The customer conversion rate is the percentage of customers who convert to full / paying users after a trial period.
For example, if one month see 10 users try your product and 6 of them end up continuing to use and paying for your product, then your customer conversion rate is 60%.
It’s a great metric to track on an ongoing basis. It also lends itself to cohort analysis as you look at the conversion rate for users from different lead sources or adoption strategies. For example - do you have a higher conversion rate where the users have attended a training session? Are conversion rates higher for users you aquired from a particular marketing campaign or event you attended?
It’s a simple measure but is a key indicator for your user onboarding.