Optimize the biggest leak first. Conversion math compounds — fixing 48pt beats fixing 4pt.
Sort steps by absolute drop, not percentage of step. Fix the leak with the largest impact.
A checkout loses 5% at the cart, 8% at shipping, and 48% at account creation. It is tempting to polish the small friction you just noticed, but account creation is where the money actually leaks. Sort the steps by the absolute number of people lost, attack the biggest drop first (here, add guest checkout), and the same effort moves far more revenue. Conversion is multiplicative, so the largest single leak dominates the result.
Triage assumes you can measure the funnel. Early on, with little traffic, the numbers are too noisy to trust and qualitative research finds the real blockers faster. And a leak that looks small today can be worth fixing first if it sits on a step you are about to send far more traffic to.
Funnel: 100% land → 80% sign up → 70% verify email → 22% complete profile → 18% activate.