I completed a three-month study on two similar products - Single Forwards and Multi Forwards. There are several differences between the two flows, but the main difference is that users can book up to 25 forwards with our Multi Forward product and just one with our Single Forward product. We wanted to see whether we should funnel more clients to use our Multi Forward product and whether both flows were functioning with little to no issues.

Single vs. Multi Forward Flow


Objectives


  • Determining whether pushing the Multi Forward product to Single Forward users will benefit them

  • Finding flaws within either of the products

  • Tracking the duration from the start of the flow to the end of the flow for both products

  • Measuring how many users complete Single Forward bookings versus Multi Forward bookings

  • Monitoring where users go after completing

  • Tracking Single Forward users making multiple bookings within a short period

The main objective is the last bullet point. The simplicity of making numerous bookings within the Multi Forward product will benefit users making many Single Forward bookings in quick succession.

Process


I met with our Product Analysts to determine the most suitable method to track these metrics. We agreed that utilizing Heap Analytics and PowerBI will help obtain the necessary data points. Our Product Analysts created the events I needed on Heap Analytics to measure each metric, then later validated these through dashboards they created on PowerBI.

Tracking each metric and flow for three months gave me a clear understanding of whether or not each objective was completed. Comparing each metric month to month will help distinguish any trends within each product. Looking at the numbers in total helps tell us a story for each product. However, tracking the time it took for a single user to book multiple Single Forwards within a single session will tell us whether the Multi Forward product should be the focus ahead of the Single Forward product. I set a standard of three Single Forward bookings and three Multi Forward bookings to track. I also had to track how many Single Forward users were booking at least three trades in a short period. This will give me enough information to form a substantial argument of whether we need to bring more awareness to our Multi Forward product.

I found that 32.3% of Single Forward users made at least three bookings in a single session. Users took an average of 9 minutes and 18 seconds while booking three Single Forward trades. With Multi Forwards, it takes users an average of 5 minutes and 35 seconds to book three forwards and complete their order. If Single Forward users were to use Multi Forwards instead, they would have saved an average of about 4 minutes, ultimately making them 60% more efficient at booking multiple forwards within a single session. This data proves that our theory was correct. Multi Forwards should become the focal point of our forwards' products.

Findings