Adam Fishman: prediction

Transcript context

…What impact have you seen from working on onboarding to give people a sense of like, "Wow, this is what I can get if I put some time here." Yeah. One of the things that onboarding really drives is habit formation with the product, which leads to retention. And so you should expect to improve your overall cohort retention curves by focusing on the onboarding and activation experience. I have seen companies shift their curve outward by 10, 15, 20 percentage points from making those changes, especially when you consider that churn is most likely to happen in the very earliest usage of the product. If you can get people past that hump, it's a really invaluable part of the product to work on. So I'll give you a really concrete example. At Patreon, one of the places we worked on onboarding really extensively and the onboarding experience was one of the teams that we had on growth at Patreon. We did a lot of experimentation around the earliest, what we would call product led sales now, when do you connect a human being with a creator and the onboarding experience and what is that impact and how do you connect them with the right person or with the right creator when there are tens of thousands going through that onboarding journey every week? What we realized through a lot of experimentation was the idea of connecting someone with a human being the right person at the right time would improve the first month of revenue or the second month of revenue that a creator made on the platform by 25%. Why that mattered is because the second month that you processed payments on the platform was a key input into your LTV on the platform. So by improving a creator's first and second month revenue by 25%, we were then able to improve their overall value on Patreon by an equivalent amount, which is pretty massive. Moving anything by 25% is really impressive. And so that was human intervention, and then we actually started to productize the stuff that the humans were doing. And so what is not scalable when you're using people becomes very scalable if you can replicate components of that with technology. And so that was the next phase, so we get back to that growth execution thing that I talked about and productizing learnings. That is an example of how you go from, we've learned some things by humans that have made a 25% impact to now we're building these into the product. And so that's a really good example I think, of Patreon and one of the impacts that we had on creator, earnings, retention and their overall success on the platform. That's an amazing example, in case it's useful to a person working on the onboarding. Can you share any more about what you actually did there? You create some algorithm of this type of person, we'll connect them to a person and then you productize it. Is there anything more you could share there that might be useful to folks?…

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