Increasing the onboarding conversion rate is a great strategy to increase top-line revenue. No company has a perfect conversion rate regarding their onboarding funnel; in fact, many companies see their conversion rate in the low single digits. However, there are tactics a company can take to increase the conversion rate percentage! One of the highest ROI tactics is by building a win-back campaign that offers personalized engagement experiences to those who drop off. In this recipe, we are going to teach you how to identify and segment users who dropped off, and then send a personalized engagement that encourages them to convert and complete the onboarding. If you'd like help designing and implementing a data strategy to fit the needs of your business, get in touch with Outliant today!
Step 1: Determine what to track to measure your onboarding funnel
To get started, you’ll need to determine which events and properties are a good measure of your onboarding funnel. In many cases, you only need a few events to measure multiple things. For instance, if we were running a video-player product company like Youtube, we’d only need to track “Signup Started”, “Signup”, and “Watch Video” to effectively measure your onboarding funnel.
In most cases (when it comes to tracking) less is more. Implementing a small number of highly impactful events is easier to work with because it creates less clutter in your data tools; it’s easier to develop/maintain, and it will prevent end-user confusion about what different events convey.
Step 2: Implement appropriate track calls and set up Mixpanel as a destination
Once the correct snippets are implemented to measure reach, activation, engagement, and retention, it’s time to enable Mixpanel as a destination for the data source of your choice.
Mixpanel’s funnel tool is a great way to measure onboarding conversion rate. In the example below, you can see that our current conversion rate through our onboarding funnel is 7%. We can even break this down further, and see the conversion rates of users.
Step 3: Build your onboarding funnel and see who is dropping off
Mixpanel’s funnel tool allow you to measure each step of your onboarding funnel within a few clicks. Mixpanel makes it super easy to break down the data and change conversion criteria within their funnels tool. As you can see below, we have a 45% drop off in our two step onboarding funnel.
Step 4: Create cohort of users
One of the most useful features within Mixpanel is that you can create a cohort of the users who did not make it to the final step. You can then run this cohort through more reporting to see patterns and commonalities of this group or you can send this group of users (Cohort) to one of Mixpanel’s integration partners.
Step 4: Send users to Segment through Mixpanel/Segment cohort source integration
Segment’s Mixpanel Cohort source integration allows you to send the users who are a part of onboarding drop off back into Segment/Twillio’s Engage platform. All you have to do is go to Mixpanel cohorts panel and export the data to your Segment integration.
Step 5: Communicate with customers to bring them back to your product and finish onboarding
With Segment’s Engage platform, you can reach out to these customers to get them to complete their onboarding. This could be doing something as simple as putting everyone through a blast campaign, or something much more sophisticated like a customer journey.
Here’s what we’ve done in this growth recipe:
Connected Mixpanel to Segment.
Created our Onboarding Funnel in Mixpanel.
Created a Cohort of users who dropped off in our onboarding funnel.
Sent the Cohort of users to Mixpanel.
Added users to an Engage winback sequence.