When does a new signup stop feeling like real progress?

In the early days every new signup felt like proof that we were building something people wanted. But over time I started noticing that signups alone didn't tell us much. Some users created an account explored the product once and never came back. It made me realize that getting someone's attention is very different from becoming part of their routine. At what point did you stop celebrating signups and start focusing more on activation and retention?

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For me the shift comes when you can name the one action that means someone got value, in plain words, like "created their first project" or "imported their first file". Once that's defined, a signup is just a visitor until they reach it. Then the useful question becomes where people stall between account creation and that action, and it's usually the first session, not the product itself: an empty screen, too many choices, a step that asks for something they don't have yet. Fixing that moved the numbers more than any new signup channel would.