What is Completion Rate?
Completion Rate measures the percentage of users who complete a specific business goal or a series of goals e.g. sharing a document, subscribing to a mailing list, connecting a dashboard to a screen. Within your onboarding process, it will be an indicator of whether the users who have activated your service are ready to move to the next step in your funnel.
How to calculate Completion Rate:
(#)of users who completed the goal(s) / total (#)of users who have activated the service = Completion Rate
You can use either Google Analytics or Mixpanel to track your key events.
Completion Rate is a leading indicator of how well your users respond to your onboarding efforts. A low completion rate could prompt your team to reevaluate the onboarding process in order to optimize it according to the current customer behaviour. Spend some time understanding the customer behaviour before setting up your key goals.
If the number of users who have activated your account is low, you should probably focus your attention on increasing the Activation Rate before tackling Completion Rate.