CVR is conversions divided by clicks (or by landing page sessions, depending on which funnel stage is being measured), expressed as a percentage. It is the metric that connects ad-level engagement to business outcomes, and separating 'click-to-landing-page' CVR from 'landing-page-to-conversion' CVR is critical for diagnosing where a funnel is leaking.
When CPA rises, the first question is whether CTR dropped (a creative problem) or CVR dropped (a landing page, offer, or tracking problem). Agencies running paid traffic to a client's page they don't control often find CVR issues are the client's responsibility to fix, not the media buyer's.
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