A Conversion Funnel is a pre-planned set of steps (a journey) that is optimised to take the visitor down a specific path, most commonly as part of a digital marketing strategy. The end result may be a purchase or a sign-up or a download, whatever the desired conversion may be, but the term refers to any funnel with a goal at the end that you want the visitor to perform. Inbound Marketing is heavily focussed on moving the visitor down the stages of a conversion funnel.
In certain circumstances, when a product or service might serve different purposes for different customers, it can be desirable to create specific conversion funnels for each different target audiences or customer need. One obvious examples when multiple conversion funnels might be desirable is to separate wholesale & retail customers, as they will have different questions & needs.