PMF: What to do if you don't have it

It's evident that our PMF is not what we thought it would be. It's year 4 for the business, and our churn is almost outpacing our new revenue. That ain't good!

Any advice on how you've seen other companies successfully rework their product on the fly to reduce the churn?

I'm thinking I need to totally blow everything up and rework from the ground up..perhaps that's a bit dramatic??

UPDATE: Perhaps I could be more clear. We ARE in the market. We did raise a series A. We do have a desirable product. But the Churn rate is unsustainable, and our product doesn't quite live up to industry standards. I personally created our PMF and figured out what people actually want, and the product has shifted over time. But something is still missing. What steps are needed to be taken in order to cut down on the churn.