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SaaS Product Metrics Benchmark Report 2024 userpilot.com https://userpilot.com/ As a Product Analytics platform, we had the opportunity to collect first-party data from 547 SaaS companies - and segment the report by company size, industry vertical, and PLG vs SLG approach to create a more accurate, actionable benchmarks report. The below study contains not only the raw average and median numbers - but also the interpretation of the data, expert quotes, and actionable tips on how to improve your vital product metrics. SaaS Product Benchmarks such as average User Activation Rate, Time-to-Value (Activation), Month 1 Retention Rate, or Core Feature Adoption Rate are hard to come by - and even harder to compare in a meaningful way. In this report User Activation Rate Time to Value (Activation) Onboarding Checklist Completion Core Feature Adoption Rate 1 Month Retention Rate NPS Make Better, Data-Driven Decisions Benchmark Your Performance Against Industry Standards Optimize Your Metrics to Maximize Your Revenue Growth Why You Should Read This Report? - 5 - SaaS Product Metrics - 2024 Benchmark Report Methodology Instruments Where was the data pulled from? User Activation Rate Time to Value (Activation) Onboarding Checklist Completion Rate Core Feature Adoption Rate 1 Month Retention Rate NPS Product metrics Methodology Why you should read this report? The data for the report was collected from 5 analytics dashboards and reports: 1. New User Activation Dashboard. For Activation Rate and Time to Value (TTV). 2. User Retention Dashboard. For Month 1 Retention Rate. 3. Core Feature Engagement Dashboard. For Core Feature Adoption Rate. 4. Trend analysis. For Checklist Completion Rate. 5. NPS Dashboard. For Average Net Promoter Score (NPS). Instruments Companies analyzed PLG & SLG https://calendly.com/userpilot/onboarding-audit - 6 - SaaS Product Metrics - 2024 Benchmark Report 5 analytics dashboards and reports To see how Userpilot Analytics can drive the growth of your product book a call today. https://calendly.com/userpilot/onboarding-audit - 7 - SaaS Product Metrics - 2024 Benchmark Report Methodology Companies analyzed We’ve selected a range of key SaaS product metrics to understand how different companies stack up. Here’s where our data comes from: 37.5% Activation Rate 62 companies analyzed 46.9% 1 Month Retention Rate 83 companies analyzed 19% Onboarding Checklist Completion Rate 188 companies analyzed 35.7% Average NPS 229 companies analyzed 1 Day 12 Hrs Time To Value 62 companies analyzed 24.5% Core Feature Adoption 181 companies analyzed * The data was collected over the course of one year. User Activation Rate Time to Value (Activation) Onboarding Checklist Completion Rate Core Feature Adoption Rate 1 Month Retention Rate NPS Product metrics Methodology Why you should read this report? Instruments Companies analyzed PLG & SLG https://calendly.com/userpilot/onboarding-audit - 8 - SaaS Product Metrics - 2024 Benchmark Report Methodology / Companies analyzedMethodology / Company size Industry verticals The average annual revenue among these companies stands at $63.9 million with an average employee count of 327. Conversely, the median company revenue is $7.5 million and the median employee count is 61. And because we know it’s like comparing apples to oranges when you stack a budget forecast app (used maybe once a month) against a CRM tool (used daily), we tried to rectify it (as much as possible at least…) by splitting our report by industry and company size too. User Activation Rate Time to Value (Activation) Onboarding Checklist Completion Rate Core Feature Adoption Rate 1 Month Retention Rate NPS Product metrics Methodology Why you should read this report? $63.9 Milion Average Revenue 327 Average Employee Count Instruments Companies analyzed PLG & SLG https://calendly.com/userpilot/onboarding-audit - 9 - SaaS Product Metrics - 2024 Benchmark Report Methodology / Companies analyzed Product-Led vs Sales-Led Strategy? As you can see PLG companies make up 79% of the pie, while SLG companies are at 21%. Selecting the right growth strategy isn’t just a business deci- sion; it’s a significant factor in determining how effectively your company can attract, engage, and retain customers. So, before we dig into the metrics of our report, let’s have a quick look at what we mean by Product-Led Growth (PLG) and Sales-Led Growth (SLG). Understanding these strategies will give us better insights into why certain companies per- form the way they do. Before we dive into the numbers, let’s get a clearer picture of the business strategies used by the companies included in our study. Out of 547 companies analyzed, 432 have adopted a Product-Led Growth (PLG) strategy, while 115 were using a Sales-Led Growth (SLG) approach. 79% 21% User Activation Rate Time to Value (Activation) Onboarding Checklist Completion Rate Core Feature Adoption Rate 1 Month Retention Rate NPS Product metrics Methodology Why you should read this report? 432 Product-Led Growth (PLG) 115 Sales-Led Growth (SLG) Instruments Companies analyzed PLG & SLG https://calendly.com/userpilot/onboarding-audit - 10 - SaaS Product Metrics - 2024 Benchmark Report Methodology / Companies analyzed In the last few years, Product-Led Growth has been gaining popularity and the Sales-Led model has often been mocked as not being relevant anymore. In terms of our research - we found the results from PLG vs SLG companies to be quite surprising and counter-current. What PLG & SLG means? Trust me, you might not be ready for the results we’re gonna share from comparing the Product-Led Growth (PLG) vs Sales-Led Growath (SLG) approaches. Product-led growth is a business strategy that relies on using your product as the main vehicle to acquire, activate, and retain customers. In the PLG approach, you don’t need a salesperson to convince you of the product’s value. You get to test it out firsthand, often through free trials or freemium accounts. It’s kind of like tasting a sample at a grocery store—you try it, you like it, you buy it. Product-Led Growth (PLG) Sales-led growth, on the other hand, is a traditional business growth strategy that uses a sales rep or your sales team and their processes to drive conversions and business growth. In this model, the sales force plays a critical role in educating potential customers on the product’s value, often through per- sonalized demos. This approach is common in industries where products are complex or where the setup costs are too high to offer free trial/freemium accounts. Sales-Led Growth (SLG) User Activation Rate Time to Value (Activation) Onboarding Checklist Completion Rate Core Feature Adoption Rate 1 Month Retention Rate NPS Product metrics Methodology Why you should read this report? Instruments Companies analyzed PLG & SLG https://calendly.com/userpilot/onboarding-audit User Activation Rate Time to Value (Activation) Onboarding Checklist Completion Core Feature Adoption Rate 1 Month Retention Rate NPS Product Metrics - 12 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate User Activation Rate Activation is the moment in your users’ journey when the user experiences the value of your product for the first time. User Activation Rate measures the percentage of new users who complete a specific action that demonstrates the initial value of your product. What is User Activation Rate? Why it’s important? User activation is one of the most important SaaS metrics for determining long-term revenue and success, and yet it’s often not measured - perhaps because the activation point is different for each product (and sometimes there may be several different activation points in one product for different personas!). A 25% increase in user activation43.5%53.6% Month 1 Retention RateMonth 1 Retention Rate Methodology Why you should read this report? Product metrics https://calendly.com/userpilot/onboarding-audit - 69 - SaaS Product Metrics - 2024 Benchmark Report CRM & Sales By IndustryMonth 1 Retention Rate / Data interpretation: Methodology Why you should read this report? Product metrics Companies CRM & Sales also shows a robust retention at 52.5%, closely aligning with its median, despite a large standard deviation. This could be due to the critical role these tools play in busi- nesses’ operational efficiencies, making them more indis- pensable and thus likely to retain users. 113 Median 56.5%52.5% Month 1 Retention RateMonth 1 Retention RateBy Industry Methodology By PLG vs SLG By Company Size AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? https://calendly.com/userpilot/onboarding-audit - 70 - SaaS Product Metrics - 2024 Benchmark Report Martech By IndustryMonth 1 Retention Rate / By Industry Methodology By PLG vs SLG By Company Size AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? MedianCompanies Methodology Why you should read this report? Product metrics Data interpretation: Martech industry, with retention rate of 44.7% might strug- gle with higher churn due to the increase of the number of tools available and potentially less differentiation in the ser- vices offered. Businesses may experiment more with differ- ent Martech tools before settling on one, which could explain the lower retention. 44.2%44.7% 98 Month 1 Retention RateMonth 1 Retention Rate https://calendly.com/userpilot/onboarding-audit - 71 - SaaS Product Metrics - 2024 Benchmark Report HR By IndustryMonth 1 Retention Rate / By Industry Methodology By PLG vs SLG By Company Size AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? Methodology Why you should read this report? Product metrics Data interpretation: MedianCompanies The HR sector shows a month one retention rate of 41.4%, which is substantially higher than its median of 22.5%. The very high standard deviation reflects a large variance in user retention across different HR platforms. This might be due to the diverse range of HR needs depending on company size, industry, and other factors. Smaller or newer compa- nies might frequently switch between HR tools as their needs evolve or as they search for more cost-effective solutions, influencing the overall lower month 1 retention rates. 