Does churn usually mean bad pricing or bad targeting?

We recently saw a bump in churn and assumed our pricing was off. But when we looked deeper at the canceled accounts, most of them were users who bought on impulse during a promo and never really fit our core use case in the first place.

It made me rethink whether price sensitivity is the real issue or if we’re just attracting the wrong audience.

When your churn spikes, how do you determine if it's a value fit problem or a pricing structure issue?