Campaign Profile Redesign
Lead Designer | Feb - Apr 2018
Wefunder is a crowdfunding platform for startups. The profile is essentially a company's dating profile; investors use it to decide whether or not to make the leap. The redesign is a success if it sees improved conversion (% of users who click on“invest”, % who invests).
Low conversion. This is contributing to low investment volume overall and thus low revenue.
Increase conversion between (a) viewing profile and adding investment “to cart” and (b) “checking out” from cart, or confirming investment pledge.
Two types: (1) experienced investors who are familiar with Wefunder/Reg CF and with investing — about 20%— and (2) first or second time investors who are unfamiliar with Wefunder/Reg CF and do not have extensive background in investing or finance — the rest 80%.
One designer (me), one engineer, and two weeks.
15 users who have invested in the past 6 months
Key behavioral findings:
They wait until the campaign is closing soon to invest
They want to see the founder, learn about the founder
They skip over the entire top text section
They want terms to be clearer. Access to contract.
They want to know the fundraising progress
How much is a good amount to invest?
What could be improved with the current profile?
There are a couple reasons contributing to lower conversion than possible:
Underperforming in conveying key info
Lacks proper user education
What do our competitor do to address these issues we have?
I looked at Funders Club, StartEngine, NextSeed, SeedInvest, Kickstarter, and Indiegogo.
What are some possible solutions?
Knowing what the investors wanted, some best practices, and some mistakes to avoid, I set out four key things we could do with our design that could possibly help increase conversion.
Ease Nerves of Unfamiliarity
Give only what they need to make sound investment decisions.
Use visual hierarchy to indicate to investors what is important, what is not.
Give nuggets to deduce what to do, how much to invest, and what to expect.
As a whole, tell users “Don’t be scared!”
User flow, sketch, & iterate
Detail multiple user stories and user journeys.
Get input from teammates and key users I previously interviewed
The final solutions:
A. Not a live campaign - can be after a campaign has ended successfully or failed.
B. Counting down to a live campaign
C. Live Campaign currently fundraising
D. Closing Soon
The photo section is replaced by a video if the company has one. The intent here is for a future goal of having each company’s founders answer quick questions in a shark tank style Q&A showcased this. Investors most want to see how a founder carries him or herself. The video section is reserved for that purpose. In the meanwhile, since they don’t have a shark tank video, they can upload another photo or video of their own.
The side panel
The intent of this is to give investors a benchmark for how much to invest. The founders come up with these tiers. Often times people have no idea what's a "good" investment amount. Should it be $100? $500? $50,000? Of course you should only invest what you are comfortable with losing. But because it's a common mental model that investments in companies are large sums of money, investors sometimes assume they need to be wealthy to be an investor. These "pickles" are intended to show the investors otherwise.
Additionally, I wanted some interaction here so you only show information (perks or pro-rata rights) when it becomes relevant.
Tiered Progress Bar
Each company sets both minimum and maximum fundraise targets. Since the campaign fails if the company does not reach the minimum, the primary focus before then is the minimum goal. Initially, the progress bar indicates progress towards minimum goal — indicated by yellow. Once the minimum goal is reached and campaign successful, the progress bar changes to green, with progress towards the maximum goal.
The mobile results:
There is no pickle interaction for mobile — with the additional real estate of desktops, I decided to add that interaction. The layout for mobile is slightly different, with terms and perks taking the top position before details about the company.
The CTA is always sticky at the bottom. The secondary navigation includes a fraction of the menu items compared to desktop, containing only essentials. Though there are other smaller differences, the general layout and usability is consistent between mobile and desktop.
Overall, it was a success!
We used six companies with open campaigns before and after the launch of new profiles as reference points. We looked at two conversions: (a) between profile view and adding the investment to “basket” (i.e. clicking “invest”) and (b) between adding to basket and confirming an investment.
Conversion (a) increased from 17.1% to 21.4% — a 25% increase;
Conversion (b) increased from 10.8% to 15.0%. — a 39% increase.
From unique page views to unique confirmation page views, there was a 74% increase.
It’s important to keep in mind that those figures have numerous confounding variables since conversion could be tied to the quality of companies launched and we had a record July.
Mostly, we were able to touch on each of the four goals. Since the conversion improved, I can conclude with some reservations that the new design was able to help first time investors feel less nervous about investing.
A few things I could’ve done better
Since this is such a big and noticeable user-facing change, it would’ve been better to prepare the founders for the release. Many founders, after spending months perfecting their profiles, were upset that seemingly without warning the layout was completely different.
More data tracking. Since we’re moving so quickly, it’s hard to have precise data for every part of the product. However, next time I would insist on doing at least tracking conversion on the “invest” and “follow” buttons before and after the release.
More user interviews and testing
More user interviews, or validation testing. It would delay the process by a week or two, but it’d be worth it for the insights if we could afford the time. These results can be used to encourage adoption. It was not possible to do A/B testing without greatly delaying the progress.
If you’d like to see a live version of the profile, go to wefunder.com/explore to choose any currently live campaign.