Suppose a software company's demo page gets 4,000 sessions in a quarter and 120 demo requests, and assume each request comes from a different contact. That is a rate of 3% of sessions. Sales accepts 36 of those contacts as sales qualified, which is 30% of the requests.
The team spends a sprint shortening the form. Suppose the next quarter brings the same 4,000 sessions and 200 requests, so the rate rises to 5%. Sales accepts 40 of them, which is 20%.
The focus metric rose by two-thirds. The number of qualified leads rose by four, and sales reviewed 80 more requests to find them. Whether that trade is worth making depends on what a rep's time costs and what the removed fields were doing. If one of them screened out companies too small to buy, the next sprint could restore it and try a different change. With only the first rate on the dashboard, the team would have recorded a clear gain.
The example also depends on counting the right contacts. The 40 qualified leads come from the 200 people who submitted the form in that quarter, followed for long enough that sales could reach them. A group defined by when it entered and then tracked forward is called a cohort. The common shortcut is to divide this month's closed deals by this month's new leads. The two counts can describe different groups of people, because a deal that closes this month can belong to a lead created months earlier. If lead volume is rising and deals take months to close, the shortcut can understate the close rate, since the deals come from earlier and smaller groups.