Ed,
We're tracking down the same direction, I'm just 3 rows over to your right
We're both saying tracking engagement is every bit as important as tracking conversions. It's not an "either or", both have significant importance.
I'll break ranks with you a bit on "optimizing a site to jack conversions". Don't pre-judge this exercise by my layman's description of it. When on-page optimization is done right, its a simple process that satisfies the shoppers quest for confidence.
#1). Know what's on your shoppers mind (on site and off your site).
#2). Create content and tools to address these important "in-market" questions
#3). Measure Before --Make the Change(s)-- Measure After.
#4). Review before and after stats, and repeat as needed (improve content and tools)
It amazes me that none of our web vendors is working on, or promoting on-page optimization. There is
gigantic upside here. Autobytel must have began and ended it's quest to jack conversions without creativity.
It's funny how when you build the content and tools to raise conversion counts and conversion quality, all you're really doing is trying to satisfy the shopper's worries, and wouldn't you know it... walk-in sales go up too.