Where prospects are lost between a first visit and a signed deal — and which acquisition channel actually pays. Stages are drawn as bars, not a tapering funnel shape, because a trapezoid encodes magnitude in area and misreads by design.
The biggest drop is at the top, and that is not a finding. Visitors → Leads converts at 7.59%, far below every later step. Every funnel looks like this: the top stage is the least qualified population. Calling it "the problem" is a beginner's read. The mid-funnel steps — 36% and 39% — are where a real comparison lives.
The finding is channel mix. Referral converts visitor-to-won at 1.117%, 5.7× Paid Search (0.196%), and closes the largest deals ($6,000 average against $4,923). Yet Referral receives 8.1% of traffic while producing 31.6% of revenue; Paid Search takes 47.0% of traffic to produce 26.6%.
The spend is pointed at the weaker channel. That is an argument for shifting budget — though referral traffic is rarely elastic to spend the way paid search is, which is exactly the caveat a dashboard should not hide.