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Conversion Optimisation: Five Ideas for the Financial Sector

Since competition in the financial sector is fierce, placing advertisements there can become very expensive very fast. For the search term “term life insurance” for a Google AdWords text ad you have to place your bid at a whopping 3.15 euros CPC (cost per click) in order to show up in second place in the advertisement ranking. For the search term “credit” you have to pay 3.85 euros. Due to this high stake it is even more important to convert as many of the users who click on the ad, as possible. Optimising your landing page for conversion can help you. This can be done through A/B and multivariate testing.

 

Those who run tests beforehand save money later - especially for final services providers

Those who run tests beforehand save money later - especially for final services providers


Three important advantages of conversion optimization

Before we explain the different test ideas in more detail, we want to outline the advantages of a conversion optimisation in the financial sector:

  • Thanks to conversion optimisation more visitors of the landing page become clients, thus increasing the turnover
  • At the same time the costs per acquired client fall (CPO: cost per order)
  • These savings can be used to increase advertising, for instance in Google AdWords

Five smart test ideas for excellent results

Those who want to conduct a test need ideas, and these ideas need to be promising. The following five tips have proven their value and provide a good starting point for conversion optimisation.

1) Trust element
Your financial product won in a test of a well-known magazine? You offer guarantees that exceed the usual extent? If so, then you should place this information on your landing page, since it significantly increases potential client’s trust in your product. So you can start conducting a test, you need to be cautious: placing such trust elements on your landing page is of enormous significance. You need to test where you place the trust element on your page. You can take the landing page of Ergo Direkt as an example. By placing the test winner logo, which is already quite big, directly on the attention - grabbing picture, it can be noticed easily.

2) Product text
Nowadays financial customers expect texts that explain the terms of the financial product in a simple and comprehensible way. “Technical jargon ” is more likely to be a deterrent. You should test two to three different landing page texts, explaining the terms in a different way: for example in the headline, in a data table, or in comparison with the competition.

3) Premium calculator
Many financial services providers integrate a premium calculator in their landing pages. You should decide if this is a good idea on a case-by-case basis. Since you can never be sure if an element of your landing page is efficient, you need to test if it increases the conversion rate or not. Therefore, you should let a landing page with a premium calculator and one without compete against each other. Or even better, different types of premium calculators against a landing page without a calculator. Also it is important to vary and test the default values of the calculator in order to see if input fields or slide controls lead to a higher conversion rate.

4) Reducing bouncing points
The navigation on a landing page can be a bouncing point, distracting potential clients and leading to a lower conversion rate. This applies especially often for clients who came to a landing page via Google AdWords and who have already searched for a particular financial product in the search engine. Does this mean you should leave out the navigation? Also here you should be cautious because especially when looking for a brand keyword, users expect a navigation bar on the landing page, leading them to the financial products of the brand, which are interesting for them. So instead of making assumptions, here as well you should first conduct a test.

5) Picture element
A large image can reach the visitor on an emotional level and extend the length of stay on a landing page. Nevertheless, you should test if such an image has the desired positive effect on the conversion rate. In addition, you should use different subjects. What is most likely to appeal to the target group: the depiction of people, for example one woman, one man, a group? Would older or younger people be a better motif or should you go completely without people? Should you choose a seasonally adjusted winter or summer motif? By conducting tests you can find answers to all these questions and many more.

If you follow these tips, you are already a big step closer to the goal of an increased conversion rate. You can learn what other possibilities exist and how to implement the test scenarios quickly and without major technical effort from QUISMA’s conversion optimisation specialists.



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