Accounts that have never experienced the promise of your product, and thus, did not finish the onboarding process, have no reason to return and use your product for the long term.
That’s why the pre-built activity retention report in InnerTrends considers the onboarded accounts as the analyzed cohort by default.
A retention rate of 60% for the first week and a retention curve that becomes stable at over 40% are good targets for a SaaS business; targets that will help accelerate your growth.
One of the highest value groups of users that will be some of the first to churn is the segment of people that decided to pay for your product, but did not finish the onboarding process.
Helping them experience the promise of your product is one of the lowest hanging fruits tactics to improve your retention rate, with a significant impact on Customer Lifetime Value.
Find the segment of users you need to focus on to increase retention. (Net Active Accounts report: signups, onboarding, retention).
Getting people onboarded is only the first step towards creating a habit of using your product.
What pre-built InnerTrends report you need to look at: What are the differences in actions between onboarded accounts that return and those that churn? Our pre-built report identifies the minimum actions that need to happen in your product so that the retention chances increase considerably.
By verifying the retention curves of every activation goal you have set for your accounts, you will quickly identify the goals that you should be focusing on in order to increase the value delivered to your users.
What pre-built InnerTrends report you need to look at: What is the retention of the accounts that reached a specific goal? This report will help you get that answer out of the box.
Check the feature adoption rate of the features designed to deliver more value and to make your users more dependent on your product by loading the pre-built report: What is the overall usage of features?
The first sign of churn is that people are starting to lose interest in your product, which decreases engagement, and as a result, they receive less and less value.
InnerTrends automatically monitors the decrease in engagement and syncs this information with your CRM, marketing automation, or customer success platform so you can implement a churn prevention program that is data-led.
Product analytics is not just about tracking metrics within your product – it’s about providing meaningful insights into problem areas and steps you can take to improve them.
Hopefully, this guide has provided a good framework for improving retention using InnerTrends pre-built product analytics reports.
Even if you are strapped for resources, as a product manager, you’ll understand top priority areas that need fixing for maximum impact.
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