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Each stage rate is the count at that stage divided by the count at the one before it. The overall rate is paid customers divided by visitors, the full journey in one number.
Splitting it this way matters because a blended number hides the leak. Two funnels with the same overall rate can have completely different problems, one losing people at signup, the other at the paid step.
The useful read is not the overall figure, it is the steepest single drop. That is the stage costing you the most customers and the cheapest place to win more is almost always fixing the worst leak, not adding traffic on top.
Watch the activated-to-paid step in particular. A big drop there usually means users are not reaching real value before the trial ends, which is an onboarding problem, not a pricing one.
Divide the count at each stage by the count at the previous stage for the stage rate and divide paid customers by visitors for the overall rate.
It depends heavily on traffic source and intent, so compare to your own trend and segment by channel rather than chasing a universal benchmark.
Because a blended number hides where the funnel leaks. The steepest single stage drop is the cheapest place to win more customers.
Usually because users are not reaching real value during the trial. That is an onboarding and activation problem more often than a pricing one.
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