22.5%41.4% 25 Month 1 Retention RateMonth 1 Retention Rate https://calendly.com/userpilot/onboarding-audit - 72 - SaaS Product Metrics - 2024 Benchmark Report Healthcare By IndustryMonth 1 Retention Rate / Methodology Why you should read this report? Product metrics Data interpretation: MedianCompaniesBy Industry Methodology By PLG vs SLG By Company Size AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Healthcare, with the lowest retention at 34.5%, faces unique challenges. Strict regulations, the need for significant personalization, and perhaps a slower adoption rate due to these complexities could contribute to lower month 1 reten- tion. 29.35%34.5% 34 Month 1 Retention RateMonth 1 Retention Rate What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? https://calendly.com/userpilot/onboarding-audit By Company Size Month 1 Retention Rate - 73 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Company Size By Industry By PLG vs SLG Data interpretation: Overall, the trend shows that as companies grow in size, the complexities of scaling customer engagement and main- taining the initial level of customer satisfaction might lead to slightly lower retention rates. Smaller companies, being more agile and possibly more customer-focused, can man- age better retention rates in their first month. Looking closer, we found out that 95% of the companies we analyzed had a new user onboarding flow in place, which most probably affects the numbers. Because a structured onboarding process helps new users understand and get comfortable with the product quickly, reducing confusion and the likelihood of early drop-offs. What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? https://calendly.com/userpilot/onboarding-audit By PLG vs SLG Month 1 Retention Rate - 74 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics By PLG vs SLG Methodology By Industry By Company Size Data interpretation: Now, comparing PLG and SLG, we see a slight advantage in retention for SLG. One big factor here could be how PLG companies handle support. Our research from last year showed that 37% of customers would actually prefer cleaning a toilet over hav- ing to talk to support teams. This shows that the self-service options offered by PLG models are really hitting the mark. Users today really value the freedom to solve problems on their own, and PLG’s focus on enabling users to help them- selves might just be why they’re seeing better month 1 reten- tion numbers compared to SLG. What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? https://calendly.com/userpilot/onboarding-audit Month 1 Retention Rate / How to improve Month 1 Retention Rate? How to improve Month 1 Retention Rate? Now let’s see what you can do to get similar results. To improve month 1 retention rate, focus on: 1. Delivering a seamless onboarding experience to help users quickly understand and use your product. 2. Providing proactive support and guidance during the critical first month to address any issues or ques- tions users may have. 3. Offering incentives or rewards for continued usage to encourage ongoing engagement. - 75 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry By Company Size By PLG vs SLG How to improve Month 1 Retention Rate? What is Month 1 Retention Rate? Month 1 Retention Rate https://calendly.com/userpilot/onboarding-audit https://run.userpilot.io/login Month 1 Retention Rate / Expert insight - 76 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry By Company Size By PLG vs SLG What actions should SaaS companies prio- ritize in the first month to retain users? As a first principle you should always be trying to optimise the bottom of the fun- nel first. If anything you want to maximise ‘repeat purchase’. Another way to frame this would be, there’s no point in acquiring more customers if the product sucks because users will churn - I call this the leaky bucket problem, there’s no point in putting more water in to a bucket that has a big hole in the bottom, fix the hole first! If I had to get more specific and break this first principle down to my hashtag#1 thing it would be TTV (time to value). I would really be looking to optimise TTV because plenty of studies have shown that users are far more likely to churn the longer it takes them to reap the bene- fits of your product. So I would aim to minimise the time from payment/sign up to core value as small as possible. Imagine getting your a return on your investment immediately - like you pay and then bam, 10x value of what you just paid. That’s what you want to strive for. Ant Murphy Product Coach & Founder of Product Pathways What is Month 1 Retention Rate? Month 1 RetentionRate How to improve Month 1 Retention Rate? https://calendly.com/userpilot/onboarding-audit - 77 - SaaS Product Metrics - 2024 Benchmark Report A high NPS signifies satisfied customers who are likely to become advocates for your product, driving organic growth and customer acquisition. Why you should use NPS scores to measure user sentiment? Net Promoter Score is a metric that measures customer satisfac- tion and loyalty by asking customers how likely they are to recom- mend the product or service to others. It’s expressed on a scale from -100 to 100. What is NPS? Net Promoter Score (NPS) NPS • It helps you track customer satisfaction and loyalty • It helps you uncover customer pain points and areas of improvement • It helps you gain valuable insights and optimize the cus- tomer journey Why it’s important? Methodology Why you should read this report? Product metrics Methodology By Industry By Company Size By PLG vs SLG How to increase average NPS? What is NPS? Net Promoter Score https://calendly.com/userpilot/onboarding-audit - 78 - SaaS Product Metrics - 2024 Benchmark Report Methodology Net Promoter Score (NPS) To analyze the NPS results, we analyzed 229 SaaS compa- nies. For this analysis, we used our NPS Dashboard, which is specifically designed to track and interpret customer loyalty and satisfaction metrics. Our NPS dashboard shows you all the key data gathered from your surveys. These include how many views your NPS surveys have gotten, the number of responses, the overall response rate, and how the score has been trending over time. Companies 229 Average NPS Median NPS 39%35.7% Methodology Why you should read this report? Product metrics Methodology By Company Size By Industry By PLG vs SLG How to increase average NPS? What is NPS? Net Promoter Score https://calendly.com/userpilot/onboarding-audit - 79 - SaaS Product Metrics - 2024 Benchmark Report Edtech By IndustryNet Promoter Score (NPS) / 5047.5 16* By Company Size By PLG vs SLG Methodology Why you should read this report? Product metrics Methodology By Industry MedianCompaniesAverage *only 4 companies were using NPS in edtech industry NPSNPS How to increase average NPS? What is NPS? Net Promoter Score Healthcare CRM & Sales Martech HR Fintech & Insurance Edtech AI & ML https://calendly.com/userpilot/onboarding-audit - 80 - SaaS Product Metrics - 2024 Benchmark Report Martech By IndustryNet Promoter Score (NPS) / By Company Size Median By PLG vs SLG Companies Methodology Why you should read this report? Average Product metrics Methodology By Industry Data interpretation: Martech’s NPS result of 41 reflects a moderately positive sentiment among its customer base. While it’s not high, it’s also not low enough to raise some concerns. This score indi- cates a healthy balance of promoters over detractors, which means that a significant number of users would recom- mend Martech tools to others. 2741 98 NPSNPS How to increase average NPS? What is NPS? Net Promoter Score Healthcare CRM & Sales Martech HR Fintech & Insurance Edtech AI & ML https://calendly.com/userpilot/onboarding-audit - 81 - SaaS Product Metrics - 2024 Benchmark Report Fintech & Insurance By IndustryNet Promoter Score (NPS) / By Company Size By PLG vs SLG Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: MedianCompaniesAverage With the fintech industry’s NPS result at 40, it’s perform- ing notably well, especially when considered against other benchmark reports. According to the Customergauge’s benchmark report the average NPS score for fintech companies is 34, a score greater than 34 would be considered good. However, while surpassing the industry benchmark is a pos- itive sign, there’s always room for improvement. 56.540 52 NPSNPS How to increase average NPS? What is NPS? Net Promoter Score Healthcare CRM & Sales Martech HR Fintech & Insurance Edtech AI & ML https://customergauge.com/benchmarks/blog/fintech-customer-experience https://calendly.com/userpilot/onboarding-audit - 82 - SaaS Product Metrics - 2024 Benchmark Report HR By IndustryNet Promoter Score (NPS) / By Company Size By PLG vs SLG Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: MedianCompaniesAverage Overall, an NPS of 39.8 paints a picture of a solid customer base that sees value in the services provided but also sig- nals an opportunity for further growth and improvement. 5039.8 25 NPSNPS How to increase average NPS? What is NPS? Net Promoter Score Healthcare CRM & Sales Martech HR Fintech & Insurance Edtech AI & ML https://calendly.com/userpilot/onboarding-audit - 83 - SaaS Product Metrics - 2024 Benchmark Report CRM & Sales By IndustryNet Promoter Score (NPS) / Data interpretation: By Company Size By PLG vs SLG Methodology Why you should read this report? Product metrics MedianCompaniesBy Industry Average Methodology For the CRM & Sales sector, an NPS of 38.6, despite being lower than the median of 56.5, still indicates that a sub- stantial portion of the customer base values the services they get. However, the variation between the average and median scores also points to areas where improvements can be made. This will help CRM and sales companies to delve deeper into customer feedback, identify specific pain points, and implement targeted improvements. 56.538.6 113 NPSNPS How to increase average NPS? What is NPS? Net Promoter Score Healthcare CRM & Sales Martech HR Fintech & Insurance Edtech AI & ML https://calendly.com/userpilot/onboarding-audit - 84 - SaaS Product Metrics - 2024 Benchmark Report Healthcare By IndustryNet Promoter Score (NPS) / By Company Size By PLG vs SLG Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: MedianCompaniesAverage Healthcare The score for the Healthcare industry is relatively low, which could reflect various issues, such as service delivery prob- lems, product quality concerns, or a lack of engagement with healthcare users. If you’re also experiencing similar issues with lower NPS scores, a practical step to better understand and address these concerns is to implement a follow-up question after the NPS survey. For instance, after a respondent provides their score, you could ask them to elaborate on their reasons for this rating. This will let you dig deeper into why customers might be giving lower scores. 