The reason is blindingly obvious - our new user input has dropped to multi-year lows and churn has stayed constant. For some reason, people are convinced it is something else, and we've had endless meetings about it. I am constantly being asked to pull up more and more contorted reports to answer people's pet theories about what is going on, none of which make sense, but we spend forever on them.
Eventually if you torture enough data, you'll find something, I guess. But it feels odd to overlook the things that are well-supported by data and make intuitive sense as well. It is like going into the ER and complaining that you feel lightheaded and when they notice your left arm has been severed and blood is spurting out, they rush to treat it, but you instead say "I had a lot of bread this morning, maybe I'm sensitive to gluten.. Can we test that first?"
We do not have basic operational metrics around things like signup conversion and whenever I've tried to draw attention to those, it devolves into trying to create a dashboard with thousands of mostly useless metrics instead. The last time I tried to get everyone to focus on collecting a few operational metrics at first, I got shouted down and told we didn't want to limit anything upfront, and I have sort of checked out of those meetings ever since.
No raises/bonuses this year and everyone was forced back to the office. I'm torn between being more and more worried about losing people and being worried about them being left in a tough spot here as things get worse.