Conversion Rate
The percentage of sessions or users that complete a defined goal, calculated as completions divided by the total.
Analogy Mental model
A hundred people walk in and three leave with a bag. The conversion rate is three percent.
In practice What you actually do
Set benchmarks by page type rather than site-wide, because a product page and an explainer article are answering different questions. Compute the rate separately for each template, then investigate the pages that fall far below their own category average.
Where people get burned Pitfalls
When traffic grows and the blended rate falls, that is arithmetic, not failure: more people arrived at the top of the funnel. Answer with absolute conversions and the rate on commercial-intent pages, or the good news will read as bad.
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