How Mint Grew to a $170 Million Acquisition in Just 3 Years
You’ve likely heard of Mint, the personal finance app created by Aaron Patzer in 2006. While most startups are launched by teams, Mint’s success is particularly remarkable because Aaron was the sole founder behind it.
In just three years, Aaron took Mint from an idea to being acquired for $170 million. So, how did he achieve this impressive feat? Here’s a breakdown of the key strategies he used.
1. Focused on High-Quality Content Marketing (2006)
Aaron recognized the power of content marketing early on and began publishing high-caliber blog posts that provided:
- Financial advice tailored to the everyday user.
- Engaging videos and infographics to simplify complex financial topics.
- Link roundups that curated the best financial resources for readers.
This focus on delivering value helped Mint establish itself as a trustworthy and authoritative brand in personal finance, even before the app was launched.
2. Captured Email Leads with Beta Sign-Ups
Every blog post included a call-to-action (CTA) inviting readers to join the email beta list. This simple yet effective tactic helped Mint build a base of early adopters and create excitement for the upcoming app.
3. Leveraged Viral Sharing on Reddit and Digg
Mint’s content resonated so well with its audience that users began sharing it widely on platforms like Reddit and Digg. This virality helped Mint gain traction and grow its email list significantly without spending heavily on traditional advertising.
4. Built an Email List of Nearly 20,000 Before Launch
Thanks to its content marketing and viral sharing strategies, Mint amassed an email list of almost 20,000 subscribers within just nine months—all before the app was even released.
5. Created “I Want Mint” Badges to Drive More Referrals
Aaron took things a step further by encouraging users to embed “I Want Mint” badges on their blogs and social media profiles. In exchange, users were promised VIP access to the app.
This strategy:
- Sparked a sense of exclusivity and competition among users.
- Generated links from over 600 blogs, further boosting Mint’s visibility and authority.
6. Participated in Startup Competitions
Mint actively participated in startup events, including the prestigious TechCrunch40 competition, where they won. This win not only validated Mint’s concept but also provided massive exposure to investors, journalists, and potential users.
7. Invested in PR and Media Outreach
To amplify Mint’s visibility, Aaron hired a PR firm that secured:
- Coverage in around 550 interviews over a few years.
- Consistent press opportunities that kept Mint in the public eye.
Additionally, Aaron himself committed to conducting a press tour for one week every two months, which involved meeting with journalists, attending events, and ensuring Mint stayed top-of-mind in the industry.
The Result: A $170 Million Acquisition
By combining these strategies, Aaron Patzer was able to:
- Build significant brand awareness before the app was even launched.
- Create a large, engaged audience eager to use the product.
- Achieve rapid growth and gain the attention of investors and acquirers, leading to Mint’s $170 million acquisition just three years after its founding.
Key Takeaways for Entrepreneurs
- Invest in High-Quality Content Early: Engaging, valuable content can build trust, authority, and an audience even before your product launches.
- Leverage Exclusivity and Viral Mechanics: Strategies like badges or VIP access can create buzz and incentivize users to spread the word.
- Participate in Industry Events: Competitions like TechCrunch40 can validate your concept and provide valuable exposure.
- Commit to PR and Outreach: Consistent media coverage builds credibility and keeps your brand visible to potential users and investors.
By focusing on these tactics, entrepreneurs can replicate aspects of Mint’s success and build a product that resonates with users and stands out in competitive markets.
Source: neilpatel.com