You are the PM for a subscription-based meal kit app serving 3.5M monthly active users across web and mobile. The business has strong top-of-funnel acquisition, but first-to-second order conversion is only 42%, and 90-day retention for new subscribers has fallen from 38% to 31% over the last two quarters. Several feature ideas are competing for investment, including a more flexible skip flow, personalized recipe recommendations, referral improvements, and onboarding changes to help users pick plans and meals faster. Leadership wants a clear recommendation on which feature to build first to improve growth efficiently.
How would you decide which feature to build first, and how would you justify that choice based on user needs, expected business impact, and the trade-offs involved?