The Problem with Too Much Choice
- Decision Paralysis: More choice makes it harder for people to make a decision, even though they may feel helped by having options.
- The Jam Study: An experiment showed that while 24 flavours of jam drew more viewers, only 3% bought. When only six flavours were offered, 30% bought jam (10 times the sales). Simplicity outweighs options when the goal is to influence a decision.
The Mortgage Experiment Results
- The experiment compared a website with a mortgage rates table (offering many choices) against a simple web form (offering one choice: get mortgage advice).
- The rates table cut lead volume by 100%, meaning no calls or callback requests were generated.
- Presenting a selection of mortgages causes confusion for clients who are actually seeking expert advice.
What Mortgage Brokers Should Do Instead
The website should function as a tool to persuade people to book an appointment with an adviser, not to sell the mortgage itself.
- Offer a Single Choice: The only option presented on the website should be to get advice.
- Make the Form Prominent: Do not hide the form behind a button. The form should be at the top of every page, as many visitors are returning, and a prominent form leads to more conversions.
- Build a Strong Foundation: Removing the rates table is a major part of the solution, but it is not a "silver bullet" on its own. Successful pages in the test included a variety of elements alongside the form:
- Recent Five-Star Reviews: Google and Trustpilot reviews are crucial assets, as they are sources people know and trust.
- Persuasive Copywriting.
Niche Content: Tailoring content to a specific mortgage scenario (e.g., first-time buyers with a self-employed partner) helps address the client's exact problem and increases their likelihood of reaching out.
Brought to you by the team at The Lead Engine who specialise in generating mortgage leads.
