Define the term 'conversion rate' in marketing.

The term 'conversion rate' in marketing refers to the percentage of visitors to a website who complete a desired action. This action can vary depending on the goals of a marketing campaign or website, such as making a purchase, signing up for a newsletter, or filling out a contact form. The conversion rate is a crucial metric because it helps marketers gauge the effectiveness of their strategies in turning potential customers into actual customers or leads.

Understanding the conversion rate allows businesses to assess their marketing efforts critically and make informed adjustments to improve customer engagement and increase sales. The higher the conversion rate, the more successful a company is at persuading visitors to take action that aligns with its objectives.