What is Completion rate? What is the formula and why it is important

As a business, it’s essential to understand how well your services and products are being adopted by customers. It doesn’t matter whether you offer digital or physical items – understanding completion rates is key for any successful business model. Whether it’s customer satisfaction surveys or internal product analysis, the rate of completion can provide actionable insights into the success (or otherwise) of your products and services. In this article, we look at why businesses should focus on their completion rate as part of their future strategies moving forward.

What Is Completion Rate?

Completion Rate is a powerful metric that can tell you if your onboarding process has been successful at guiding users through the pipeline. It directly measures how many users complete each business goal, giving you clear insight into how effective your system is.

With Completion Rates, you’ll have quick access to valuable data that will help you understand user behavior and make informed decisions about which components of your onboarding process are most successful.

Plus, it’s an excellent way to measure progress over time and see if improvements are working correctly or not.

Why Is It Important For Businesses To Track Their Completion Rate?

To succeed in business, it’s essential to measure your efforts and make sure you’re tracking the completion rate of tasks. Knowing exactly how efficiently you are working helps paint a picture of current and future success. Tracking accuracy allows businesses to determine whether or not goals have been achieved and any knowledge gaps that have yet to be filled.

When businesses have an accurate completion rate they can better understand if their time and resources are being managed properly, helping them to make adjustments and plan for the future. Not only does this ensure that businesses are achieving goals, but it gives them insight into where problems may arise, enabling them to be more successful in the long run.

How Do You Calculate Completion Rate?

Tracking completion rate is an invaluable tool for assessing the success of your business. To measure completion rate, divide the number of users who have achieved a specified goal, such as completing a survey or completing all activities within an app, by the total number of users who have activated the service.

Using services such as Google Analytics or Mixpanel makes it easy to calculate this metric and track progress over time. Having this data is critical for understanding how customers interact with your product so you can implement changes to increase overall satisfaction and engagement.

What Factors Affect Completion Rate?

Completion Rate is affected by a variety of factors, from the quality of content to user engagement. A high-quality onboarding process with clear instructions and content that clearly communicates your message will have a higher completion rate than one with an unclear message or low-quality design.

User engagement also plays a role in Completion Rates – if users are not engaged with the onboarding process, they are likely to drop out before completing it.

Finally, how quickly users can complete each step of the onboarding process will also impact Completion Rates; if steps take too long or require too much effort, users may not have enough motivation to get through the entire process.

What Is A Good Completion Rate?

Achieving a good completion rate is key for any project or task you take on. The higher the completion rate, the more successful the task and project are likely to be. Top quartile performance is defined as having a completion rate of 92% or higher, while a completion rate lower than 49% puts you in the bottom quartile. Having an understanding for what makes a good completion rate is essential for any goal-driven individual as it provides an arbitrary marker that gives an assurance that one’s ambitions are being met in an appropriate amount of time.

Example Of Completion Rate

2020 was not a great one in general, but it was an encouraging one for business videos. All the way from the beginning of the year to its end, most B2B marketers claimed that they were using video as part of their marketing strategy; and also reported improved ROI from video. The latest report from Vidyard looks into the video completion rates for business-related videos and other video benchmarks.

The average length of business-related videos has increased from 4 minutes in 2019 to 6 minutes in 2020. The majority (60%) of these videos are 2 minutes or less, with 37.3% being up to one minute long and another 23% being 1-2 minutes long.

Given the cancellations of many in-person events, videos over 20 minutes long saw a 66% increase from 2019. Also, there was an increase in the number of videos between 2 and 10 minutes; this is probably due to self-service buying experiences providing educational content for prospective customers upfront.

Upon analysis, Vidyard found that across all video types, the completion rate was 42% in 2020 – a decrease from 52% in 2019. Shorter videos were more likely to be viewed to completion, with those less than 60 seconds long having a completion rate of 58%. Longer videos (over 20 minutes) had the lowest rate of 24%.

Strategies To Increase Your Business’s Completion Rate

Focus on User Experience:

Make sure the user experience is as frictionless as possible. Provide clear instructions, reduce unnecessary steps, and provide helpful visuals to guide users along the way.

Simplify Your Onboarding Process:

Streamline your onboarding process by focusing on what’s essential and eliminating anything that’s not.

Ask for Feedback:

Gathering feedback from users can be a great way to find out what’s working and what isn’t in your onboarding process, so you can make adjustments as needed.

Use Automation:

Implementing automation into your onboarding process is a great way to reduce friction and make the experience easier for users.

Offer Support:

Make sure to provide helpful customer support in case users have any questions or difficulties. This will ensure that they stay on track and don’t give up halfway through your onboarding process.

By following these strategies, you can significantly increase the Completion Rate for your business and ensure a successful onboarding experience for users. With this data, you’ll have the insight needed to improve the user journey and build an engaging product.

Conclusion

The completion rate metric is essential for any business that wants to improve their customer experience and, as a result, their sales. By understanding what factors influence customers to abandon their shopping carts or close out of an online form, businesses can take steps to reduce customer frustration and increase customer loyalty.