Introduction
The recent 20% decrease in conversion rate for mortgage refinance applications on NerdWallet following the launch of a new calculator feature is a critical issue that demands immediate attention. This significant drop in a key performance metric could have far-reaching implications for user satisfaction, revenue, and overall product success. To address this complex problem, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both short-term fixes and long-term strategic implications.
Framework overview
This analysis follows a structured approach covering issue identification, hypothesis generation, validation, and solution development.
Step 1
Clarifying Questions (3 minutes)
Why it matters: This could indicate if users are struggling with the new feature. Expected answer: An increase in negative feedback or support requests. Impact on approach: If confirmed, we'd focus on usability issues in the new calculator.
Why it matters: Ensures we're comparing apples to apples in our metrics. Expected answer: No changes in measurement methodology. Impact on approach: If there were changes, we'd need to reassess the actual impact.
Why it matters: External factors could be influencing user behavior. Expected answer: Some market changes, but not drastic enough to explain a 20% drop. Impact on approach: If significant changes occurred, we'd need to factor in market conditions.
Why it matters: Helps identify if the issue is universal or specific to certain users. Expected answer: The decrease varies across segments. Impact on approach: If specific segments are more affected, we'd tailor our solution accordingly.
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