Conversion analysis is not an isolated activity. It is comprehensive. Conversion Optimization is a scientific and systematic process. It involves many things like - Keywords driven analysis (how well traffic generated by different group of keywords are converting), sources of traffic, website work flow, online reputation, customer follow-ups etc. An exhaustive Analytics that leads to better understanding of the conversion is an important component of Conversion optimization. Fortunately many of these are correctible. As long as you have a product or service of reasonable value to somebody, it is possible to get that somebody to visit your site and enable the person to do a transaction.
Conversion Optimization involve a) collection of varied data, b) analytics of the disparate data, c) corrective action, and d) verification by new data. This is an iterative process, which leads to a gradual but dramatic improvement in overall conversion. The revenue to a business is the multiple of Traffic and Conversion. Improving traffic alone is not enough. It pays to work on Conversion in parallel. Combined with increased traffic, better conversion can produce a veritable multiplier effect on your revenue.