Inside LeaseLoco’s journey from data complexity to leasing simplicity

Since its launch in 2019, LeaseLoco has transformed the industry by putting consumer needs at the forefront and focusing on positive customer experience. In 2023, we recognized the potential to take the customer experience to another level by leveraging sophisticated engineering and brilliant CX. Our objective was clear: Truly transform the car leasing comparison experience into a positive one by breaking down complex vehicle data, and presenting this in ways that actually make the experience easier.

This report outlines how we achieved the above objective using effective CX strategies, and the incredible impact this has had on the customer journey and overall customer experience.

Simplified interface

In our pursuit of an incredible user experience, we highlighted simplicity as a key factor. As set out above, the journey from contemplating a new lease to comparing options and securing the best deal is often complex and laborious. In 2022, we revamped our brand and website, introducing an industry-first configurator tool akin to those found on car manufacturer sites like Audi or BMW. User testing and feedback indicated that improvements were incredibly positive, but not quite complete.

Despite information being cleverly displayed, accessing it required extensive scrolling, leading to user frustration and hindering our goal of simplifying the leasing journey. To address this issue, we envisioned an interface reminiscent of a car dashboard, where users could effortlessly access essential information.

Introducing tabs in place of lengthy scrolls, we ensured that key information remained fixed on the configurator page, enhancing user accessibility. Now, all important details are readily available at users' fingertips, with further stats just a click away.

Price previews

In their search for the perfect lease deal, users often adjust parameters in the lease editor to gauge price variations. This action, identified as the most common through analysis tools like HotJar, previously led to multiple page reloads, requiring users to scan for changes. By integrating a price preview feature into our lease editor, akin to our existing vehicle options preview, we reduced customer fatigue and rage clicks. The experience for the user has been streamlined to be simpler and more intuitive by removing all elements of frustration or additional work.

This price preview now enables users to quickly assess the cost implications of altering upfront payments, lease terms, or mileage. As a result, users have discovered deals where, for example, they gained additional miles for an equal or lower monthly payment. These types of deals would previously have been missed due to prices being hidden without previews.

First-class comparison

The ability to toggle between car trims, fuel types, and engine sizes, with the price adjustments displayed beforehand via previews, is hugely useful to users and provides a smooth car configurator experience. However, there still lacked a side-by-side comparison between these features. To simplify the comparison process for users, we introduced precisely that.

Underneath each section in our configurator page, there is now a 'Compare' button, which presents a handy side-by-side comparison overlay of up to three options. This is a unique feature that no other car leasing comparison tool can offer, and really makes the comparison experience seamless. For instance, users can now easily discern the distinctions between the Acenta Premium and N-Connecta trims for a Nissan Qashqai, assessing whether the price difference justifies the upgrade. In many cases, a higher-spec car can actually be cheaper, and these deals will often go unnoticed on competitor sites lacking such robust comparison features.

PCP comparison

While LeaseLoco focuses solely on providing a premier comparison tool for leasing, we understand that PCP is still, by far, the most popular form of car finance in the UK. However, around 80% of PCP customers will end up returning their car and signing up for a new deal. These customers may as well be leasing. Despite this, we find that the primary deterrent for customers considering leasing is lack of ownership.

To visualize this and to empower users to make informed decisions, we integrated a PCP comparison feature into our product, most noticeably via our price history graph. Here, users can track price fluctuations for both leasing and PCP over time, with current prices also available. Users now gain the insight necessary to determine whether to pursue PCP financing elsewhere or explore leasing deals at LeaseLoco.

Touchpoints

Although the above changes aim to enhance the customer experience and deliver value for LeaseLoco users, they revolve around a singular touchpoint: the website. As a lead generation business, our comprehensive multimedia marketing strategy spans email, social media, affiliates, and beyond. We wanted to ensure that this value-driven approach remained consistent across all channels to provide a cohesive first-class experience to the user.

Within our email and social media marketing strategies, an emphasis has been placed on simplifying designs, removing unnecessary messaging, and displaying information in a hierarchy which makes it easy for users to scan and quickly click through to any deals which interest them. Additionally, we have incorporated PCP comparison prices into our marketing promotions, recognising their significance beyond the website. This ensures that users, who may not have the luxury of browsing multiple web pages, can still access crucial information to make informed decisions.

Results

Following the implementation of our CX-focused enhancements, we witnessed remarkable year-on-year improvements across various key performance metrics:

• Revenue surged by 110%, reflecting the tangible financial benefits derived from utilising brilliant CX.
• Our Net Promoter Score (NPS) experienced a staggering 50% increase, from 38 to 57, underscoring the positive impact on customer sentiment and advocacy.
• Conversion rates soared by 35% YoY, indicating a significant rise in users successfully completing the enquiry process. When taking the last quarter of the financial year in isolation, this increase was an astounding 98%.
• Trustpilot reviews witnessed an increase of 34%, indicating heightened customer satisfaction and positive sentiment towards LeaseLoco.
• Account creations spiked by an impressive 270%, highlighting strengthened user engagement and interest.
• Our customer value metric has increased by 66%, reflecting enhanced user satisfaction and loyalty.

These results collectively underscore the effectiveness of our CX strategies in driving tangible business outcomes, fostering customer satisfaction, and bridging the gap between data complexity and leasing simplicity.

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