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Formula
Conversion Rate = (Number of Conversions / Number of Visitors) * 100
Know your metric
Importance of
Conversion Rate
Measures Effectiveness
Directly evaluates the success of sales/marketing strategies.
Funnel Optimization
Helps identify and improve weak stages in the sales funnel.
3. Resource Allocation
Guides the distribution of resources to optimize conversions.
Drawbacks of
Conversion Rate
Doesn't Reflect Quality
A high conversion rate doesn't always reflect the quality of conversions, such as the profitability or long-term value of new customers.
Variance Across Channels
Conversion rates can vary significantly across different marketing channels, complicating comprehensive performance analysis.
Sensitive to External Factors
External factors like economic conditions or competitive actions can influence conversion rates, making them volatile and sometimes misleading.
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