People say they want more options but in reality more choice makes it harder to choose.
To prove this idea we tested a rates table (with lots of choice) against a web form (with 1 choice, to get mortgage advice).
The inspiration for our test came from a famous study into choices. In 2000 two behavioral scientists set up an experiment to see whether they could sell more jam if there were extra flavours to choose from.
They found that the opposite happened. Only 3% of people bought jam when there were 24 flavours (even though more people stopped to look!). 10 times as many people (30%) bought when there were only 6 flavours. By reducing the options they made more sales.
Presenting too many options increases the mental effort required to make a decision, which results in “decision paralysis” or non-purchase. The conclusion is that simplicity often outweighs options when the goal is to influence a decision.
Mortgages not jam…
Selling jam and mortgage advice are very different. So does this work for mortgage lead gen?
In our experiment we found that a mortgage rates table cut lead volume by 100%. It gave people lots of mortgages to choose from but they chose none. Everybody left without calling or asking for a call back.
It’s no surprise that presenting a selection of mortgages causes confusion. They need expert advice, giving them more options just makes it harder to choose. They should be offered one option. To get advice.
What to do instead
Your website is a tool to sell the idea of an appointment with an adviser. Not the mortgage itself. People need an appointment to get advice. It’s more effective to simply tell people to get mortgage advice.
Use a form
It may not look as appealing or interesting but a form will almost always outperform the rates table. To get as many leads as possible, only ask for what you need to call them back. You do not need their last name, postcode or how they found you. Ask for that info on the call.
Don’t hide the form behind a button. You’ll get more leads if the form is at the top of every page.
Not a silver bullet
Remember, while focusing on a single call-to-action (like ‘Get Advice’) is incredibly effective at boosting leads, it won’t work on its own. You’ll be disappointed if that’s the only thing you think about.
The successful pages in our test included a variety of elements alongside the form. Recent 5-star reviews, persuasive copywriting, content tailored to a specific mortgage scenario and a user-friendly layout.
Removing the rates table and presenting a single choice is a major part of the solution, but it needed a solid foundation to generate results.