INDUSTRY

Online commerce

LOCATION

Los Angeles, California

CHALLENGES
  • Low conversion rates
  • Optimizing web forms
  • High costs
  • Flexibility issues with other tools
FAVORITE FEATURES
  • Form analytics
  • Funnel analytics
  • Custom attributes

Number of experiments run

20

Increase in conversion rate

25%

Drop in bounce rate

12%

About LeadsMarket

LeadsMarket is a leading online marketplace for affiliate marketers and lenders in the small dollar consumer loan space. The company promotes various offers via affiliate websites. They extensively make use of forms across their websites to connect lenders with buyers. We spoke to Marco Ponce, the Senior Marketing Manager at LeadsMarket, and a power user of Freshmarketer on how his company uses Freshmarketer to solve their conversion woes.

Challenges

The marketing team at LeadsMarket had a hard time figuring out why website visitors abandoned their website forms. They had a healthy conversion rate for their recurring visitors but seemed lost when it came to visitors who were coming to their website for the first-time. Because first-time visitors formed a huge chunk of their incoming traffic, they did not want to miss out.

Their main challenges were

  • Identifying the reason behind poor conversions of first-time visitors.
  • Optimizing web pages for returning visitors.
  • Eliminating high costs and flexibility issues with other CRO tools.

How they discovered Freshmarketer

The company was on the lookout for a form analytics tool, as they faced numerous difficulties while using Hotjar. A simple google search landed Marco on Freshmarketer’s website, and within minutes he signed up for the product.

Initially, Marco was impressed with the way Freshmarketer worked on dynamic forms since he failed to track them previously while using HotJar. He then went on to explore Freshmarketer’s other core features that worked seamlessly across his company’s websites.

The drawbacks with other tools

Before Freshmarketer, the team had tried other CRO tools in the market but were deeply disappointed by them. They used leading CRO tools like HotJar and Optimizely for their website but were unable to work with forms efficiently. They struggled with clunky software, static heatmaps, and the exorbitant costs before discovering Freshmarketer.

Here’s what Marco has to say about the tools his company had previously used:

“With HotJar, only the first level of analysis was possible for us with their static heatmaps.”

Marco Ponce

Senior Marketing Manager

LeadsMarket

According to him, Optimizely’s features were too sophisticated to perform an even simple analysis. Using it for single page applications or website was tough. Pricing was another major concern, as Optimizely’s prices were unaffordable and not transparent. Freshmarketer was quite a catch for them both in terms of the exhaustive features it provided and the reasonable price it quoted.

“Unless you’re a very big Saas company, it is not possible to use tools like Optimizely that cost around $45000 a year.”

How Freshmarketer helped

The primary challenge was to identify and fix their low conversion rates of their first-time visitors.

Here’s how they did it:

Heatmaps & Session Replays

The team started with Freshmarketer’s Heatmaps and Session Replays to segment their audience and view how they interacted with the websites. They found that a majority of their visitors were stuck while filling the form. Their forms included fields like bank account number, driver’s license number, etc. that the visitor did not know by heart.

Funnel Analysis

When LeadsMarket identified that their forms were the issue, the team went on to create a detailed funnel experiment with the form fields as steps. Freshmarketer’s Funnel Analysis feature helped the team to measure the drop-off traffic at every form field.

Analyzing funnels in Freshmarketer

Form Analytics

With Freshmarketer’s Form Analytics feature, the team was able to identify the exact form field where there were steep drop-offs. These drop-offs were drastic for their new-user segment. Apart from this, they were also able to view the fields that required more corrections, the ones where the visitors hesitated to provide information, and more. With these insights, they were able to tweak their forms to bring in more conversions.

Take a look at their Freshmarketer setup that provided form analysis in detail:

Form Analytics in Freshmarketer

Polls and Feedback

The poll feature in Freshmarketer helped them to engage with their visitors directly and ask them why they were leaving their page. This led to a reduction in the bounce rates and exit rates of their web pages.

Polls in Freshmarketer

Custom attributes

The team wanted to customize messages and pre-populate the already filled form fields, for returning visitors and for those who abandoned the form across their various websites. To accomplish this, custom attributes came in handy. The issue with Google Analytics was that the same user was counted as a different session when he logged in on different days or from a different device etc. But with Freshmarketer’s custom attributes, they were able to track returning users and display relevant offers based on their visitor history.

Freshmarketer Pricing

The team made use of Freshmarketer’s entire toolset right from polls, funnel analysis and form analysis to the commonly used heatmaps and A/B tests. Apart from being blown away by Freshmarketer’s impressive toolset, they were also pleased with its affordable pricing.

“It’s a bang for your buck. You get the same feature set as that of other highly priced CRO tools in the market.”

All-in-one conversion optimization suite

While organizations have adopted some form of conversion techniques to their strategy, they still struggle with toggling between different tools. Freshmarketer solves this problem, by providing powerful tools packed within a single platform.

As for Marco, using Freshmarketer’s entire toolset provided him with the insights that LeadsMarket needed, all at a single place.

“Freshmarketer is my all-in-one CRO hub.”