Study: Online Forms With Incentives Increase Conversion Rates

Online forms with incentives have higher conversion rates, with contest forms averaging a 35% conversion rate compared to survey forms (14%), event registration (11%) and lead generation forms (11%).

These are just some of the findings from the recently published 2015 Form Conversion Report from Formstack, an online form builder.

The report, analyzes data from roughly 650,000 Formstack users Forms placed at the end of online surveys saw a 7% decrease drop in conversion.

Overall, survey forms converted at an average rate of 14%, compared to 21% in 2014. This drop can be attributed to an increase in form fields on survey forms, the report noted. The average survey contains 22 fields, in comparison to 21 fields in 2014.

One of the biggest surprises from the study was the growth — and effectiveness — of incorporating forms into social media posts, according to Eva McKnight, Content Team Lead for Formstack. The study shows that form users who take advantage of Social Autofill features see a 189% increase in conversion rates.

"We were intrigued by the conversion rates for those features in comparison to form users who weren't leveraging social media," McKnight noted in an interview with Demand Gen Report. "It showed that anywhere you can reduce friction for prospects to fill the form out is monumentally valuable to increasing conversion rates."

Other findings include:

• Companies who promote their forms on Facebook see a 122% increase in conversion rates compared to those who do not;
• Conversion rates increase when form fields are spread across multiple pages, with multi-page online forms seeing approximately 14% conversion rates compared to single page forms (5%); and
• Technology companies tend to see peak form submissions between the hours of 11am and 2pm EST.

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