Most brands are doing everything they can to amass more first-party data.
But Intuit already has 100 million customers across TurboTax, QuickBooks, Mint, Mailchimp and Credit Karma.
The latter two companies were all added to Intuit’s portfolio over the past three years. (Intuit bought TurboTax way back in 1993 and QuickBooks in 1999, and then Mint in 2009.)
Now, the company’s top priority is to engage existing customers by taking advantage of the “network effects” of its different brands, says Intuit CMO Lara Balazs on this week’s episode of AdExchanger Talks.
For example, maybe a Credit Karma user is also a small-business owner and should see an offer about using QuickBooks.
As a data-driven brand, Intuit deploys all the usual suspects to measure results, from multi-touch attribution and media mix modeling to its internally built CDP.
But while many companies look externally to judge success, Intuit looks in the mirror. People need to be able to trust the company with which they’re sharing intimate details of their finances.
Intuit considers Glassdoor reviews and internal pulse surveys to gauge its reputation not just with its customers but with its employees, too, says Balazs, who is also EVP and GM of Intuit’s strategic partner group.
Reputation tracking is becoming increasingly important “in a world where purpose and reputation of companies matters even more,” Balazs says.
Intuit views itself as a mission-driven company that can help power prosperity for people in all financial situations, especially those in the DIY taxes category, which excludes the hyper-rich. The brand is positioning itself at the intersection of finance and social issues, including through addressing the wealth gap between Black and white Americans.
At the same time, Intuit is entering the busy tax period. Everyone of a certain age and income level is required to file their taxes, but they have a choice in terms of the software they use, and certain creative messages – related to value, for example – might resonate more strongly with consumers during a time of economic uncertainty.
For businesses looking to grow – or, at the very least, power through – a challenging economic environment, Balazs, who sits on the CMO advisory board at Ridge Ventures, offers this advice: “Fall in love with a customer problem. Don’t fall in love with a solution.”
