“Show me your cohort retention.”

What they're really asking

Is retention improving over time? Investors rarely care about the question on its own. They're testing whether you know your numbers cold, whether your assumptions are honest, and whether you can explain them simply.

How to answer, step by step

1. Show the retention heat-map by monthly cohort.
2. Point to a column and compare newer vs older cohorts.
3. Explain the product changes behind any improvement.

An example answer

Month-6 revenue retention improved from about 82% for our January cohort to about 95% for June, after we rebuilt onboarding.

Figures are from Loopdesk, the fictional SaaS company in our sample files. Swap in your own numbers and keep the structure.

The answer that loses trust

Where the proof lives

Before the meeting, find the number behind your answer. In our workbooks it lives in: Cohort Retention. If you can open that tab and point to it, the follow-up question is easy.