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Intuit Inc. Message Board

  • telaviv767 telaviv767 Feb 22, 2012 11:03 AM Flag

    Intuit's new customer acquistion rate is Exploding Higher!:)

    Brad, just on Small Business, can you just give us a sense of -- it seems like this bundled sale is really working well, and how you're seeing the cross influence of some of these other categories. And if you could also talk about Payments, that business continues to grow very well. What's the next leg of growth there from your perspective?

    Brad D. Smith

    Yes, Brent, we are very happy with what we're seeing right now in Small Business. Just to give you some context, if you go back 3 years ago, we used to get 40% of our new customers outside of QuickBooks Desktop. We're now getting 70% of new customers beyond QuickBooks Desktop. So we shift to more Connected Services and mobile apps. It's helping us get new customers into the franchise and it's easier for us to identify additional problems that we can introduce them to a product through a simple link and so that drives cross sell and upsell and attach. That's why we're getting strong revenue per customer and the lifetime value economics as we shift away from Desktop to Online are 20% higher. So right now, we like what we're seeing. Payments is benefiting from that as well. Probably the single biggest driver on Payments right now in addition to doing a good job of attaching it to QuickBooks and QuickBooks Online is the introduction of GoPayment. And as we talked about a few minutes ago, 70% of those customers coming in on GoPayment are new to the Intuit franchise. And that's really what's helping accelerate the growth rate in our Payments business. The next phase for us is to continue to double down on looking for ways to get customers into the franchise, whether it's through an online version of QuickBooks towards Payments or Payroll, and then continue to do a better job of introducing them to other products to help them solve more of their problems so we can get a higher revenue per customer. It's working and we just have to continue to focus on it and we think we can continue to drive the progress forward.

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