Conversion rate is probably the most important term to people in business on the web. Simply stated, it is the ratio of how many people came to your site and how many made a purchase (or did what you wanted them to do - like register or create a sales lead).
For example, if 100 unique visitors came to your site, and you made 1 sale in that time, you had a conversion rate of 1/100 or 1%. Many websites don't even do that well.
Is it possible to improve your conversion rate? Yes - but you will need to improve BOTH the usability of your website AND the sales readiness of your website.
Read more about how to improve your website conversion rate.
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