C: There are several ways to skin this particular cat. User numbers, engagement – as measured by daily or weekly active app users, or email open rates are all hugely valuable and important metrics.
But I’m of the view that Net Promoter Scores capture all this and more – and, therefore, as a single key metric, is worth focusing on. An audience that’s happy to promote you to others is typically one with high regular engagement with your product. And if you focus on turning detractors into passive consumers of your product, and passives into promoters, you should find yourself tackling the root causes that may be limiting other metrics.
M: WHAT’S FINIMIZE’S SOCIAL MEDIA STRATEGY?
C: It’s important to be wherever your users are, and that’s increasingly on social media. There, we focus on making finance accessible by breaking down the historic intimidating walls around the industry. Just as we do in the newsletter, we talk in everyday language about relevant financial topics. Referencing pop culture and memes helps build fun and engaging conversations with our community. We meet our users on whichever platform they prefer to talk on, whenever that is.
M: DO YOU WORK TOGETHER WITH OTHER PUBLICATIONS IN YOUR VERTICAL?
C: Yes, we’ve teamed up with a handful of high quality, like-minded publications like Quartz, CB Insights, and Investopedia. We’ve found it valuable to promote one another to our respective audiences since we know they’re likely to be interested in related content we provide – and vice versa. Both end up with new, highly-engaged and relevant additions to our communities.
M: WOULD YOU DESCRIBE YOUR BUSINESS AS DATA-DRIVEN?
C: We’re focused on data for sure – and use it to help make and support our decisions. But we also listen to our gut instincts and think that it’s a great differentiator. Of course, that means we get things wrong sometimes if the data doesn’t soon back us up – but it allows us to come up with new and exciting innovations that data alone may never have pointed us toward.
One of Finimize’s mantras is “eat your own dog food” and we live by it: even if data suggests something, if it doesn’t sound like something we’d want to see in our product as users, we tend to conclude others won’t want it either, so won’t pursue it.
M: COULD YOU SHED A BIT OF LIGHT ON YOUR REVENUE MODEL?
C: We partner with financial institutions such as Investec and the Bank of England to produce co-branded educational Packs – and use these as a lever for building their brand awareness via sponsored features in our newsletter and app. Users pay monthly or annual subscriptions to unlock all the Packs and premium news content within the Finimize app.
M: WHAT’S THE AREA YOU’RE MOST EXCITED ABOUT?
C: We’re really excited about the Finimize iPhone app. It was featured twice by Apple as one of its top apps in its first six months – and was voted a top-3 fintech of 2018 by the Product Hunt community. The Finimize app contains specialist markets news, expert-led discussion groups, and 50+ guides to investment topics available in text or audio format – with more added every week. It’s everything you need to make informed investment decisions.
M: WHY DO YOU THINK YOUR MODEL HAS BEEN SUCCESSFUL?
C: I think it has to start with the product – we’ve tried to make the best product imaginable for our users and we keep our focus squarely on using it to enlighten and delight them. Finimize is aiming to solve a real problem on several levels: on a personal level, we’re giving people the tools to become their own financial advisors and thereby increase the net worth of our generation – and the bigger picture is that we’re improving people’s financial literacy, which is one of the world’s biggest challenges. We feel that mission resonates strongly with people and that’s been a major contributor to our success.
M: GETTING PEOPLE TO LOVE THEIR FINANCES IS KEY THEN?
C: Absolutely! 80% of people that refer Finimize use the word “love” in the message they send to their friends and family, and I think that’s fantastic.