Stage conversion rate

Definition

The share of targets that move from one pipeline stage to the next one.

Why It Matters

A total deal count hides where a search is actually failing. A searcher whose contacts convert well and whose letters of intent die in diligence has a pricing or a screening problem; one whose emails go unanswered has a targeting problem; the two need opposite work and the totals look identical. The rate by stage is what separates them. Track it from the first outreach onward, because the sample is never large enough to be significant and is always large enough to be useful.

In numbers: 20 NDAs from 200 contacts is a 10% rate at that stage, and 2 LOIs from those 20 is another 10%.