Conversion rate refers to the percentage of website visitors or users who complete a desired action or goal, such as making a purchase, filling out a form, or subscribing to a newsletter. It is a crucial metric for businesses to measure the effectiveness of their marketing efforts in driving desired user actions. It is a core performance metric that is tracked in the digital experience space, alongside bounce rate, click through rate and others.
- Monitoring the conversion rate of an ecommerce website to gauge the effectiveness of product pages, checkout processes and payment gateways.
- Assessing the conversion rate of landing pages used for lead generation, such as forms for downloading whitepapers or signing up for webinars.
- Tracking the conversion rate of email marketing campaigns to evaluate the success of call-to-action messages and optimize future campaigns.
- Analyzing conversion rates at different stages of a sales funnel to identify areas that need improvement and optimize the overall conversion process.
- Conducting A/B testing to compare the conversion rates of different variations of a webpage, form or call-to-action.