3025.6 34 NPSNPS How to increase average NPS? What is NPS? Net Promoter Score CRM & Sales Martech HR Fintech & Insurance Edtech AI & ML https://calendly.com/userpilot/onboarding-audit - 85 - SaaS Product Metrics - 2024 Benchmark Report AI & ML Data interpretation: In the AI & ML industries, it often comes down to expecta- tions vs reality. When people sign up for an AI tool, they might have a specific idea or need in mind. If the tool’s capabilities aren’t clear from the start (which is often the case), users can end up disappointed when it doesn’t do what they hoped it would. For example a tool advertises itself as an “AI-powered solu- tion to automate all your business needs,” but in reality, it only automates very specific tasks. And yeah, when I am asked for feedback through an NPS survey at that point, of course I’m gonna put a low score because I feel frustrated. By IndustryNet Promoter Score (NPS) / Median 28 Average 23.5 Companies 58 NPSNPS By Company Size By PLG vs SLG Methodology Why you should read this report? Product metrics Methodology By Industry CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech AI & ML How to increase average NPS? What is NPS? Net Promoter Score https://calendly.com/userpilot/onboarding-audit - 86 - SaaS Product Metrics - 2024 Benchmark Report PLG vsSLG Data interpretation: The difference between PLG (Product Led Growth) and SLG (Sales Led Growth) approaches in terms of NPS scores is quite minimal, with PLG scoring slightly higher at 35.36% com- pared to SLG’s 35.06%. Both scores are fairly close, show- ing that the overall customer satisfaction and willingness to recommend the services or products are somewhat similar between these two growth strategies. By IndustryNet Promoter Score (NPS) / Methodology Why you should read this report? Product metrics By Company Size Methodology By Industry By PLG vs SLG How to increase average NPS? What is NPS? Net Promoter Score https://calendly.com/userpilot/onboarding-audit By Company Size Net Promoter Score (NPS) - 87 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics By Company Size Data interpretation: Looking at the NPS scores by company size, there’s a clear trend where generally, as companies grow in revenue, their NPS tends to improve. However, this doesn’t apply to the companies in a revenue range of $1,000,000 - $5,000,000. Their smaller size allows for better agility and flexibility, which enables them to respond quickly to customer feedback and adapt to changes effec- tively. Methodology By Industry By PLG vs SLG How to increase average NPS? What is NPS? Net Promoter Score https://calendly.com/userpilot/onboarding-audit How to increase NPS? Net Promoter Score (NPS) / How to increase NPS? 1. Add a follow-up qualitative question to identify the root cause of the score 2. Proactively reach out to detractors and offer per- sonalized help to avoid negative feedback 3. Interview your loyal customers and understand the main drivers of their satisfaction so you can rep- licate - 88 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics By Company Size Methodology By Industry By PLG vs SLG How to increase average NPS? What is NPS? Net Promoter Score https://run.userpilot.io/login https://calendly.com/userpilot/onboarding-audit Net Promoter Score (NPS) / Expert insight - 89 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics What steps can SaaS companies take to consistently earn high NPS scores? It’s tempting to maintain a high NPS score, but don’t forget the funda- mental purpose of NPS surveys is to open the door for welcoming user feedback. Getting a high response rate to be able to capture the voice of customers is way more valuable. To increase the engagement rate, start by identifying meaningful expe- riences and timing to send the survey, for example the 5th login of new users or after 10 minutes in your web app. To keep user satisfaction high, just build the perfect product, easy! Well, by analyzing the feedback and data can help you improve your product with greater clarity and quality. So be sure to make feedback matter! Ashley Cheng Growth and Product Marketing at Usersnap By Company Size Methodology By Industry By PLG vs SLG How to increase average NPS? What is NPS? Net Promoter Score https://calendly.com/userpilot/onboarding-audit To see how Userpilot Analytics can drive the growth of your product book a call today. Get a FREE onboarding UX audit! To truly optimize and tailor your metrics for peak performance, we are excited to offer a free onboarding and UX audit. This personalized audit is designed to help you understand your product’s unique strengths and areas for improvement, ensuring that the strategies you implement are the best fit for your specific needs. Share Now and Win! Enjoyed reading the report? Share your favorite insi- ghts on social media, mention @Userpilot, and get a surprise gift from us. It’s our way of showing appreciation for your engage- ment and feedback. https://calendly.com/userpilot/onboarding-audit Free onboarding 20: Page 5: Free onboarding 7: Free onboarding 21: Page 7: Free onboarding 35: Page 8: Page 9: Page 10: Free onboarding 23: Page 12: Page 26: Page 38: Page 51: Page 65: Page 77: Free onboarding 24: Page 13: Page 27: Page 39: Page 52: Page 66: Page 78: Free onboarding 36: Page 14: Free onboarding 25: Page 15: Page 31: Page 44: Page 56: Page 68: Page 85: Page 86: Free onboarding 26: Page 16: Page 28: Page 45: Page 55: Page 69: Page 83: Free onboarding 27: Page 17: Page 32: Page 46: Page 54: Page 70: Page 80: Free onboarding 28: Page 18: Page 29: Page 41: Page 57: Page 72: Page 84: Free onboarding 29: Page 19: Page 33: Page 43: Page 53: Page 71: Page 82: Free onboarding 30: Page 20: Page 30: Page 40: Page 58: Page 67: Page 81: Free onboarding 31: Page 21: Page 34: Page 42: Page 59: Page 79: Free onboarding 33: Page 22: Page 48: Page 61: Page 74: Free onboarding 32: Page 23: Page 35: Page 47: Page 60: Page 73: Page 87: Page 88: Free onboarding 34: Page 24: Page 25: Page 37: Page 49: Page 63: Page 64: Page 75: Page 76: Page 89: Free onboarding 10: Free onboarding 37: Free onboarding 39: Free onboarding 38: Free onboarding 40: Free onboarding 41: Booka : Free onboarding 42: Free onboarding 43: Free onboarding 8:brings about a 34% increase in MRR in a year (Source: Fairmarkit) - which is the highest of all the “Pirate Metrics”. This shows how important this often-overlooked metric is for your bottom line. Source: Fairmarkit Median 37% Activation Rate 62 CompaniesAverage 37.5% Activation Rate User Activation Rate What is User Activation Rate? Methodology How to improve User Activation Rate? By Industry Methodology Why you should read this report? Product metrics By Company Size By PLG vs SLG https://userpilot.com/blog/user-activation-for-saas/ https://calendly.com/userpilot/onboarding-audit - 13 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate Methodology We gathered data from 62 diverse B2B companies, using first-party data collected from our new user activation dash- board at Userpilot. This dashboard not only tracks the activation rate but also pinpoints the time to value (TTV) and identifies key drop- off points from sign-up to the critical ‘Value Moment’ — when a user first experiences the core benefit of the product. So, it’s real, it’s fresh, and it’s here to help you steer your prod- uct to new heights. You’ll find the average, median, standard deviation, and dis- tribution to get a detailed look at activation rates across the board. And knowing the diversity of SaaS companies, we’ve segmented the data by industry, company size, and by the PLG vs SLG approach. Curious how your company stacks up? Let’s look at the numbers. Methodology Why you should read this report? Product metrics User Activation Rate What is User Activation Rate? Methodology How to improve User Activation Rate? By Industry What is User Activation Rate? Methodology By Company Size By PLG vs SLG https://calendly.com/userpilot/onboarding-audit - 14 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / Methodology If you compare our findings to Lenny Rachitsky’s report (which also had a substantial sample size), our study will show almost the same activation rates. Lenny’s study reported an average SaaS activation rate of 36%, while ours is slightly higher at 37.5%. Now, to better understand the numbers and see how different factors influence activation rates, let’s break down the report by industry, company size, and PLG vs SLG approach, arranged from highest to lowest. Diving into the onboarding flows of the high achievers, we noticed a pattern: about 80% of companies with an activation rate over 50% included a video, GIF, or animated image in their new user onboarding flow. This seems to significantly enhance user engagement right from the start. According to Wysowl, 97% of people believe video is an effective tool to welcome and educate new customers. So, maybe you should give it a try? So, how do our numbers stack up against the rest? After collecting the quantitative data, we decided to look into the onboarding of the top-performing SaaS companies in terms of activation rates, and compare their practices to the ones that scored low on activation. Methodology Why you should read this report? Product metrics User Activation Rate What is User Activation Rate? Methodology How to improve User Activation Rate? By Industry By Company Size By PLG vs SLG https://www.lennysnewsletter.com/p/what-is-a-good-activation-rate https://www.wyzowl.com/customer-onboarding-statistics/#:~:text=Over%2090%25%20of%20customers%20feel,them%20after%20they've%20bought https://calendly.com/userpilot/onboarding-audit - 15 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / By Industry AI & ML Data interpretation: AI still feels like a fresh and exciting part in tech. Everyone is keen to explore how AI can streamline operations, unlock new insights, and even create entirely new products or ser- vices. This curiosity naturally drives a higher level of engagement as people are eager to see firsthand what AI can do and how it can benefit them. It’s a mix of excitement and the promise of innovation that makes AI so attractive to try out. This is the reason that AI & ML softwares have the highest activation rate. Activation RateActivation Rate Median 74.3% Companies 58 Average 54.8% How to improve User Activation Rate? Methodology Why you should read this report? Product metrics CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech AI & ML User Activation Rate What is User Activation Rate? Methodology By Industry By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 16 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / By Industry CRM & Sales Data interpretation: How to improve User Activation Rate? Methodology Why you should read this report? Product metrics Activation RateMedian CRM & Sales Martech Companies Healthcare HR Fintech & Insurance Edtech AI & ML User Activation Rate What is User Activation Rate? Methodology By Industry Activation RateAverage CRM tools are typically essential for daily business opera- tions. In sales and CRM tools, user activation often involves tasks that are closely tied to immediate business needs, such as importing contacts, setting up pipelines, and initi- ating communication with prospects. Unlike other industries where users might take time to explore or compare options, in sales, there’s a pressing need to get up and running quickly to manage leads and drive revenue. Also - most CRMs don’t offer free solutions, so, the direct impact on revenue and productivity pushes users to acti- vate and start using these tools quickly. That’s why the acti- vation rate is higher than average. 