Like most highstreet banks we have a Loans product page, but we hadn't carried out any kind of optimization activity on this page, or this product for that matter. Generally speaking the thing that sells a loan is the rate (natch). But we have found that in terms of what visitors want to see on a Loans product page is the ability to use a loans calculator to see what their repayments are likely to be etc.
Therefore the following test was planned and conducted...
Objective – To get more people to use the Loans Calculator and more people to apply for the Loan product and submit the application form.
The test was ran continuously for 27 days between the dates of 21/08/2009 to 16/09/2009.
Test audience – 100% of traffic to Highstreet Bank Loans Hub page.
Hypothesis – By testing alternative page designs on the Loans Hub page we expected to see an improvement in the visitor to apply ratio by 3% and improve our visitor to submitted application ratio by 5%. We also hoped to see an improvement in visitors using the calculator by 3%
Test Results Summary
- 9.08% improvement in visitor to apply ratio
- 4.59% improvement in the submitted application ratio
- 4.12% improvement in visitors using the calculator
- 5.06% improvement in product accept rate
The existing page design was as follows (note the placement of the loans calculator)...
The winning page design was as follows...
Put into context
To put this improvement into context, if all of the 126439 visitors during the test period had been shown the new design :
126439 Visitors to winning design x 16.17% visitor conversion x 33.2% accept rate during test = 6787 accepted applications
126439 Visitors to default design x 15.17% visitor conversion x 31.6% accept rate during test = 6061 accepted applications
This equates to a 11.9% increase in accepted applications
Findings
Bringing the loan calculator and apply now button front and centre focuses a visitor on the primary calls to action; perform a calculation, click apply.
The static right-hand promo tile whilst previously used to host the loan calculator was now used to promote creative that played on 3 core themes; ‘cash’, ‘car’ and ‘home improvement’. We wanted to see which image and theme appealed to the most loans customers. In the past we have used a variety of images in the loans section that appealed to these areas, this test would go some way in answering which theme had the widest appeal.
We’re aware that images can be largely subjective in either turning people on or off but using a very basic image that illustrated a single concept provides a jump-off point for enhancing the ‘home improvement’ message relating to a personal loan application.
