TechCrunch had this gem talking about Mint’s recent redesign (bolding mine):
That normally isn’t big news, but what caught my attention is that Mint has been bucket testing various redesign formats with some users and is seeing conversion rates increase by 20% over the current site.
That equals “hundreds of thousands” of more registered users over the course of a year given their current growth rates, says CEO Aaron Patzer. When we last checked in with them, they had 350,000 registered users and were tracking $11 billion in assets. Those numbers are likely substantially higher now.
But then followed it up with this amazingly misguided statement:
Most startups have very limited resources and are so busy building and maintaining core features that they can’t spend too much time doing user testing on various concepts. Sometimes it makes sense to just take a step back and think about usability, though. It can pay off in the end.
As that same article says, Mint has $17 million in funding. One full time, well versed marketer could be running these split tests all day and continuously accelerating Mint’s user-base growth.
Even if they were paying someone a lucrative $100K per year, that is a virtual drop in the bucket 0.59% of their total funding.
20% growth prospects doesn’t seem like a bad ROI on that 0.59%. I’d say that definitely “pays off in the end.” More proof that Silicon Valley needs more direct response kung fu.
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