What can we all learn from the success of mint.com? Although the company seems like a simple idea in and of itself, it is fairly complex. However, the cost that went into producing the site is definitely offset by not having to advertise.

Mint.com has created a site that allows its customers a free service and makes money. When people find better deals on banks etc mint.com makes the money when people switch. For example if you change your insurance mint.com may make a fifty dollar commission. Now since the service is free multiply that by millions of users! This is why mint.com sold for 170 million. They also partnered with montley fool @ fool.com for free advertising and it spread like wild fire. Mint.com took a task that was hard and changed it into something fun and easy and this is important. When you can make something fun that normally isn’t for example taxes, then you can find success.

Mint also allows its customers to see how much they are spending on certain items and find ways to cut down on their spending. Sounds simple ahhh?! Well in a recession just think how useful this is for the customers. They can see that maybe they can save 1,500 a year on food.

I think analyzing the situation and understanding the market has allowed mint.com to find great success.