Product teams often count new accounts because they are easy to see. The more useful question is whether people reach the value they came for.
Define useful
Choose an action that reflects the product’s purpose. Opening an account may be necessary, but it is rarely the outcome.
Map the path to it
List each step a new user must complete. Notice where they wait, need help, or have to make a decision without enough context.
Learn from the pause
Use observed behaviour and direct feedback together. A drop-off shows where to investigate; it does not explain the cause by itself.
The takeaway
Make the route to first value easier to understand, then measure whether more people reach it.