Version one of the onboarding finished at 41% completion. We redesigned around the drop-off point, shipped, and watched completion drop to 36%.
The drop-off had been the wrong metric. Users who finished v1 were not activating. Users who quit v2 had self-selected out of a product that was not for them. The lower completion was a healthier funnel.
I do not trust a single funnel metric without a behavioural one next to it anymore.