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Intuit Targets Products At Specific Types Of Businesses.(A)(Q AND A)
Byline: BRIAN DEAGON
Just over a year ago Intuit Corp. announced a new strategy for its QuickBooks line of business accounting software.
Dubbed "right for my business," the strategy was designed to provide industry-focused products for a small-business software market that Intuit pegs at $17 billion a year. Industries have different software accounting needs, Intuit reasoned, so it tweaked its software as needed for different industries.
The strategy seems to be working. In its fiscal first quarter ended Oct. 31, sales of Intuit's QuickBooks software for small business rose 55% from the year-earlier quarter to $38 million. That's faster than Intuit's overall sales growth rate of 32%.
Two months ago, Intuit brought this same strategy to TurboTax, its line of tax-preparation software. The first products to be introduced with its "right for me" strategy include a version for investors and a Spanish language version.
Raymond Stern, Intuit senior vice president, recently spoke with IBD about company plans.
IBD: Where is Intuit going with its "right for my business" strategy?
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