an effective and cost-effective way.

Find out how Simulmedia’s unique TV+® platform for TV and streaming advertising provides unified access to premium linear and CTV inventory across all networks and publishers. Request a demo or email us at advertise@simulmedia.com.