A funnel converts at each step. Stage conversion divides the count entering one stage by the previous — revealing exactly where leads drop off so you can fix the leakiest step.
The example
200 leads → 60 demos.
| A | B | |
|---|---|---|
| 1 | Stage | Conv. |
| 2 | Leads → Demos | 60/200 → 30% |
| 3 | Demos → Won | 18/60 → 30% |
The formula
The formula:
How it works
How it works:
- Each stage conversion = count entering the stage ÷ count in the prior stage.
- Fill it down the funnel to spot the leakiest step — the lowest conversion.
- Multiply all stage rates for the overall lead-to-close rate.
- Lock prior-stage references and compare periods to see if a fix actually moved the needle.
Find the leak, not just the total. An overall 9% lead-to-close can come from a healthy 30%/30% funnel — or a 60%/15% one with a broken middle stage. Stage-by-stage rates show where to act: a low demo-to-proposal rate is a qualification problem; a low proposal-to-close is a pricing or objection problem.
Try it: interactive demo
Stage count and previous stage count.
Variations
Overall lead-to-close
Multiply rates:
Drop-off count
Lost at a stage:
Stage counts (COUNTIF)
From the CRM:
Pitfalls & errors
Right base. Divide by the immediately prior stage, not the top of funnel.
Overall = product. Multiply stage rates for lead-to-close, don’t average them.
Same cohort. Compare stages for the same lead cohort or time window.
Practice workbook
Frequently asked questions
How do I calculate funnel conversion by stage in Excel?
How do I find overall lead-to-close rate?
How do I find the leakiest stage?
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