Mint Growth Strategy – Marketing Hacks You Can Use
Mint is a free web-based service for financial management available to users in the United States and Canada.
It was created in 2006 by Aaron Patzer and is now a subsidiary of Intuit, the makers of Quicken and TurboTax.
Mint allows users to connect with more than 16,000 financial institutions and supports more than 17 million individual financial accounts. In 2013, the service claimed more than 10 million users.
Mint: Overcome the Users Concern
The greatest challenge to growth faced by Mint was in creating sufficient confidence in the site’s security that its users would enter sensitive financial details into the interface with confidence. Much of Mint’s growth hacking focus was geared toward addressing this primary concern.
First, the Mint staff became experts in online finance, researching not only the competition, but also the behavior of their potential users in regard to money. They discovered that most people do not track their income or their spending, preferring instead to simply keep an eye on their balances.
While most people understand the concept of budgeting, few implement it, or even know how to begin to do so, even though they might believe that there are real benefits to be derived from doing so.
This understanding allowed the Mint growth hackers to opt to focus on people who did not yet see the necessity of organizing their financial lives. This meant grabbing the attention of users who were just signing up to “kick the tires.”
The site’s programmers engineered the interface so that within 5 minutes of a new user signing on, they were looking at a full graphical picture of the current state of their finances, with advice on how to build their money — all for free.
The site was, and is, clean and simple with an easy, short domain name. The early marketing emphasis was on winning the approval of tech savvy reviewers from Tech Crunch and Hacker News who would tout the site’s security and utility, which helped Mint to “go viral.”
In conjunction with the main site, Mint dispenses valuable information on personal finance through a companion blog. Instead of dry, boring text, the data is presented in eye-catching and easily understood info graphics that are actually instructional and helped, in the beginning, to spread the word about Mint as both a product and a learning tool.
The primary growth hacking strategies Mint employed worked with a brilliant combination of content marketing, product development, and behavioral engineering.
They found out who needed the product, how to gain the attention of early adopters, and how to give these people tools to reach a desirable goal — greater financial security and wealth accumulation.
These strategies allowed Mint to become the personal financial tool of choice for millions of users, even outpacing the tried and true Excel spreadsheet. Excel simply tracks financial data, Mint tracks data and educates its users in the process – a powerful and useful combination.