What constitutes a conversion on a landing page?

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Is it when the visitor follows through to the sales page or is it when they actually buy the product on the next page?
 
When they buy the product,
Your visitor converted into a buyer.
 
When a visitor arrives on your sales page, there's a chance for them to become a lead should they express an interest in your product. If their interest leads to a sale, then they become a conversion. I would think that one of the exceptions to this is if your desired user action is for them to purchase a recurring subscription for the product they purchased instead of a price-slashed one month trial, but this is only if you have a product like that.

Sales-funnel.jpg


https://en.wikipedia.org/wiki/Conversion_marketing
https://en.wikipedia.org/wiki/Lead_generation
 
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Is it when the visitor follows through to the sales page or is it when they actually buy the product on the next page?

When a visitor follows through to sales page that means you have their leads (email, name etc.). And when that lead buys from your sales page that is conversion. But if the sales page is not a formula to become a multimillionaire, then you are likely to have a very low conversion rate just by driving your visitors to sales page. So you should count your conversions as you collect leads and connect with them via email to give them a more clear offer, service. That way your chance of conversion goes high and you can actually measure how good a product is.
 
When they complete your end goal, you designed that page to sell a product, collect email, collect data.... when they complete this they have converted.
 
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