Tag Archives: Intuit

The Silent Salesman

I recently had the unique opportunity of meeting Ian Myles, who has done extensive work designing software and hardware products.  He was leading a discussion amongst startup CEOs regarding the importance of user experience.  No one will contest that user experience is important, but Ian took it a step further, and said its not just about making pretty apps.  The reason user experience is important is because two products being equal in terms of functionality is when: “Design becomes the silent salesman.”

I thought about how true these words were, and how I myself had experienced this first hand at my last startup.  Say what you will, but design was the key ingredient to Mint.com’s triumphant user growth and adoption over long time rival Intuit’s product QuickenOnline.

There are 3 questions that people need to answer when designing a product for any user base:

  1. What is going to get people to try the product out i.e. compel them to click the sign up button?
  2. How will you keep the user engaged once they sign up?
  3. How will you retain them?

Let’s tackle the first question.  As a startup you cannot rely on word of mouth marketing just yet, so to get people to sign up you need to have a landing site with a clear value proposition.  I won’t bore you with landing site optimization techniques, you can read about those here.  Just know that you need to think about how you will make the user that’s signing up feel like you’ve built an app just for them.

Pat yourself on the back if you’ve gotten users to sign up.  The next challenge is to hold the user’s attention long enough so that they will feel like you met their the expectations that you set for them in your landing site’s value proposition i.e. if you’re going to make them more money, well then your product better start making them more money from the initial interaction!  This part is hard, because you’re actually trying to do 2 things: making a lasting impression by making a positive impact on the current moment they are using your product.  Hence, you’re right on the edge where people will immediately drop off or experience enough value to stick around and login another time.

The final question: how will you retain them?  Sometimes I feel like people just don’t care enough about retention.  I can’t blame them with advertising being an easy monetization scheme, but with advertising dollars becoming more scarce, vanity metrics like signups aren’t enough.  For SaaS companies like my current startup, its even harder, you have to provide a clear value to get users to come back, and continue to augment your offerings if you want to retain users.  So how do you retain them?  User experience.  Everything from the design of the product to clear messaging and customer service affects retention, because each one of these is an experience that your user is having with your company.  Sure you can lock people into a long term contract, but those are for companies who are afraid that someone will figure out their product sucks once they’ve used it more than once.  Or you can churn through signups but then how will you make money long term?  You need a user base that is willing to pay you for something, part of that is paying you for the experience  you are delivering.

Hence, putting thought into the overall experience a user has with your company and its products is the reason design is the silent salesman.

 

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Timeline: Mint.com – 2009

This is the last installment of the Mint.com Timeline.   As many of you already know Mint was acquired by competitor Intuit in September of 2009.  Mint will continue to live on as a product that helps its users do more with their money.  I myself have enjoyed the experience tremendously,  2009 was indeed an interesting and eventful year.  Today Aaron reviewed the goals and accomplishments from 2009: increase customer acquisition, delivery a quality product, and improve revenue numbers.  I’d say we’ve met those goals, but here’s a more intimate look as to what unfolded at Mint.com in 2009:

January 2009 – On the 14th Mint.com is announced on Yahoo’s homepage resulting in the largest number of registered users in a single day.   An iPhone floor model is released that contains a demo version of Mint.com.  On the 22nd rival QuickenOnline challenges Mint with a legal letter demanding to know how we measure our active and registered user count and user growth rate.

March 2009 – Mint.com adds its millionth user!  The team goes on a wine-tasting trip to Napa to celebrate their success.

May 2009 – The Minter Sprinters begins, an attempt to keep the Minters in shape just in time for bathing suit season 😀

June 2009 – A new summer tradition of burritos in the park and field day begins.

July 2009 – Mint launches MintLife the new and improved Mint blog.

August 2009 – Mint accepts a Series C round of funding from DAG ventures.

September 2009 – On the night of the 13th, after months of a clandestine courtship, Intuit proposes to Mint.com and TechCrunch leaks the story.  On the morning of the 14th, for the first time in Mint history all the employees show up to work before 10am!  The Minters enjoy drinks at Stephen’s Green in down town Mountain View, along the way they are greeted by locals who quietly whisper, “Dude those guys just made bank!”

Mint turns two on the 18th, and the Minters enjoy a night of cruising on the SF bay.

Despite the deepening recession 2009 was a great year for Mint.  Its success should be attributed to every team: engineering, product, marketing, and business development.  And every Minter played their part in contributing to the the product’s success.

This is my last week at Mint, Friday will be my last day.  Mint was my first startup, and I was its first and only femgineer.  I feel blessed to have had such a positive first experience.  In my heart I will always be a Minter, and I hope to continue to “Mint my money.” 🙂

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Timeline: Mint.com – Summer 2007

The launch date for Mint still had not been set, and it had slipped first from March 2007 to tax time, and then again to the summer.  The slip was fortuitous.  Prior to launch Mint’s primary concern was security, handling user’s financial data is a sensitive matter, the secondary concern was distribution.  Unlike social network startups Mint did not have the built in virality.  Spreading it by word of month was the best it could do given the size of the team and its budget.  Letting the launch date slip made Mint eligible to demo at TechCrunch 40, the first ever TechCrunch conference where 40 pre-launch startups would demo their product for a grand prize of $50,000.  Launching at TechCrunch would help spread the word at least first to the tech community.

July 2007 – At the beginning of the summer, once everyone has settled in Aaron starts to look for a VP of product to help with usability and grow the product team.  He’s introduced to Aaron Forth by one of his First Round Capital investors, Josh Kopelman.  Josh knows Aaron from half.com.   Aaron Forth, aka A4, joins the team and quickly starts cranking out formal specs.  He also focuses on the add flow of user accounts, because that is the initial user experience.

August 2007 – The engineering team, always resourceful, still felt shorthanded and started to look around for another seasoned engineer.  They came across Daryl Puryear.  The team knew he was one of the best candidates they had interviewed, but wanted to invite him back for dinner to see if he would be a culture fit at Mint.  They all went out to Pasta? on Castro.  A few people ordered chicken parmesan… then Daryl ordered salmon, then a few other engineers ordered chickern parmesan… then Jason Putorti showed up 30 minutes later and ordered chicken parmesan!  The team had found another individual who wasn’t afraid of the norm.

Aaron wanted a full fledged marketing campaign with lots of PR to start a buzz going around its private beta and prior to its launch at TechCrunch.  He hires Donna Wells, thats the right the CMO from Mint’s rival Intuit.  Donna joins and the whole team keeps her identity a secret until post launch.

September 2007 – Weeks before the launch the team is cranking full speed ahead.  On the day of the launch the team heads over to hotel it is being held at in SF, and watches the demo.  Everyone waits in anticipation as Aaron demo, he incorrectly types his password – gasp!  But, after that minor hiccup the demo is a huge success, and there is definitely a buzz floating around about Mint.

The night of September 18th TechCrunch announces that Mint has won TC40.  There are 10,817 RU’s the second biggest in Mint.com history.  While the team celebrates in the room next door Atish and David work late into the night rewriting the data provider to make it more scalable for the freshly minted users!

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