Conversion (or sales conversion) happens when a prospect or lead performs the desired action to progress to the next stage of the sales funnel.
Depending on the current stage of the sales cycle, it can be a website visit, booked demo, trial sign-up, purchase, etc.
- Conversion rate is the ratio between the total number of conversions divided by the total number of leads. Depending on the objective of the current stage of the sales funnel, there are different types of conversion rates.
- Lead-to-sale (or lead-to-customer) conversion rate, i.e., the share of qualified leads that result in actual sales, is one of the most important types of conversion rate.
- Conversion rate optimization (CRO) is the process of improving conversion. One of the most popular CRO techniques is A/B testing.