Why has Simply Business's online quote tool for small business insurance seen a 15% drop in completion rates over the past month?

Introduction

Simply Business's online quote tool for small business insurance has experienced a 15% drop in completion rates over the past month. This significant decrease in a critical conversion metric requires immediate attention and a thorough root cause analysis. I'll approach this issue systematically, examining both internal and external factors that could be contributing to the problem.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a recent change in the tool. Has there been any update to the quote tool's UI or functionality in the past 1-2 months?

Why it matters: Recent changes often correlate with performance shifts. Expected answer: Yes, there was a minor UI update. Impact on approach: If yes, we'd focus on the specific changes and their potential impact.

• Considering user segments, I'm curious about the distribution of the drop. Is the 15% decrease uniform across all user segments, or are certain groups more affected?

Why it matters: Helps identify if the issue is global or segment-specific. Expected answer: The drop is more pronounced in new users. Impact on approach: If segmented, we'd tailor our solution to the most affected groups.

• Given the nature of insurance quotes, I'm wondering about seasonality. How does this 15% drop compare to the same period last year?

Why it matters: Rules out normal seasonal fluctuations. Expected answer: This drop is unusual compared to last year. Impact on approach: If seasonal, we'd look at external factors; if not, we'd focus more on internal issues.

• Thinking about the competitive landscape, have there been any significant changes in competitor offerings or marketing strategies recently?

Why it matters: External market forces can impact user behavior. Expected answer: No major changes noted in competitor activities. Impact on approach: If yes, we'd consider market positioning; if no, we'd focus more on internal factors.