Measuring Conversions

In InternetRetailer: Been a bit out of marketing measurement lately, but its something we were keen on.  Here suggesting we look closer at conversion cycles rather than rates.   " ... The issue here is fundamental: how do we define the concept of “conversion?” I believe we need to start thinking of conversion as a process and not as an action. We need to stop talking about conversion rates, and start talking about conversion cycles.  ... ".  Useful thoughts.