A common misconception is that conversion is the amount of users who have successfully purchases something from your site. However this is not true
For example for a b2b company, a conversion would be the number of users downloading a pdf, white paper or a infographic.For a job site,, it would probably be users who applied for aspecific job.
Here are some tips you can use for use for understanding and determining conversion for a particular keyword
1)Search demand volume:Google Keyword tool, Wordstream conversion research tool, SEMrush keyword volume,Bing webmaster tool and Google insight tools are quite good and gives you an estimate for both short tail and long tail keywords.
2)Paid Search Competitors :Number of paid search competitors across your keywords helps you analyse where your competitor stands on the similar keywords
Keywordspy and spyfu are great tools to understand keyword volume and how much has been your traffic share.
3) Bid Prices for your group of keywords : some sites which can help you find the bid prices for your keywords are 1)SERPSTAT 2)ADCLARITY 3)KEYWORD BEE
4) Number of search results for your keyword: For knowing this you can use operators like exact search, or the :allintitle and "allinurl" to determine total search results.
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