Intuit is the leading financial management software provider for consumers and SMBs in the U.S. The company is best known for its TurboTax and QuickBooks product lines. In fiscal year 2022 (ends in July), TurboTax software was used by 47M filers in the US, which is roughly 29% of total tax returns filed. Within the do-it-yourself (DIY) market, TurboTax held 64% market share. QuickBooks is used by almost 7M online and desktop customers to manage the finances of their small to medium sized businesses (SMBs).
as a non-U.S citizen it's hard for me to understand what differentiate Turbo-Tax. Would you say they enjoy a massive brand awareness and that their wide adoption mostly due to unnational reasons?
There are many reasons like brand awareness (like you mentioned), ease of use, reliability of the software, etc. The advantage comes from customer retention. Once a customer has used the software, it becomes easier to get that customer back for the next year due to the customer's familiarity with the software and historical data on the platform. Retention rates for TurboTax are good when compared to other consumer grade/SMB software providers. TurboTax Live adoption should also help increase retention rates over time.
as a non-U.S citizen it's hard for me to understand what differentiate Turbo-Tax. Would you say they enjoy a massive brand awareness and that their wide adoption mostly due to unnational reasons?
There are many reasons like brand awareness (like you mentioned), ease of use, reliability of the software, etc. The advantage comes from customer retention. Once a customer has used the software, it becomes easier to get that customer back for the next year due to the customer's familiarity with the software and historical data on the platform. Retention rates for TurboTax are good when compared to other consumer grade/SMB software providers. TurboTax Live adoption should also help increase retention rates over time.
Thanks, great write-up!