Adam Fishman: belief

Transcript context

…And so, I wanted to ask you, how should folks think about onboarding conversion versus retention, and why is it so powerful for retention? I actually think if you're doing it right, sometimes conversion should actually decrease a little bit. So you might actually have fewer people getting all the way through successfully, but I think that's okay because a lot of those people were probably not the right people for your product, which means they wouldn't have been engaged customers, they probably would have churned. So just by the nature of actually weeding out some people, you're going to improve retention because the people who are going through are the people who are much more highly qualified. And so I think that's also why onboarding is so challenging because you have to figure out what that sweet spot is, right? You could actually reduce conversion to a point where it's not offset by improvements in retention and you'd be doing the wrong thing. So when you're experimenting, you have to look at these push and pull metrics of these opposing metrics. But overall, I find that the biggest impact that you'll have is on retaining users because you are trying to connect them to the value that your product offers and form a habit. And if you form that habit early on, they're going to stick around because they're going to get it, they're going to get the benefit of the product, and they're going to be excited to stay and then tell more people about it. So that's why I think it's a much bigger impact on retention than conversion. Obviously retention is a longer tail metric and conversion is immediate.…

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