A Case Study on the Impact of Multivariate Testing on a Financial Services Website

One of our websites aggregates financial services for various South African providers, and when we got the opportunity to work with a new client, a debt consolidation agency, we proposed a strategy whose components where the following:

Leverage existing traffic in the Loans and Credit Cards section of the website to generate traffic for the Debt Consolidation offer.

Convert that traffic in (1) using 4 different options, a) expand the original Loans and Credit Cards forms to include information about the Debt Consolidation, b) only present the Debt Consolidation offer on the Thank You page in the form of a banner to another website, and c) present a Debt Consolidation form on the Thank You page itself instead directing to another website.

Tactic #2 is a classic example of A/B testing, something that many marketers do not know of, and if they do know of, grossly neglect to use.

However, our experiment was not just looking at which option of the 3 (a – c above) would result in the highest conversion rate, but we were looking at the change in conversion rate of the original Loans and Credit Card forms now that they included a tick box with to indicate interest in the Debt Consolidation offer.

This turned our simple A/B test into a multivariate experiment. There are many resources in industry blogs about the difference between the two types of experiments, so I won’t delve into that. This blog is to share to you the results of how users consumed and responded to the different versions of the form and website we served them.

Multivariate Experiment Results

There was a 13% increase in leads in the experiment form compared to the original form.

9% of the leads continued to click through the banner and of those 65% completed the form offsite.

It gets better!

28% of the leads further completed the Debt Consolidation offer form in the Thank You page.

It was a no-brainer to us that people comparing loans and credit cards on the internet have a significant probability to seek debt consolidation as well. For those who may have not even been considering this, what we presented to them led them to respond as we had expected.

You may be wondering then, why only 28% of the leads completed the other form and not say 38%, it so happened that (among other reasons which need not be divulged), that the vast majority of our clientele for the Debt Consolidation offer where older people, and not surprisingly with higher incomes, while younger people generally did not take up the offer. Again, this was not greatly unexpected but we needed numbers to back up our hypothesis.

What this shows is the power of A/B and multivariate testing in order to improve conversion rates. We didn’t have to build entirely new sections on the website but we captured more business from existing traffic at the right moment in time.

This case study is only one experiment which we at Friends of Brands have conducted. All of them have produced greater results than was otherwise without the tests. We can help your business’ website and even mobile applications with similar tests to improve your bottomline.

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