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#70 How to Implement Rapid Experimentation (Finimize)

When this fintech app started doubling, tripling, even quadrupling their ad testing per week, they saw a 50% decrease in the cost to acquire new users. Hence our guest’s motto: “Whoever tests the fastest will win.” Find out how to build an internal system for rapid experimentation.

Matt Pate is the Growth Lead at Finimize, giving you a team of finance and investment analysts in your pocket. Previously, Matt started up a VR/AR development studio in London.

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Questions Matt Answered in this Episode

  • What does the Finimize product do?
  • What is your theory around testing and what systems do you have in place to do it effectively?
  • How many iterations of creatives does it take to arrive to a big winner?
  • How do you find your audience on TikTok as a fintech app?
  • What are you looking forward to in 2021 in regards to performance marketing or the fintech space?

Timestamp

  • 5:20 Matt’s background
  • 11:05 What is Finimize?
  • 14:21 Matt’s views on testing
  • 16:21 Building a system for rapid experimentation at scale
  • 22:32 Fintech & TikTok
  • 26:25 What to look for in 2021

Quotes

(15:45-16:04) “Where we saw our massive improvement was when were testing maybe four or five creatives a week and then we doubled, tripled, quadrupled that and got into the 15 to 20 range - and I can’t say we always test that much because it’s dependent on a lot of variables, but when we got to that, we saw significant decrease in our cost per acquisition, like 50%.”

(20:59-21:26) “Your biggest asset as any startup, as any founder, as anybody in growth marketing, product, sales, whoever you are as a person, is creativity. And, it’s the ability to empathize and to understand somebody else and put the message in front of them. You are never going to do your job as well as my API or a computer, you know? So it’s get rid of those repeatable tasks and have as much time as you possibly can to spend on vision, creativity, and then you’ve got the utmost chance of hitting success. ”