How to diagnose PMF gaps when trial-to-paid conversions lag in SaaS?

[Jonathan.S]

I'm a product manager at an early-stage SaaS startup, and while we have a small group of passionate early adopters, we're struggling to achieve broader product market fit. Our user interviews suggest we're solving a real problem, but our conversion rates from trial to paid subscription are lower than expected. For founders or PMs who have successfully navigated this phase, what specific metrics and qualitative signals did you use to diagnose the gap? How did you prioritize between iterating on the existing product for your current users versus pivoting to target a different segment entirely? What's a realistic timeframe and resource allocation for running meaningful experiments to find fit, and how do you communicate this uncertain journey to investors?