113 52.9%42.6% By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 17 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / By Industry Martech Median How to improve User Activation Rate? Companies Methodology Why you should read this report? Average Product metrics CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech AI & ML User Activation Rate What is User Activation Rate? Methodology By Industry Data interpretation: Activation RateActivation Rate The martech industry is incredibly crowded and competi- tive. There are tons of tools out there, and they often overlap in functionality, which can make it tricky for users to decide which ones to fully adopt. Users might sign up for several tools to test them out, but they don’t necessarily commit to all of them, which leads to a lower overall activation rate. Another reason is that most of Martech companies have free trials or freemium models, which means lots of people sign up. However, not everyone who signs up ends up using the service or paying for it. 7.9%24% 98 By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 18 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / By Industry Healthcare How to improve User Activation Rate? Methodology Why you should read this report? Product metrics CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech AI & ML User Activation Rate What is User Activation Rate? Methodology By Industry MedianCompaniesAverage Activation RateActivation Rate Data interpretation: The healthcare industry tends to have lower activation rates. Why? Healthcare is a heavily regulated industry with a lot of com- pliance rules regarding patient data security, which may add significant friction to the signup and onboarding pro- cess. That’s why getting users to activate and start using healthcare products can be a bit slower compared to other industries where trust and privacy aren’t as big of a deal. 23.8%23.8% 34 By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 19 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / By Industry HR How to improve User Activation Rate? Methodology Why youshould read this report? Product metrics CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech AI & ML User Activation Rate What is User Activation Rate? Methodology By Industry Data interpretation: Out of 25 HR companies we analyzed only 1 company was tracking the activation rate. In this field, user engagement can be highly variable. This is because many users sign up only to browse job listings without further engagement like uploading CVs unless they find a job that strongly interests them. Activation RateAverage 8.3% Companies 25 By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 20 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / By Industry Fintech & Insurance How to improve User Activation Rate? Methodology Why you should read this report? Product metrics CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech AI & ML User Activation Rate What is User Activation Rate? Methodology By Industry Data interpretation: MedianCompaniesAverage Activation RateActivation Rate Both fintech and insurance industries are heavily regulated. Compliance with these regulations makes the signup and activation process more complex and time-consuming, which might be the reason for the low activation rate. Another reason is that the fintech and insurance companies are often complex and difficult for the average user. If the initial user experience isn’t straightforward and supportive (especially during the free trial) potential customers will drop off before activating. 5%5% 52 By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 21 - SaaS Product Metrics - 2024 Benchmark Report User Activation Rate / By Industry Edtech 0 How to improve User Activation Rate? Methodology Why you should read this report? Product metrics CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech AI & ML User Activation Rate What is User Activation Rate? Methodology By Industry Data interpretation: Companies By PLG vs SLG By Company Size None of the Edtech companies we analyzed were tracking their user activation rate. Let’s not forget that companies may prioritize different met- rics that they consider more indicative of their success or more aligned with their strategic goals. For example, they might focus on engagement rates or completion rates (in the case of Edtech). https://calendly.com/userpilot/onboarding-audit By PLG vs SLG User Activation Rate In our analysis, we stumbled upon some unexpected find- ings when comparing the PLG (Product-led) and SLG (Sales- led) approaches. Typically, it’s expected that PLG companies would exhibit higher activation rates due to their quick, direct access and hands-on product trials. You know, the whole “try before you buy” approach typically speeds up user activation. However, our report revealed a twist in the tale: PLG companies had an average activation rate of 34.6%, while SLG com- panies got a higher rate at 41.6%. This finding is a bit of a head-scratcher because, convention- ally, SLG’s longer sales cycles and the necessity for upfront commitment might suggest lower initial activation. But here’s the kicker—we think this anomaly might be why many com- panies are now blending PLG and SLG approaches, aiming to harness the best of both worlds, thus potentially driving higher activation rates. We weren’t quite ready for these results, so we dove deeper into the data. Initially, we thought maybe the freemium or free trial models common in PLG might be diluting activation rates. It’s simple, really: if you’re offering a product for free, without even requiring a credit card, you’re bound to attract loads of tire-kickers. These users sign up, browse around, and might not engage enough to count as “activated.” On the other hand, SLG companies tend to see fewer but more committed initial users. These customers have already invested financially by the time they start using the product, which could logically lead to a higher likelihood of taking the steps to activate. The combined approach of PLG and SLG could indeed be setting a new tempo for how companies successfully engage and activate their users. We’re keeping an eye on this trend, as it may redefine standard practices for driving user engagement across the SaaS industry. - 22 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics User Activation Rate What is User Activation Rate? Methodology How to improve User Activation Rate? By Industry By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit User Activation Rate By Company Size Now let’s break the activation rate down by company size: Small companies often focus intensely on user acqui- sition and engagement to establish themselves in the market. They might also offer more personalized support and attention to their users, which leads to higher activation rates. Mid-sized companies might struggle more with activation as they navigate the complexities of scaling, whereas the smallest and largest companies show better per- formance, likely due to their ability to focus intensely on user needs. Large companies have more resources to invest in effec- tive marketing, customer onboarding, and user engagement strategies. - 23 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics User Activation Rate What is User Activation Rate? Methodology How to improve User Activation Rate? By Industry By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit User Activation Rate / How to improve User Activation Rate? How to improve your User Activation Rate? Now that we’ve discussed what a good activation rate is - it’s time to look at some actionable tips on how to improve it. If you want to improve your user activation, you should: 1. Simplify your signup process 2. Use progressive profiling to collect customer data 3. Personalize user onboarding 4. Use interactive walkthroughs that teach users by doing rather than boring step-by-step product tours 5. Guide users to activation events with an onboarding checklist 6. A/B test different onboarding flows to see which one results in a higher user activation rate 7. Monitor your activation regularly, on at least weekly basis - “What can- not be measured, cannot be improved!” (Peter Drucker). - 24 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics User Activation Rate What is User Activation Rate? Methodology How to improve User Activation Rate? By Industry By Company Size By PLG vs SLG Feeling lost on where to start? Book a free onboarding audit with our product growth specialist and boost your activation now! https://calendly.com/userpilot/onboarding-audit https://calendly.com/userpilot/onboarding-audit User Activation Rate / How to improve User Activation Rate? What’s the key to turning sign-ups into active users quickly? Understanding the reason they signed up. Identifying what they need to do in order to experience that. Designing a user journey that makes it as quick and easy as possible for them to do those things. User Activation Rate / Expert insight - 25 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics User Activation Rate What is User Activation Rate? Methodology How to improve User Activation Rate? By Industry Yakov Carno Product-led Growth Advisor & Founder of Valubyl By Company Size By PLG vs SLG https://calendly.com/userpilot/onboarding-audit - 26 - SaaS Product Metrics - 2024 Benchmark Report What is Time to Value (Activation)? Time to Value (TTV) is the duration it takes for a new user to first experience the core value of a productafter starting to use it. It’s a measure of how quickly a product can deliver its promise to users. Time to Value (Activation) Time to Value (Activation) Why it’s important? A shorter TTV indicates that users are quickly experiencing the benefits of your product, leading to higher satisfaction and retention rates. By reducing TTV, you can accelerate user adoption and drive faster time-to-revenue. Methodology Why you should read this report? Product metrics By Company Size By Industry Methodology How to minimize TTV? What is Time to Value (Activation)? Time to Value (Activation) https://calendly.com/userpilot/onboarding-audit - 27 - SaaS Product Metrics - 2024 Benchmark Report Methodology We analyzed the same 62 companies as in our activation rate study to provide a detailed view of how long it typically takes for users to reach their first value moment after start- ing to use these products. The data was taken again from our user activation dashboard. Let’s break down the report again by industry, company size, and PLG vs SLG approach, arranged from lowest to highest. With this dual-focus on both activation rate and TTV you can see not only the percentage of users reaching this key mile- stone but also the speed with which they do so. Now let’s look at the numbers. By Company Size By Industry Methodology How to minimize TTV? What is Time to Value (Activation)? Time to Value (Activation) Time to Value (Activation) Companies MedianAverage 62 Time to Value Time to Value 1 day, 1h, 54 min1 day, 12h, 23 min Methodology Why you should read this report? Product metrics https://calendly.com/userpilot/onboarding-audit - 28 - SaaS Product Metrics - 2024 Benchmark Report CRM & Sales Time to Value (Activation) / By industry By PLG vs SLG Data interpretation: Methodology Why you should read this report? Product metrics Companies MedianAverage When we talk about CRM and Sales tools, we’re referring to software that’s designed to simplify and streamline every- day business operations. Given their fundamental role in day-to-day business activities, it makes sense that users can quickly discover their value. The straightforward nature of CRM tools means that they often don’t require a steep learning curve. It’s like buying a new smartphone—you take it out of the box, set it up, and boom! You’re making calls, sending texts, and checking emails. Similarly, with CRM and Sales tools, users jump in, set up their pipelines, import contacts, and start reaching out to prospects. It’s that direct and straightforward application that makes the activation process swift. 113 Time to Value Time to Value 2 days, 8h, 16 min1 day, 4h, 43 min By Company Size By Industry Methodology How to minimize TTV? HR Martech Fintech & Insurance Healthcare What is Time to Value (Activation)? Time to Value (Activation) CRM & Sales AI & ML https://calendly.com/userpilot/onboarding-audit - 29 - SaaS Product Metrics - 2024 Benchmark Report Healthcare Time to Value (Activation) / By industry By Company Size By Industry Methodology How to minimize TTV? HR Martech Fintech & Insurance Healthcare What is Time to Value (Activation)? Time to Value (Activation) CRM & Sales AI & ML By PLG vs SLG Methodology Why you should read this report? Product metrics Data interpretation: Companies While it’s true that the healthcare industry often sees lower activation rates due to strict regulations and the need for high levels of compliance, the actual time to value isn’t as prolonged as one might expect. One significant reason for this is the robust training and support that healthcare orga- nizations receive as part of their onboarding process. The designers of these platforms are aware of the complexi- ties new users face, and as a result, they streamline the pro- cesses as much as possible within compliance boundaries. This leads to an onboarding experience that, while initially might seem slower due to compliance checks, quickly tran- sitions users to active use once those hurdles are cleared. 34 Average Time to Value 1 day, 7h, 11 min Median Time to Value 1 day, 7h, 11 min https://calendly.com/userpilot/onboarding-audit - 30 - SaaS Product Metrics - 2024 Benchmark Report Fintech & Insurance By Company Size By Industry Methodology How to minimize TTV? HR Martech Fintech & Insurance Healthcare What is Time to Value (Activation)? Time to Value (Activation) CRM & Sales AI & ML Time to Value (Activation) / By industry By PLG vs SLG Methodology Why you should read this report? Product metrics Data interpretation: Companies The fintech & Insurance industry is packed with complex services and a ton of regulations, which means it takes a bit more time to get everything up and running smoothly. In this industry if the initial user experience isn’t intuitive or if the support during early stages (free trial) is lacking, potential customers may feel overwhelmed and drop off before acti- vating. This scenario is particularly true in fintech where the expectations are high, and the user needs to trust the plat- form completely before committing to regular use. There- fore, ensuring that the onboarding process is as streamlined and supportive as possible is important for fintech compa- nies aiming to reduce time to value and improve activation rates. 52 Average Time to Value 1 day, 17h, 11 min Median Time to Value 1 day, 17h, 11 min https://calendly.com/userpilot/onboarding-audit - 31 - SaaS Product Metrics - 2024 Benchmark Report AI & ML Data interpretation: You might wonder why AI and ML tools, despite having high activation rates, take a while before they start showing value. Well, a big part of this is all about how they fit into existing systems. Integrating AI and ML into a company’s daily opera- tions isn’t exactly plug-and-play. It involves a lot of back and forth—tweaking things here, adjusting things there—to make sure the technology not only fits but actually enhances how things are done. By Company Size By Industry Methodology How to minimize TTV? HR Martech Fintech & Insurance Healthcare What is Time to Value (Activation)? Time to Value (Activation) CRM & Sales AI & ML Time to Value (Activation) / By industry By PLG vs SLG Companies 58 Methodology Why you should read this report? Product metrics Average Time to Value 1 day, 17h, 19 min Median Time to Value 16h, 52 min https://calendly.com/userpilot/onboarding-audit - 32 - SaaS Product Metrics - 2024 Benchmark Report Martech By Company Size By Industry Methodology How to minimize TTV? HR Martech Fintech & Insurance Healthcare What is Time to Value (Activation)? Time to Value (Activation) CRM & Sales AI & ML Time to Value (Activation) / By industry By PLG vs SLG Companies Methodology Why you should read this report? Product metrics 98 Average Time to Value 1 day, 20h, 47 min Median Time to Value 2 days, 19h, 22 min Data interpretation: Martech companies, despite offering free trials and often boasting user-friendly interfaces, still experience relatively high TTV. The key reason for this is that, unlike standalone tools, mar- tech solutions often need to sync up with various other plat- forms, databases, and marketing channels to deliver optimal results. This integration process can be complex, requiring configuration, data mapping, and testing to ensure seamless functionality across multiple touchpoints. Moreover, while martech tools may offer intuitive interfaces, their true value often lies in their advanced features, which users may need time to explore, understand, and leverage effectively within their marketing strategies. Therefore, while martech prod- ucts may seem straightforward on the surface, their deeper integration requirements and the learning curve associated with unlocking their full potential contribute to the extended Time to Value. https://calendly.com/userpilot/onboarding-audit- 33 - SaaS Product Metrics - 2024 Benchmark Report HR Time to Value (Activation) / By industry By Company Size By Industry Methodology How to minimize TTV? HR Martech Fintech & Insurance Healthcare What is Time to Value (Activation)? Time to Value (Activation) CRM & Sales AI & ML By PLG vs SLG Methodology Why you should read this report? Product metrics Data interpretation: In our study, we noticed that only one HR company was actively tracking Time to Value (TTV). The company operates as a job marketplace for hiring developers. This platform requires comprehensive onboarding for two distinct user groups: employers and developers. Employers need to set up profiles, post job listings, and manage appli- cations, while developers must navigate job offers, apply, and communicate with potential employers. So, given the dual customer base and the specialized nature of the jobs involved, a higher TTV is understandable, though it might be much longer than typical for the HR sector. Companies 25 Average Time to Value 3 days, 18h, 59 min https://calendly.com/userpilot/onboarding-audit - 34 - SaaS Product Metrics - 2024 Benchmark Report By PLG vs SLG Time to Value (Activation) / By industry By Company Size By PLG vs SLG By Industry Methodology How to minimize TTV? HR Martech Fintech & Insurance Healthcare What is Time to Value (Activation)? Time to Value (Activation) CRM & Sales AI & ML Methodology Why you should read this report? Product metrics 1 day, 12hPLG 1 day, 11hSLG Data interpretation: As you remember, none of the edtech companies were track- ing user activation rate, that’s why it’s not surprising that they aren’t tracking TTV either. Another surprise in the report is that Product-Led compa- nies have a slightly longer TTV than Sales-Led ones, even if it’s just by one hour. PLG models focus on the user independently exploring and adopting the product, which can sometimes mean a slower start. Users need to discover features and understand the value on their own, which can take time. On the other hand, SLG companies involve direct sales pro- cesses where specific product configurations and tailored demos are part of the customer journey. Sales teams in SLG models can directly address specific user needs and pain points, guiding them to quicker activation and thus, a faster TTV. https://calendly.com/userpilot/onboarding-audit By Company Size Time to Value (Activation) By Company Size By Industry Methodology How to minimize TTV? What is Time to Value (Activation)? Time to Value (Activation) By PLG vs SLG - 35 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Data interpretation: When breaking down the TTV by company size, it’s clear that smaller companies (with revenues between $1,000,000 and $5,000,000) typically achieve the shortest TTV. They’re hungry for growth and can pivot quickly, which means they can implement changes faster. However, as companies grow, particularly those in the $10 million to $50 million revenue range, they start to feel the growing pains. They want to expand and evolve but might lack the resources to do so as swiftly as they’d like. There’s more layers to decision-making, and often not enough hands on deck to focus intensely on every product metric, which tends to slow things down. But then there’s a twist— big companies, those earning over $50 million, actually manage to pick up the pace again. Even though they’re huge, they have the resources to throw at these challenges. They can afford specialized teams whose whole job is to implement new tech smoothly and quickly, which helps them overcome some of the challenges you see in mid-sized companies. https://calendly.com/userpilot/onboarding-audit Time to Value (Activation) / How to minimize TTV? By Company Size By Industry Methodology How to minimize TTV? What is Time to Value (Activation)? Time to Value (Activation) How to minimize TTV? It’s clear that while some factors influencing TTV are industry or size-spe- cific, there are still some strategies that can help any organization mini- mize their TTV. To minimize time to value, focus on: 1. Streamlining the onboarding process to help users achieve their goals faster. 