My first question is, what CRM are you using? Salesforce?

You need to create a funnel that illustrates new lead (hot or cold) all the way to paying client.

So if you're in SaaS, I also assume you have some sort of demoing of your software.

A pipeline can be, new lead > prequalied > demo given

or

new lead > following up > prequalified > demo given > paid subscriber

You need to define what a demo given is, what a prequalified lead is etc. If you need help, let me know.