The Activation Cliff: Why Your Signups Keep Climbing While Revenue Stays Flat — and the Product-Led Playbook That Fixes It in 2026
The median free-to-paid conversion rate is just 8%, only 34% of PLG companies track activation, and activated users convert at 3x. Signups are a vanity metric; activation is the whole game. Here is the activation-first playbook for 2026.