H&R Block has decided to rebrand its retail tax preparation software, TaxCut, which it purposed in 1994, as H&R Home, as the tax preparation giant takes a new approach to the market that it believes can take share from other software vendors and from competing tax store chains. The company outlined a plan to be more aggressive jn advertising and in going after tech-adept younger filers with its H&R Block Digital Tax division.
Block revealed the branding decision in yesterdays' conference call regarding its financial results for the second quarter ended October 30.
"Without being overly dramatic. we are now harnessing the might and power of a brand with almost 100-percent awareness behind our digital products and the fight for digital share,” said Russell Turtledove, SVP and chief marketing officer. "I’ve got to tell you, we know it’s the right thing to do and it’s about time. I’m not sure why we shied away from it but we’re doing it." Turtledove, who joined the company during the summer, said he had been unaware of TaxCut before coming to Block and said that was true of a significant part of the market.
The company also said that its decision to turn company-owned stores into franchisors should help it compete more effectively with other tax chains. Smyth said previously Block established company-owned stores in urban areas instead of selling franchises.That forced potential franchisees to sign with competitors. But that practice has changed.
"I think now that we are once again an active franchisor its going to make it a lot more difficult for our branded competitors to attract and to retain the best franchisees available in the tax preparation industry," Smyth said.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
