Establishing a Baseline Metric
To ensure that you’re getting the highest ROI out of Appcues, track your success by determining a baseline metric and setting goals of a metric you’d like to affect.
Here are a few of the most common metrics that companies are tracking to prove the effectiveness of Appcues!
Examples of metrics to track
Activation is the first point when your users achieve the value that they were promised. Getting your users to the activation moment by effective onboarding is a great way to improve other high level metrics, like long-term retention and trial conversion to name a few.
Record a baseline metric of your current activation rate. For most products, the path to activation can consist of several different activation steps. Here’s how you can calculate your activation rate over a given time period:
activation rate = activated users / acquired users
Free Trial Conversion Rate
If you offer a free trial for your users, you’re likely tracking how often those free users are converting to paid users.
Record a baseline metric of the current % at which your trial accounts convert to a paid account. An example of how you can affect this is by creating a more effective onboarding experience for your users. If you are able to bring more of your trial users to the value your product can offer, it is likely they will convert to paid users at a higher rate.
Learn more about conversion:
Storyboard That Increased Free Trial Conversion by 112%
Customer support plays a very significant role in most companies. Lowering the costs associated with a customer support system can often be an indication of a more efficient product. It can also surface how efficient you are at providing your users with important information that allows them to be successful.
Record a baseline metric of your current support ticket volume or contact ratio. Contact ratio is a measure of how many support tickets you receive per customer. This is how contact ratio is measured at Appcues (trailing 30 days):
Within any product, there are usually key features that, once adopted, make the product more sticky within a team or for a specific user. Identifying these key features and setting a goal to improve adoption rates is a great way to also affect retention.
Record a baseline metric of the adoption rates of key features in your product. Getting insight on these metrics will help set a clear path of where you need to drive your users with Appcues to help them be successful.
Retention is a measurement of how many users are returning to your product within a given time period. This metric is affected by almost every other metric you are measuring. Great retention can be an indication that the overall needs of your users are being met by your product.
Record a baseline metric of your current retention rate. This can be calculated by establishing a time frame you’d like to measure retention for and looking at two key numbers: (1) the number of users at the start of the time you are measuring and (2) the number of those users that are still users of your product at the end of the time being measured.
Your retention rate can be determined by dividing the number of initial users by the number of those users remaining:
Retention rate = remaining number of users / initial number of users (over a given time)