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Banking on Digital Growth Podcast

The Paradox of Choice: Too Many Options Leads to Lower Conversions

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Brief Summary of Episode #312

If you’ve ever been to The Cheesecake Factory, you know that the size of the menu they bring to your table is incredible — more than 250 dishes to choose from.

It’s an overload, and on today’s episode of Banking on Digital Growth, we look at how your financial brand can avoid putting too much stress on your consumer when it comes to picking what they’re going to purchase from you.

When consumers come to your brand, are they looking for features and flexibility… or are they really searching for simplicity and usability?

Money is a taboo subject for so many people and it stresses them out.

In fact, one out of every three people you know is losing sleep due to financial stress according to Stash.com.

Reducing that feeling with your consumers by simplifying your offers and giving your customer clarity is something that not only benefits them but is also easy to understand.

Reducing the cognitive load on your customer can lead to amazing things.

In fact, one financial brand I worked with recently simplified their website by cutting out hundreds of extra product pages.  

They were rewarded for their efforts by seeing a 1500% increase in conversion rates over the next 12-18 months.

Their website went from being something that lagged behind their physical branches to becoming a critical part of melding their physical and digital experiences together.

And I know this is something that can happen for your brand as well.


Key Insights and Takeaways

  • How simplifying your “Cheesecake Factory” menu of financial offerings pays off (5:37)
  • Why breaking the taboo on money in our society is healthy (11:04)
  • The three types of cognitive load your customer experiences (16:21)
  • How an overly complex website is costing you millions every year (18:56)