Where do they drop off?

A funnel is only as good as its leakiest step. Count how many people survive each stage, and the per-step rates multiply into your overall conversion — while the worst single step shows where a fix would buy you the most.

End to end
2.6%Overall conversion
315 / 12,000Through the funnel
25%Weakest linkThe single step with the lowest survival rate — proportionally the biggest leak. Improving it lifts everything downstream, so it's usually the highest-leverage place to start.
Weakest linkOnly 25% get from Activated to Paid — 945 lost there. Closing that gap lifts every stage below it.
The funnel
top of funnel
↘ 35% from previous−7,800 lost35% of the top
↘ 30% from previous−2,940 lost10.5% of the top
↘ 25% from previous−945 lost2.6% of the topweakest link

Overall conversion is the product of the step rates, so a single weak step — the funnel's bottleneck — drags the whole chain down, and a 10-point fix to the worst step is worth far more than the same fix to a healthy one.

step rates multiply · the weakest link sets the ceiling