023 - How Your Onboarding Affects Retention and How You Can Improve It, with Emilia Korczynska

In this episode of SaaS Boss show I interview Emilia Korczynska about how your onboarding affects retention and how you can improve your retention.

In this episode we discuss:

The median annual churn rate for SaaS businesses under $10 million in revenue is 20%. Good churn rate is 5-7% annually. This means 0.5% churn on a monthly basis. In other words, this means losing approximately 1 in 200 customers, or losing $1 out of $200.

Majority of founders aren't there yet.

Personalize - only 40% use a welcome screen, treat different personas differently to maximize retention and key feature activation.

Use video - under 20% use video

Use interactive walkthoughs on the welcome screens - only 24% of SaaS tools use interactive walk through

Retaining customers during the crisis: use in-app communication, monitor client behavior like not logging in, offer extra help and get your customer success to step in and help users keep achieving their goals, invite users to jump on the call.