Smaller funnels are better funnels.

Time for a high-school math lesson.

90% Home Page -> Button to Signup Email.

95% Email sign up button -> Email submission

70% Email submission -> Email verification.

30% Email verification -> More Information Form entry.

etc etc etc

0.9 * 0.95 * 0.7 * 0.3 ad infinitum… Looks great on paper since every step is fairly high, but overall it usually performs way worse than a low conversion on a single step landing-page-to-action funnel.

Use funnels to help explain the product, not waste a users time.