A funnel conversion rate is the share of people who complete a defined step. The useful rate depends on the step, traffic source, offer, price and audience.
Define the denominator
A landing-page conversion rate, checkout completion rate and visitor-to-customer rate measure different things.
Segment the traffic
Paid social, branded search and warm email traffic can behave very differently.
Avoid universal benchmark obsession
A higher percentage is not always better if the traffic quality, order value or acquisition cost changes.
Use rates diagnostically
Compare stages over time and investigate large changes or weak transitions.
Tie conversion to economics
A funnel is healthier when acquisition cost, margin, refunds and lifetime value work together—not merely when one percentage rises.