Market research is an important part of marketing strategy.
It helps marketers to understand the market and make decisions accordingly.
One of the most important aspects of market research is the conversion rate.
Conversion rate is the number of transactions that are generated by a specific marketing campaign divided by the number of people who were exposed to it.
For example, if a company has a conversion rate of 2% then they would have generated two transactions from 100 people who were exposed to their marketing campaign.
The best way to improve conversion rates is through A/B testing – which is using split tests and varying designs in order to optimize a given marketing campaign.
Watch or listen to the entire episode to know a lot more.