credible.com

Funnel Analysis for Credible Mortgage Prequalification Process

Key Strengths of the Funnel:

• Streamlined and Efficient Process: The funnel emphasizes a “Quick 3 min process,” reassuring users that they won’t need to spend much time to complete it. This promise of efficiency can significantly reduce friction and encourage more users to start and complete the process.
• Progress Indicator: A visible progress bar at the top of the screen helps users keep track of where they are in the process, which can motivate them to continue by showing how close they are to completion.
• Minimalistic and Clean Design: The design is clean, with plenty of white space, which helps to focus the user’s attention on the essential elements of each step. This reduces cognitive load and makes the process feel less overwhelming.
• Sequential Questioning: The funnel uses a step-by-step approach, asking one question at a time. This method helps to break down the mortgage prequalification process into manageable pieces, making it easier for users to provide accurate information without feeling overwhelmed.
• Trust Signals: The inclusion of Trustpilot reviews directly on the page builds trust with users by showcasing positive feedback from other customers. This can help alleviate concerns or doubts users may have about the process or the company.
• Adaptive Questions: The questions asked are straightforward and adapt to the user’s progress in the home-buying journey. For example, asking “Where are you in the process?” tailors the experience based on whether the user is just researching or has already signed a purchase contract.

Business Rationale and Benefits:

Credible’s prequalification funnel is designed to cater to users at different stages of the home-buying process, from those who are just researching to those who have already signed a purchase contract. By offering a tailored experience based on the user’s current status, Credible can gather more relevant data and provide more accurate loan offers, which can lead to higher conversion rates.

The clean and minimalistic design reflects a modern and user-friendly approach, which is likely to appeal to a broad demographic, including younger, tech-savvy homebuyers. The promise of a quick and easy process is also a strong selling point, especially in an industry where lengthy and complicated applications can deter potential customers.

Additionally, the use of trust signals, like Trustpilot reviews, directly within the funnel serves to build credibility and reassure users about the safety and reliability of the service. This is particularly important in the financial sector, where trust is a critical component of the decision-making process.

Overall, Credible’s funnel design effectively balances the need for thorough data collection with a user-friendly experience, likely resulting in higher engagement and completion rates.

Impactful Questions and Why They Work:

1. “Where are you in the process?”
   • Personalized Experience: This question helps tailor the subsequent steps to the user’s specific situation, ensuring the process is relevant and engaging. It also sets the tone for a personalized experience, which can increase user satisfaction.
2. “What’s the estimated purchase price of your new home?”
   • Setting Expectations: By asking for an estimate, this question helps users to begin thinking concretely about their budget and financial limits, which is crucial for accurate loan prequalification.
3. “Is this your first time buying a home?”
   • Segmenting the Audience: This question allows Credible to segment users based on their experience level, which can influence the type of guidance and support offered throughout the rest of the process.

Credible’s funnel is a strong example of how a user-centric approach, combined with clear and adaptive questioning, can create a seamless and efficient prequalification process. This design likely leads to improved customer engagement and higher conversion rates. For businesses looking to optimize their own conversion funnels, exploring additional examples on Convincely’s listings can provide valuable insights and strategies.