The 5 stages
1. Intro conversation
Definition: a first call has happened, usually through a warm referral or content. You've learned about the client's situation; they've learned what you do.
Exit criteria: a second, deeper conversation is booked.
Typical conversion to next stage: 60-75%
2. Trust earned
Definition: two or three conversations have happened. The prospect has shared something material — financials, a strategy doc, an internal frustration. You've responded with a useful point of view that costs them nothing.
Exit criteria: prospect asks "so what would you charge for this?" — they are now buying you, not evaluating you.
Typical conversion to next stage: 65-80%
3. Engagement scoped
Definition: a clear retainer scope is written down — hours or deliverables per month, contract length, comms cadence, success metrics, off-ramps. Investment proposed.
Exit criteria: scope agreed in principle.
Typical conversion to next stage: 55-70%
4. Final terms
Definition: contract drafted. Conflicts checks done. Payment terms agreed. Often a back-and-forth on indemnity, IP, or termination clauses.
Exit criteria: countersigned agreement.
Typical conversion to next stage: 80-92%
5. Active retainer
Definition: month one has started. First invoice paid. Onboarding complete. Terminal stage — until renewal, when the deal re-enters at stage 3 if conditions need rescoping.
End-to-end conversion (Intro → Active): typically 18-30% for referrals, 5-12% for content-led.