Form Consultants
We have been working in IT since 1996. We have seen the internet grow and mature. Form static, tabled forms to AJAX designer forms.
Leveraging Your Data Mortgage Lead Generation - Learn how a busy mortgage lead broker raised revenue by 25%!
A mission-critical Web form used by a mortgage company was used to generate over 20,000 leads per month. As the sole transactional component to their Web site, they began optimizing using FormAlive tracking tools to gain tremendous insight into user behavior.
After 2 days of high volume traffic of about 40,000 visits to their site, they honed in on where users were mainly falling off from the 40 field one-page form.
Key Finding 1The majority of abandoners, 30%, were leaving the page on fields just below the fold. The analysis led them to believe that once users completed all visible fields above the fold, they would scroll down and retire the mentally long process that they knew was only a third of the way finished.
Test 1: Split the FormA new test was designed to see whether a form split would raise conversion. The hypothesis was that after users submitted a single page of data, they would feel more committed to completing the inquiry for their mortgage quote.
Test 1 ResultsThe resulting test increased conversion by 8%, driving more qualified leads and increasing revenue by 15%. As most skilled product managers realize, an increase in conversion results in a magnified increase in revenue due to multiplied lead sales per user. The shorter form made it less intimidating, and converted about 45% of the users.
Key Finding 2Page 2 hosted most of the personal information (email, address, phone number,) and the majority of abandoners were exiting on the email field. The key ingredient for Internet marketers, as we all know, is capturing email address. The strategy is allowing your company to get a second chance at marketing your service to users, even if they abandon a page. This also sets the stage for further optimization, allowing users to be directed from an email link back to the 2nd page, saving the user half the time in completing the form.
Test 2: Change Email Field PlacementThe second test was to move the email field to the first page as one of the first fields captured. The hypothesis was users would still feel secure about submitting an email, preliminarily, as the first stage of personal data collection and should not affect conversion. It was acceptable that a mild conversion drop, due to the opportunity for an increase in 30-day profitability.
Test 2 ResultsConversion remained nearly the same, and the email collection grew by 30%.
Additional Findings and Actions TakenThe added insight of FormAlive tracking allowed the company to see where users were abandoning the form. Additional testing was executed to locate other trouble spots, such as fields that were difficult for users to fill in. The easier fields were moved higher up on the page, which increased the incentive to fill in the tougher fields towards the end of the process as the felt more committed. Help links were also added to the difficult fields to streamline the process.
Overall, conversion increased 15% over the course of a single week, which led to revenue increases of 25%
We have been working in IT since 1996. We have seen the internet grow and mature. Form static, tabled forms to AJAX designer forms.