Ask HN: Will growth hacking make my product worse?

Assuming you are doing something honest, (not black-hat etc.)

If you improve it to make current users [love your product], then it will go viral by word of mouth.

Err on the side of being awesome to your current users. Especially if they are paying.

The two are really the same thing most of the time (though you could find exceptions if you try). Then again not everything that makes users happy will get them to refer you. The perfect middle ground would be to add a feature that adds value, and where inviting others is naturally a part of it. If your growth hack doesn't add value to the current users you'll be swimming upstream anyway.

With those kind of retention numbers you should probably raise money so that you can do both. (Improve the product and market it.)