2. Offering personalized guidance and support to acceler- ate user learning curves. 3. Highlighting key features and functionalities that deliver immediate value. Userpilot offers an out-of-the-box solution for that - a new user activation dashboard where you can see your: Month- ly new signups, Weekly new signups, Activation conversion rate, Activation conversion funnel, Activation trend, TTV, Time to activation trend. - 36 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics https://run.userpilot.io/login https://calendly.com/userpilot/onboarding-audit https://run.userpilot.io/login Time to Value (Activation) / Expert insight By Company Size By Industry Methodology How to minimize TTV? What is Time to Value (Activation)? Time to Value (Activation) How can SaaS companies speed up the time it takes for users to see value from their product? The product model is all about speeding up "time to money," which is delivering the necessary value and busi- ness outcome. Leverage the principles and techniques of the top tech-powered product companies to improve how you produce products. Marty Cagan Partner at Silicon Valley Product Group - 37 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics https://calendly.com/userpilot/onboarding-audit - 38 - SaaS Product Metrics - 2024 Benchmark Report Onboarding Checklist Completion Rate An onboarding checklist is a tool used during the onboarding pro- cess to ensure that new users or customers are introduced to and guided through the essential features or steps of using a product or service. It helps users understand and navigate the platform efficiently. What is an Onboarding Checklist? Onboarding Checklist Completion Rate Methodology By Industry By Company Size By PLG vs SLG Why build a user onboarding checklist? Onboarding Checklist Completion Rate What is an Onboarding Checklist? Having a user onboarding checklist makes it easier for users to find the next step and ensure that they don’t drop off before hitting their activation point. A great checklist guides your users through various tasks. It helps them identify key fea- tures of your product, and it means they start getting value from it right away. Why it’s important? Methodology Why you should read this report? Product metrics https://calendly.com/userpilot/onboarding-audit - 39 - SaaS Product Metrics - 2024 Benchmark Report Methodology We analyzed onboarding checklist completion rates across 188 companies from different industries. We got the data from our trends analysis report, where you can analyze insights based on user behaviors and attributes. It helped us understand how many users successfully completed the onboarding checklist over the past year. Data was again segmented by industry, company size, and whether companies employ a Product-Led or Sales-Led approach arranged from highest to lowest. Onboarding Checklist Completion Rate Companies 188 Average Checklist Completion Rate Average Checklist Completion Rate 10.1%19.2% Methodology Why you should read this report? Product metrics Methodology By Industry By Company Size By PLG vs SLG Why build a user onboarding checklist? Onboarding Checklist Completion Rate What is an Onboarding Checklist? https://calendly.com/userpilot/onboarding-audit - 40 - SaaS Product Metrics - 2024 Benchmark Report Fintech & Insurance By IndustryOnboarding Checklist Completion Rate / Methodology Why you should read this report? Product metrics Methodology Data interpretation: MedianCompaniesWhy build a user onboarding checklist? By Industry AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech What is an Onboarding Checklist? Onboarding Checklist Completion Rate Why do fintech and insurance companies see higher onboarding checklist completion rates? Well, it really comes down to the nature of their business—money and security. When you’re dealing with finances or insurance, you’re play- ing in high-stakes areas where a small mistake or oversight can lead to big problems, like financial loss or wrong cover- age. Users of these platforms know the risks and are generally more committed to dotting the i’s and crossing the t’s during onboarding. They want to make sure they fully understand the platform and set everything up correctly right from the start. It’s not just about following instructions; it’s about pro- tecting themselves and their assets. 36.2%24.5% 52 Completion RateCompletion Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 41 - SaaS Product Metrics - 2024 Benchmark Report Healthcare By IndustryOnboarding Checklist Completion Rate / Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: Companies Median Healthcare, similar to fintech and insurance, shows a higher onboarding checklist completion rate, and the reasons are somewhat parallel. In healthcare, the use of technology directly impacts patient care, making accuracy and thor- oughness non-negotiable. Users—whether they’re doctors, nurses, or administrative staff—know that the stakes involve health and safety, pos- sibly even life or death situations. This drives them to take the onboarding process very seriously, ensuring they’re fully equipped to use the systems effectively. 20.5% Completion Rate Completion Rate 73.06%34 AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 42 - SaaS Product Metrics - 2024 Benchmark Report Edtech By IndustryOnboarding Checklist Completion Rate / 15.4%15.9% 16 Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: Companies Edtech industry shows somewhat moderate onboarding checklist completion rates. Unlike in fintech or healthcare, where missing a step could have serious regulatory or personal consequences, the implications in Edtech are less urgent. This lack of urgency can lead to a less disciplined approach to fully completing onboarding tasks. MedianCompletion Rate Completion Rate AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 43 - SaaS Product Metrics - 2024 Benchmark Report HR By IndustryOnboarding Checklist Completion Rate / Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: Companies Just like in the edtech industry, HR faces a similar issue with lower onboarding checklist completion rates compared to sectors like fintech or healthcare. This can be attributed again to the nature of the industry; unlike fintech or healthcare, where every step in the onboard- ing process could have significant regulatory or personal health implications if missed, the consequences in HR are generally less severe. 11.5%15% 25 MedianCompletion Rate Completion Rate AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 44 - SaaS Product Metrics - 2024 Benchmark Report AI & ML Data interpretation: AI & ML industries often get lower onboarding checklist com- pletion rates due to the more technical nature of these plat- forms. The integration of these technologies into existing business processes can be complex, requiring more than just basic setup steps. By IndustryOnboarding Checklist Completion Rate / 26.4% Companies 5814.7% MedianCompletion Rate Completion Rate Methodology Why you should read this report? Product metrics Methodology By Industry AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 45 - SaaS Product Metrics - 2024 Benchmark Report CRM & Sales By IndustryOnboarding Checklist Completion Rate / Companies Data interpretation: Methodology Why you should read this report? Product metrics Methodology By Industry CRM & Sales platforms surprisingly have one of the lower onboarding checklist completion rates. This could be due to variety of features offered by CRM systems. Users might start the onboarding process but skip steps that seem immedi- ately non-essential or too complex. Another reason could be the urgency; users often jump straight to specific features they need immediately, like con- tact management or deal tracking, and ignore other parts of the onboarding process. And this selective engagement with the platform means they don’t fully complete the checklist. 5.1%13.2% 113 MedianCompletion Rate Completion Rate AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 46 - SaaS Product Metrics - 2024 Benchmark Report Martech By IndustryOnboarding Checklist Completion Rate / Companies Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: By PLG vs SLG By Company Size Similar to the CRM and Sales industries, Martech platforms also experience low onboarding checklist completion rates. This is often because users are eager to dive right into using the product. They want to deliver quick results and may pri- oritize immediately applicable features over a comprehen- sive understanding of the full platform. This rush to start using key functionalities can lead them to skip over detailed onboarding steps. 7.5%12.5% 98 MedianCompletion Rate Completion Rate AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate https://calendly.com/userpilot/onboarding-audit By Company Size Onboarding Checklist Completion Rate - 47 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry By PLG vs SLG By Company Size Data interpretation: When we look at the onboarding checklist completion rates across different company sizes, the differences are nota- ble but not drastic. Smaller companies lead with the high- est rates, likely due to their ability to provide a more per- sonalized onboarding experience that resonates well with their user base. As company size increases, there’s a slight decline in completion rates, particularly noticeable in mid- sized companies. However, the largest companies manage to improve their rates slightly, which could be attributed to their resources. Overall, while there are variations, the rates are relatively close to each other, suggesting that all com- pany sizes maintain a relatively consistent focus on onboard- ing effectiveness. Why build a user onboarding checklist?What is an Onboarding Checklist? Onboarding Checklist Completion Rate https://calendly.com/userpilot/onboarding-audit By PLG vs SLG Onboarding Checklist Completion Rate - 48 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry By Company Size By PLG vs SLG Data interpretation: And again, we have surprising turn of events, SLG companies are outperforming PLG companies in onboarding checklist completion rates as well. It seems that today, SLG compa- nies came well-prepared, excelling in almost all the metrics we’ve examined. This outcome could be attributed again to the hands-on approach that SLG companies typically take during the onboarding process. Unlike PLG, where the product itself is expected to drive engagement and users often explore on their own, SLG involves direct interactions through sales and customer success teams. These teams not only guide users through each step of the onboarding process but also emphasize the importance of completing the entire check- list showing how each step adds value, and pushing users to complete the process to use the product at its fullest. Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate https://calendly.com/userpilot/onboarding-audit Onboarding Checklist Completion Rate / Expert insight - 49 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry How does the Onboarding checklist help improve user activation? Checklists serve as a crucial tool in user activation, rooted in the psychological principle known as the ‘Zeigarnik Effect’—the drive to complete tasks. Whether integrating a third-party solution or developing proprietary calls-to-ac- tion, the real challenge lies in determining their contents. What critical actions should users be encouraged to per- form? An approach I recommend is to examine the over- lap between core user activities and the frequency of their return to the product (e.g. logging in for another session, using the feature again). Actions with a large intersection (i.e. correlation) are prime candidates for increasing user activation through checklists. Yoel Eilat PLG, Growth & Product | Advisor | Mentor Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate By Company Size By PLG vs SLG https://calendly.com/userpilot/onboarding-audit Onboarding Checklist Completion Rate / Why build a user onboarding checklist? As we’ve seen, although there are slight differences in the completion rates among different segments, the rates are generally close to each other, indicating that most companies understand the role of effective onboarding. Now let’s see why you should implement a user onboarding checklist. You should build user onboarding checklists to Why build a user onboarding checklist? Understanding minimize confusion, guide your users through the onboarding flow, give them a structured roadmap to ensure they don’t skip any important steps or fail to discover core features. - 50 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry Why build a user onboarding checklist? What is an Onboarding Checklist? Onboarding Checklist Completion Rate By Company Size By PLG vs SLG https://calendly.com/userpilot/onboarding-audit https://run.userpilot.io/signup - 51 - SaaS Product Metrics - 2024 Benchmark Report Core feature adoption measures the percentage of users who are actively using your product’s key features. It helps assess whether users are engaging with the most critical aspects of the product that contribute to its value proposition. What is Core Feature Adoption Rate? Core Feature Adoption Rate Core Feature Adoption Rate Understanding which features are most valuable to your users can help you prioritize development efforts, enhance user engagement, and drive product-led growth. By increas- ing core feature adoption, you can maximize the value users get from your product and strengthen customer satisfaction and loyalty. Why it’s important? Methodology By Industry Methodology Why you should read this report? Product metrics By Company Size By PLG vs SLG What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate https://calendly.com/userpilot/onboarding-audit - 52 - SaaS Product Metrics - 2024 Benchmark Report Methodology To delve deeper into how users interact with the key fea- tures of the product, we used our Core Feature Engagement dashboard and got the data across 181 companies over the past year. Let’s compare our findings with the numbers from Pendo’s product benchmarks report. Pendo reported an average overall feature adoption rate of just 11%, which is quite a bit lower than our overall average of 24.5%. This difference really highlights how the com- panies in our study are possibly doing something right that others might be missing, achieving much deeper engage- ment with their core features. Our Core Feature Engagement dashboard measures usage trends, adoption rates, and retention metrics specifically for your product’s key features, providing a clear picture of what’s working and what might need tweaking. Core Feature Adoption Rate Even more interesting is when we look at the top performers. Pendo’s best was at a 28% adoption rate, which is pretty close to what we saw in our Martech sector, where the core feature adoption rate was nearly 27.9% with a median of 83.7%. What this comparison tells us is that there’s quite a range in how different industries and companies drive feature adop- tion, but with the right strategies, reaching high engagement levels isn’t just possible—it’s happening. Companies 181 Core Feature Adoption Rate Median Feature Adoption Rate 16.5%24.5% Methodology Why you should read this report? Product metrics Methodology By Industry What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate By Company Size By PLG vs SLG https://www.pendo.io/product-benchmarks/ https://www.pendo.io/product-benchmarks/ https://calendly.com/userpilot/onboarding-audit - 53 - SaaS Product Metrics - 2024 Benchmark Report HR By IndustryCore Feature Adoption Rate / Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: Companies HR companies topping out with a 31% core feature adoption rate really highlights just how important these systems are within their daily operations and compliance efforts. These platforms aren’t just helpful; they’re essential for managing tasks like payroll and employee benefits. Plus, HR has to keep up with all kinds of regulations, so using these core features isn’t just helpful—it’s necessary to stay compliant. And let’s not forget that HR departments are really good at training their people on how to make the most of these tools, which of course helps increase the adoption rates. 25 13.4%31% Core Feature Adoption Rate Median Feature Adoption Rate What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate AI & ML CRM & Sales Martech Healthcare Fintech & Insurance Edtech HR By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 54 - SaaS Product Metrics - 2024 Benchmark Report Martech By IndustryCore Feature Adoption Rate / Companies Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: In 2023, MarTech experienced a lot of transformations. The introduction of AI tools, which have drastically changed the way users engage with a product. At the same time, Google’splan to phase out third-party cookies by the end of 2024. This shift isn’t just something for the big players to think about. No matter the size of your business, keeping up with these MarTech trends is important to maintain agility, rele- vance, and competitiveness in the market. 98 83.7%27.9% Core Feature Adoption Rate Median Feature Adoption Rate What is Core Feature Adoption Rate? Core Feature Adoption Rate AI & ML CRM & Sales Healthcare HR Fintech & Insurance Edtech Martech By PLG vs SLG By Company Size How to increase the Core Feature Adoption Rate? https://calendly.com/userpilot/onboarding-audit - 55 - SaaS Product Metrics - 2024 Benchmark Report CRM & Sales By IndustryCore Feature Adoption Rate / Data interpretation: Methodology Why you should read this report? Product metrics Companies Methodology By Industry CRM & Sales CRM & Sales platforms are showing high core feature adop- tion rates too, and there’s a clear reason behind this trend. Typically, users signing up for these platforms already have a clear understanding of what they need from the tool. They often choose these solutions specifically for their core func- tionalities like managing customer relationships, tracking sales pipelines, and automating marketing tasks. This initial clarity about their needs drives users to dive into the core features right from the start. Moreover, because these core features are directly tied to the daily operational efficiencies and revenue generation of businesses, users are more motivated to learn and integrate these functionalities quickly into their workflows. 25 15.8%25.6% Core Feature Adoption Rate Median Feature Adoption Rate What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate AI & ML Martech Healthcare HR Fintech & Insurance Edtech By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 56 - SaaS Product Metrics - 2024 Benchmark Report AI & ML Data interpretation: The AI & ML sectors are on par with Martech and CRM & Sales. The reason for this is the rapid integration of AI technologies across various software products and platforms. Most of the companies that sign up for AI & ML tools are not just looking for any tool; they're looking for AI solutions that can seamlessly integrate and enhance their own technologies. This drives a strong desire to understand and utilize the core features of these AI tools right from the start. Users want to quickly see how these features can be integrated into their platforms or how they might improve efficiencies or automation capabilities. By IndustryCore Feature Adoption Rate / Companies 58 Methodology Why you should read this report? Product metrics Methodology By Industry AI & ML 1.1%24.8% Core Feature Adoption Rate Median Feature Adoption Rate What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate CRM & Sales Martech Healthcare HR Fintech & Insurance Edtech By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 57 - SaaS Product Metrics - 2024 Benchmark Report Healthcare By IndustryCore Feature Adoption Rate / Methodology Why you should read this report? Product metrics Methodology By Industry Companies Healthcare 17.2%22.8% 34 Core Feature Adoption Rate Median Feature Adoption Rate What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate AI & ML CRM & Sales Martech HR Fintech & Insurance Edtech By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 58 - SaaS Product Metrics - 2024 Benchmark Report Fintech & Insurance By IndustryCore Feature Adoption Rate / Methodology Why you should read this report? Product metrics Methodology By Industry Companies Fintech & Insurance 8.8%22.6% 52 Core Feature Adoption Rate Median Feature Adoption Rate Data interpretation: It’s interesting to see how Healthcare, Fintech & Insurance industries have their core feature adoption rates quite closely aligned. What’s the story here? Well, it’s kind of like they’re all navigating similar challenges, just in different arenas. Each of