Account creation with other important part: 2 or 1 forms?

I believe the most important part of a whole app is the account creation process.

This is what will convert your potential user to customer.

My project, which is an email marketing service, asks for two important elements before being able to be used :

• The account information
  • First name - Last name
  • Email
  • Password - Confirm
• The project information
  • Project's name
  • From which name the emails will be sent
  • From which email it will be sent ("from").

As we speak, the online version only have one form that asks only for the account information. Once your account is created, you have to click on new project before being able to use the app. It's not great at all. I have a 90% drop after accounts are created.

So I want to move the project creation on the same page than the account creation, and I'm wondering this :

1. Is it better to display the "account" form, click on the "next" button and have a slide/fade effect that will display the "project" form ?

   • or -

2. Is it better to show both sections in one form/one page, Account, then after, Project, then, "Create" ?

The 1 is interesting in term of visibility, but I'm afraid that potential customer will quit when seeing "Next" because they'll think "how many steps?!"

The drawback for 2 is the form length.

What you guys think? Is there a best solution (maybe one that isn't in my suggestions)?

Thanks for your help!