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Increasing User Investment Amounts by 15%
Beanstalk were facing a familiar challenge: a lot of people didn’t complete the onboarding journey to sign up to the app, and those who did were not investing enough money. This meant Beanstalk was losing customers unnecessarily, not taking in enough money from each customer (low LTV), and therefore missing out on millions in revenue.
The Challenge
Analyse
The priority for Beanstalk was twofold, first, to increase the amount of money users deposited in the app at onboarding. Second, increase the amount of users that completed onboarding, that is, reduce drop-off rates
The key research used in this project was related to the anchoring effect and information overload.
Research
Implement
The key intervention aimed to increase the amount of money invested in the app at onboarding. This was due to technical limitations in making more than one change at the time. Rather than asking them to state their monthly investment followed by the initial lump-sum, we changed the order. This exploited the anchoring effect which meant the monthly deposit figure was raised by the higher lump-sum answer first user the new process.
This simple change in question order led to an increase in investment amounts by 15%
Evaluate
Summarise
The next step for Beanstalk is to start implementing the other proposals made to reduce the drop-off rate and increase usage of their key features offered (another problem they highlighted). I also provided them with advice on remaining vigilant on investment data to ensure it doesn’t start to decline for some reason, such as other changes being implemented.
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