CR
CR is the acronym for Conversion Rate.
Conversion Rate
Also abbreviated as CVR, conversion rate is a key metric that measures the effectiveness of your marketing efforts in turning visitors or leads into actual customers. It is calculated by dividing the number of conversions (which can be sales, sign-ups, or any other defined action that you want your visitors to take) by the total number of visitors and then multiplying the result by 100 to get a percentage.
Conversion Rate Formula:
Loading formula...For example, if your website receives 1,000 visitors in a month and 50 of them make a purchase, your conversion rate would be (50/1000) * 100 = 5%. This means that 5% of your website’s visitors complete the desired action, turning visitors into customers.
Improving the conversion rate is often more cost-effective than increasing traffic, as it involves using the existing visitors or leads better by optimizing the sales funnel and the user experience on the website or platform. This can include strategies like improving website design, refining messaging, or streamlining checkout.