Kate's take, in a sentence or two

Kate says the first thing she checks is whether it's really a conversion problem versus a leads problem—either not enough leads, or leads that aren't the right fit or quality. Once she's confident it's conversion-related, she breaks the funnel into stages (registration opt-in rate, webinar show-up rate, live close rate, email open/click rates, sales page conversion) and calculates the conversion rate at each step to isolate where the drop-off happens. She then compares each rate to industry standards or, more often, to her own historical averages, since she prefers "beating herself" rather than chasing an unrelated benchmark.