Metrics and measurement
Conversion rate is the share of people who take the expected action out of all those who had the chance to take it: purchases over visits, enquiries over store entries, contracts over leads handed to sales.
Its meaning changes with where the ratio is cut, so numerator and denominator get declared every time. It is one of the quantitative indicators of how much an audience moves, while the reasons it moves live in qualitative data.
An example
A retail network reads four indicators together: footfall, conversion rate, average basket and total sales. A drop in sales with stable footfall is a conversion problem, with stable conversion it is a traffic problem, and the combination points to the department where the cause sits.
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