New York, NY
Turndown program
By creating graduation paths, these programs ensure users can gradually access more advanced features, enhancing their experience and retention. This fosters a more cohesive ecosystem, aligning the new acquisition with the fintech’s existing services while promoting long-term user engagement and satisfaction.
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Problem statement
EMPOWER ACQUIRED CC FINTECH PETAL CARD. WE NEED TO FIND A WAY TO CONNECT USERS JOURNEYS IN ORDER TO MAXIMIZE ACQUISITION BENEFITS.
Empower needs to start activating Petal turndown users into Cash Advance and/or Thrive and test offer presentation. Success for the initiative will primarily be measured via the volume of Cash Advance / Thrive activations stemming from Petal denials. In addition, we’ll measure funnel metrics to understand turndown flow performance and the credit performance for cash advances / thrive account opens that stem from the pre-qual flow
First steps
WE NEED TO CREATE A DOWNSELL STRATEGY ONCE THE USER IS DECLINED (LEGAL REQUIREMENTS INCLUDED). FOR THIS TO HAPPEN WE NEED TO STANDARDIZE DECLINE MESSAGE AND CREATE REAL STATE FOR TURNDOWN.
We initiated a turndown flow by splitting the decisioning screen into two, leveraging an opportunity as over 90% of users view their decline message in-app within 60 seconds.
OPTION 1
WE KNOW USERS WHO GO THROUGH THE PETAL FLOW VALUE THE MISSION DRIVEN ASPECT OF OUR COMPANY. COULD WE APPEAL TO THAT SENSE?
We chose to design a mission statement-driven experience, ensuring the message aligned with our core values. Additionally, we aimed to test if there was any variation in user behavior based on different population segments during the registration flow. The design was kept simple, with key value propositions placed below the fold to maintain a clean, focused interface while still delivering essential information to users.
OPTION 2
WE KNOW USERS RESPOND BETTER TO COLLOQUIAL AND EMPATHIC LANGUAGE. COULD WE RESONATE BETTER WITH THEM IF WE SHOWED WE ‘CARED’
Ultimately, this option won. Our goal was to capture the user's attention with color while empathizing with the needs of our members. We wanted to convey that our intention is to genuinely help, and it's crucial to show respect and dignity when users are turned down for products. This design choice reflects our commitment to fostering trust and maintaining a positive, supportive experience, even in moments of disappointment.
User research
WE USED MAZE.COM TO PULL A SPEEDY USER RESEARCH. IT SHOWED THAT OPTION 2 RESONATED BETTER WITH USERS BY 80%
We needed to use all the toolkits available. Speed was the most important variable for this initiative. The more time we spent without merging user journeys the more our losses could be.
Phase 1 outcome
AFTER LAUNCH, IT QUICKLY BECAME CLEAR THAT THE THRIVE VARIANT SIGNIFICANTLY OUTPERFORMED CASH ADVANCE.
We initially split users into two groups—Thrive and Cash Advance. Of those who viewed the Thrive offer, 75% accepted, compared to only 35% for Cash Advance. Surprisingly, users who entered the Empower acquisition flow through Thrive and were not prequalified for that product converted to Cash Advance at higher rates than those who started directly with the Cash Advance variant.
The role of messaging
WE RECOGNIZED THE CRITICAL ROLE OF MESSAGING. SO WE WANTED TO DOUBLE TEST OUR HYPOTHESIS AS TO WHAT WAS WORKING FOR THRIVE AGAINST CASH ADVANCE.
High conversion rates suggested that this audience responded more strongly to credit-building and emotionally resonant messages than to specific dollar amounts, reinforcing that Thrive was a more effective graduation path than Cash Advance. To gather further insights, we implemented a title test.
Phase 2
WE KNEW THAT THRIVE USER JOURNEY HAD BETTER CONVERSION OVERALL AND WE KNEW THE MESSAGING THAT WAS WORKING. NOW IT WAS TIME TO OPTIMIZE EVEN MORE LEARNINGS.
We decided to focusing exclusively on increasing Thrive conversions. We applied insights from phase one and the title test winner. While the registration flow performed well, we observed that 40% of users continued their enrollment after the 14-day subscription period. We hypothesized that a primer for the $8/month fee would generate higher percentages of enrollment.
Phase 2 outcome
PHASE 2 WAS ABLE TO BOOST EVEN MORE ENGAGEMENT AND CONVERSION FROM THE TURNDOWN JOURNEY.
Phase two was a success! We attracted more qualified, well-prepared users, boosting enrollment by 20% from the original 40%. Additionally, incorporating more 'dual brand visuals' helped users respond more positively to the transition from Petal to Empower.