Why has the click-through rate for Hagerty's classic car valuation tool declined by 25% on the mobile app in the last month?

Introduction

The recent 25% decline in click-through rate for Hagerty's classic car valuation tool on the mobile app is a significant issue that requires immediate attention. This analysis will systematically identify, validate, and address the root cause while considering both short-term fixes and long-term strategic implications.

To tackle this problem, I'll follow a structured approach that covers issue identification, hypothesis generation, validation, and solution development. My goal is to provide a comprehensive analysis that not only resolves the immediate concern but also strengthens our product and processes for the future.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might have been a recent app update. Has there been any significant changes to the app in the last 1-2 months?

Why it matters: Recent changes could directly impact user behavior. Expected answer: Yes, there was an update. Impact on approach: If yes, we'd focus on changes in that update.

• Considering user segments, I'm curious about the distribution of this decline. Is the 25% drop uniform across all user segments or more pronounced in specific groups?

Why it matters: Helps identify if it's a global issue or specific to certain users. Expected answer: The decline varies across segments. Impact on approach: If varied, we'd prioritize investigating the most affected segments.

• Thinking about the valuation tool itself, has there been any change in the data sources or valuation methodology recently?

Why it matters: Changes in core functionality could affect user trust and usage. Expected answer: No changes to the valuation process. Impact on approach: If changed, we'd examine the impact of new valuation methods.

• Considering external factors, have there been any significant changes in the classic car market in the last month?

Why it matters: Market conditions could influence tool usage. Expected answer: No major market shifts. Impact on approach: If yes, we'd factor in market dynamics in our analysis.

• Focusing on the metric itself, can you confirm that the definition of click-through rate and the measurement system have remained consistent?

Why it matters: Ensures we're comparing apples to apples. Expected answer: No changes in metric definition or measurement. Impact on approach: If changed, we'd need to recalibrate our analysis based on the new definition.