these industries is pretty complex and often wrapped up in layers of rules and regulations. You’re dealing with sen- sitive health data, managing financial transactions, or han- dling personal data. This complexity can make companies and users a bit cautious about jumping headfirst into the features, no matter how shiny they are. Especially in Healthcare and Fintech, where the stakes involve critical data, the adoption of new product isn’t just about whether it’s cool or can make life easier—it’s also about ensuring everything is secure and compliant. That slows down the feature adoption quite a bit. What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate AI & ML CRM & Sales Martech Healthcare HR Edtech By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit - 59 - SaaS Product Metrics - 2024 Benchmark Report Edtech By IndustryCore Feature Adoption Rate / Methodology Why you should read this report? Product metrics Methodology By Industry By PLG vs SLG By Company Size AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance *there was only one company tracking the core feature adoption rate. 16* Companies 9% Core Feature Adoption Rate What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate Edtech https://calendly.com/userpilot/onboarding-audit By Company Size Core Feature Adoption Rate - 60 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: The standout here is companies with revenues between $5,000,001 and $10,000,000, which has the highest adoption rate at 30.4%. This shows that companies in this revenue range might have just the right mix of resources and flexibility. At this stage, businesses are likely established enough to have refined their product offerings and customer engagement strategies, yet still small enough to retain flexi- bility and react quickly to user feedback. What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit By PLG vs SLG Core Feature Adoption Rate - 61 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry Data interpretation: Looking at the core feature adoption rates between Prod- uct-Led and Sales- Led companies, it’s interesting to note that SLG companies show a slightly higher rate at 26.7% compared to PLG companies at 24.3%. This discrepancy can likely be traced back to the differences in their sales models and customer engagement strategies. PLG companies often employ a freemium or free trial model, allowing users to try basic versions of their software without financial commitment. This accessibility lets a wide range of users to adopt the software at a lower or no initial cost. How- ever, this also means that users might not feel compelled to explore and leverage the core features immediately, as their investment risk is low. On the other hand, SLG companies typically require a signif- icant commitment upfront. Customers usually make a pur- chase or enter into a contract before fully engaging with the product. This investment creates a sense of urgency to dive deeper into the core functionalities of the software from the onset. So the need to maximize the return on their invest- ment can explain why SLG companies see a higher core fea- ture adoption rate. What is CoreFeature Adoption Rate? How to increase the Core Feature Adoption Rate? Core Feature Adoption Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit User Activation Rate How to increase the Core Feature Adoption Rate? To boost core feature adoption, consider: 1. Educating users on the benefits and functional- ities of core features through targeted tutorials and guides. 2. Soliciting user feedback to understand pain points and areas for improvement in core feature usage. 3. Iterating on core features based on user behav- ior and preferences to enhance usability and value. Wanna discover strategies to in- crease core feature adoption and d rive product-led growth? - 62 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Industry How to increase the Core Feature Adoption Rate? What is User Activation Rate? User Activation Rate By PLG vs SLG By Company Size https://calendly.com/userpilot/onboarding-audit https://userpilot.com/userpilot-demo/ Core Feature Adoption Rate / What strategy do you find most effective in getting new users to quickly adopt a core feature? We struggle with this question all the time as we’re also a “buy a feature” solution, and our customers want the feature they added by integrating Cord - namely commenting and real-time collaboration capabilities - to be highly used. We suggest a cascade of “nudges” to learn about and appreciate the value of the feature: From your standard newsletter and website marketing, a video that can go down well in social and as educa- tion collateral, and training the sales team to show the feature in demos. But the most effective way is definitely in-product, when people are natu- rally going to be interested in using the feature. Guides and highlighting a new feature with a non-intrusive “red dot”, ‘wait- ing notification’ style of badging is great. But by far the most effective for us, as a “social” product, is when other users leave comments @mention- ing their teammates. This means we need to ‘trigger’ one advocate in every team that will spread the feature organically by using it. To trigger them we might leave them a comment automatically, suggesting where, how and Nimrod Priell CEO at Cord Expert insight - 63 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Company Size By Industry By PLG vs SLG What is Core Feature Adoption Rate? Core Feature Adoption Rate How to increase the Core Feature Adoption https://calendly.com/userpilot/onboarding-audit Core Feature Adoption Rate / Nimrod Priell CEO at Cord Expert insight The two blue ticks when your message was sent, received and read in WhatsApp are a great example of reinforcing that what you did had the desired effect: it reached its des- tination. Products that embed Cord can have seen-states for messages out of the box. While some of it sounds spe- cific to commenting I think there’s deeper principles in here as well: Users need to first notice the feature, and seeing someone else use it is a great way to overcome the barrier of both interest and fear of doing something wrong: If you can highlight what other users in the team did you’re help- ing spread the feature. Then, showing the user the effect of what he did was successful and worked as intended (and ideally making it possible to undo easily, like deleting mes- sage) is a great reinforcing mechanism for the sense of a ‘win’. who they can contact. Ideally, that comment comes from a client success person they know in the SaaS tool, or the founder - someone rather than ‘the system’ - as this helps understand how messaging is meant to be used and how it will look like to other users, and gets over the natural ‘social embarrassment’ people have when they are expected to leave a comment in an ‘empty room’ - you see this all the time in new Slack channels, forums and so on. A famous study at Facebook showed that showing users their teammate’s faces and names is a natural interest point and they’re more likely to be paying attention to that part of the app, compared to the blocks of text that fill the rest of the screen, and playing to that natural tendency makes a lot of sense in the context of commenting and chat. Finally, we learned that reinforcing the use of the fea- ture requires some kind of sense of ‘success’. - 64 - SaaS Product Metrics - 2024 Benchmark Report Methodology Why you should read this report? Product metrics Methodology By Company Size By Industry By PLG vs SLG What is Core Feature Adoption Rate? How to increase the Core Feature Adoption Core Feature Adoption Rate https://calendly.com/userpilot/onboarding-audit - 65 - SaaS Product Metrics - 2024 Benchmark Report Month 1 retention specifically measures the percentage of users who continue to use the product or service one month after their initial activation or sign-up. It provides insight into the product’s ability to retain users shortly after acquisition and is an early indicator of user engagement and potential long-term retention. What is Month 1 Retention Rate? Month 1 Retention Rate Month 1 Retention Rate A high month 1 retention rate indicates that users are finding value in your product early on, leading to higher long-term retention and customer lifetime value. Why it’s important? Methodology By Company Size By Industry By PLG vs SLG Methodology Why you should read this report? Product metrics How to improve Month 1 Retention Rate? What is Month 1 Retention Rate? Month 1 Retention Rate https://calendly.com/userpilot/onboarding-audit - 66 - SaaS Product Metrics - 2024 Benchmark Report Methodology We analyzed 83 companies to determine the average Month 1 retention rate, using our User Retantion Dashboard for this purpose. This dashboard measures retention over daily, weekly, and monthly intervals for all users and new sign- ups, pinpointing user engagement longevity. Month 1 Retention Rate Companies 83 Average Month 1 Raetention Rate Median Month 1 Raetention Rate 45.25%46.9% Methodology Why you should read this report? Product metrics Methodology By Company Size By Industry By PLG vs SLG How to improve Month 1 Retention Rate? What is Month 1 Retention Rate? Month 1 Retention Rate https://calendly.com/userpilot/onboarding-audit - 67 - SaaS Product Metrics - 2024 Benchmark Report Fintech & Insurance By IndustryMonth 1 Retention Rate / By Industry Methodology By PLG vs SLG By Company Size AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? Methodology Why you should read this report? Product metrics Data interpretation: MedianCompanies The Fintech & Insurance industry leads with a retention rate of 57.6%, which is above its median of 56.5%. This indus- try typically focuses on leveraging trust which is important in retaining customers who seek reliable financial and insur- ance services. 52 56.5% Month 1 Retention RateMonth 1 Retention Rate 57.6% https://calendly.com/userpilot/onboarding-audit - 68 - SaaS Product Metrics - 2024 Benchmark Report AI & ML Data interpretation: The AI & ML sector shows a month 1 retention rate of 53.6%, with a much lower median of 43.5%. The high standard deviation here indicates a wide variability in retention rates, possibly due to the experimental nature of many AI & ML applications, which may not always align perfectly with cus- tomer expectations or needs right from the start. By IndustryMonth 1 Retention Rate / By Industry Methodology By PLG vs SLG By Company Size AI & ML CRM & Sales Martech Healthcare HR Fintech & Insurance What is Month 1 Retention Rate? Month 1 Retention Rate How to improve Month 1 Retention Rate? Companies 58 Median
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