Lenny DistilledGrowth → Activation & Onboarding
A healthy website visit to a free user, a free account creation conversion rate... it's probably in that 20 to 35% range... What about a conversion if you're premium from a free user to a premium account? I think anything under 5% is not going to work long term.
Earlier stage companies where still haven't really approached the local maximal... you can two to four X activation rates easily through onboarding. Later stage companies... you can still probably get to 20 to 30% lift at activations.
We would improve the first month of revenue or the second month of revenue that a creator made on the platform by 25%. 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.
If you have to evaluate multiple products to purchase something, it's not a fast and easy online self-service buy. Because you're like, 'Do I need all three products? Can I break them apart? Do they all work? Are each of them best of breed?' Whereas if you're like, 'I need issue tracking, I'm going to buy Jira, this looks good. I've tried it out, I'm ready to go.' That can happen in seven days.