Let’s get on the same page first, by doing a quick recap on the definitions and meanings of key conversion terminology.
Conversion – A conversion is an action taken by website visitors that brings them closer to becoming a customer. Common conversion types include contact request, booked meeting, purchase, quotation request, webinar sign up, newsletter subscription, and more.
Conversion rate – Conversion rate is a metric that describes what percentage of website or landing page visitors completed a conversion. It provides critical insight to campaign and marketing performance.
CRO – CRO or conversion rate optimization is what you do to improve the website or landing page’s conversion rate. CRO often revolves around agile experimentation, for instance A/B-testing.
More detailed explanations in the article: What is conversion, conversion rate, and CRO?