51% of Consumers Will Abandon Online Products or Services in the First Month after Purchase, Highlighting Importance of Onboarding Strategies

WASHINGTON, April 6, 2021 /PRNewswire/ -- Consumers are just as likely to abandon products within the first month of use (51%) as they are in the months following (49%), according to a new report by The Manifest — a business news and how-to guide.

Companies providing digital products and services will need to craft customer onboarding strategies that support consumers throughout their entire journeys to retain them.

Bruce Hogan, CEO of the technology research firm Software Pundit says, "The single most critical thing that your onboarding process must do is get [users]to experience and understand the value of your product or service."

A successful onboarding strategy should enable customers to realize value from their purchases whether it's the first or fifth month after their initial purchase.

Onboarding Experiences Influence Consumers' Investments

A successful onboarding process would increase 46% of consumers' likelihood of spending more on a product or service.

Companies foster more value by helping new customers successfully onboard onto products or services, which means enabling them to familiarize themselves with their new purchases.

To promote greater investments in their products or services, businesses should design an onboarding experience around consumers' needs.

Ethan Taub, CEO of a financial goal mall — Goalry — recommends that business leaders think like customers when building their customer onboardings strategies.

He suggests asking, "What would make it better for you?"

Businesses can realize greater financial success by building an onboarding experience that sets customers up for success.

Research Precedes Consumers' Purchases 

A majority of consumers (70%) conduct research before purchasing a product or service online, which suggests that customers already have some understanding of features and benefits.

By designing an onboarding experience that attends to customers' expectations and knowledge base, businesses can generate greater satisfaction.

Although most customers do research prior to making a purchase, it's important for companies to meet customers where they are.

Szymon Golyski, chief marketing officer at Channels, a phone solutions company, said: "Don't assume it's easy to use your product because it's easy for you to use it."

Businesses should take into account the research consumers conduct prior to buying products or services in their onboarding strategies.

The Manifest's 2021 Customer Support Survey included 502 U.S. consumers.

Read the full report here: https://themanifest.com/customer-support/blog/customer-onboarding-strategy

For questions about the survey, comments on the findings, or an introduction to the sources included in the report, contact Kate Russell at [email protected].

The Manifest
The Manifest is a business news and how-to website that compiles and analyzes practical business wisdom for innovators, entrepreneurs, and small and mid-market businesses. Use The Manifest as an approachable tour guide through every stage of the buyer journey. With three main offerings – data-driven benchmarks, step-by-step guides, and agency shortlists – The Manifest strives to make your business goals a reality.

Contact
Kate Russell
[email protected]
(202) 350-4344

SOURCE The Manifest