In practice
The number is only as good as its denominator. "Conversion rate" on all traffic hides the fact that brand and non-brand visitors behave nothing alike, so we report it per source and per template.
A rate that improves while volume collapses is not an improvement; both get read together.
Why it matters
It is the cheapest growth lever you own: the traffic is already paid for, and a template fix compounds across every campaign that lands on it.
Related terms