Since your comment, I've started contacting them one by one with a personalized email. I think it takes some time to found out what exactly to write to get them to respond; yet to get any response.
Thanks for taking the time and sharing your thoughts.
I do not have answer to most of the questions: like what is the trial conversion % or why customers are leaving.
I love the section you laid our options, that's all true. We've already chose option 3. Or it's better to say we are going to fight until the last customer. If we learn how to keep it alive, we have learned a skill that's not taught any where else. If not, as you mentioned in option 1, it's going to be a very expensive mistake.
Thanks for the advice :) going to draw action items from it and apply. First one is going to be reducing churn.
Every word you said is true and we learned it the very hard way.
> Buying a business of any size is no joke.
In the last 8 months I developed more grey hair compared to last 10 years. Running a business has so many aspects to it.
About rewriting the app, we didn't have much choice. Was written 2016 and barely updated since in a language that was hard to learn/expensive to hire developers for.
At this point, we are up to trying ideas. Let me know if you have any book, blog or any general recommendations.
I understand and sympathize. Here is my suggestions on what you could do next:
1. Whoever churns, ask them manually on WHY. Offer them a discount if price is the issue. If it's functionality, then start capturing that information.
You goal would be to reduce churn of existing customers so you are not bleeding cash.
2. In Parallel, you need to market the app. I don't know much about Shopify's app ecosystem but there must have a way to get listed on their directory or no ? Perhaps find someone who runs a different shopify app (not a competitor) and approach them for guidance. People like to help usually.
If you want general marketing ideas, I am happy to help. Reach out directly.