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There are lots of articles out there that tell you what to do in order to increase your conversion rate, and they all make it look like it’s child's play. They’re really fun to read.
It all sounds amazing in theory. However, when it comes to implementing the same framework to run the experiment on your own business, you’ll find out pretty quick that it wasn’t as easy as you were led to believe.
Why is retention important for a SaaS company? Why should a product manager pay attention to this specific metric? You do need to get the users back into the app…
You can’t start charging a user until he has finished the onboarding process.
There’s usually a gap between the onboarding experience and the first payment, and that’s when user retention must be taken into account.
The first impression your product leaves upon the user is critical. If anything goes wrong during the user onboarding process, people won’t be able to receive the value of your product.
The users might decide that your product is not worth dealing with and the return for what you’ve invested up until this point will be minimum.
Congratulations, you've increased your traffic. But can you make the visitors stick around, and turn them into users? You still have to guide the visitors through the whole signup process and convert them into customers.
Otherwise, you won't be able to show them how amazing your product really is, and your revenue won't increase either.
User retention is the scary metric every web analyst, product manager, and marketer is afraid of. I’ve struggled for years to find the magic bullet that will make retention optimization painless.
I still don’t have a quick and easy answer, I’ve come to realise that if you break it down into multiple stages, it becomes a lot easier to tackle.
Reporting retention according to the number of users who have finished onboarding, instead of those who signed up, can make you understand what's the actual issue of the product.
User acquisition is like an online battle with marketers using landing pages, ads, newsletters, advertorials, or just about any method they find available, to get the attention of an audience.
It’s all about luring visitors to signup or subscribe by making promises that will speak to what the audience needs.
We recently had the opportunity to chat with Dennis van der Heijden, CEO of Convert, about research they did on their user base.
As a part of their research, they found that only 1 in 7 experiments conducted in-house has a winner while, for experiments run by a marketing agency, that figure increases to 1 in 3.
For any SaaS company to grow, two things need to happen: The number of new users needs to increase and the churn rate of existing users needs to decrease.
These two metrics are usually the focus of two specific departments or teams: marketing and the product manager
So where does the onboarding process fit in?
Here at InnerTrends, we work hard to bring you concrete actionable experiments and, as our research unfolded, it became clear that SaaS pricing is a very sensitive topic.
Emails requesting data went unanswered. Companies asked to be included off the record. It became akin to searching for the Loch Ness Monster.
Not only is pricing a sensitive subject, experimenting with pricing is also controversial among marketers. Some will tell you it’s fair game while others say it’s anything but fair!
For most B2B apps or software services, onboarding new users usually involves friction even for the best optimized processes.
Things like connecting a social media service or adding a snippet of code on a website, can be a time consuming process, especially for larger companies.
It goes without saying that, until your app starts providing the benefit that it promised on the sales page, you can’t charge for that service.
With a new product on the market, getting people to invest their time in the onboarding process can be even more of a challenge.
They haven’t built a connection to your product yet and they don’t have peers raving about how brilliant it is.
They’ve read some copy, promising them that their life is going to be better after using your product, but they haven’t yet experienced that for themselves.