In order to build a successful business or to make the company stand out from other competitors, lead generation is what you need. Conversion, on the other hand, is about how leads will actually buy your products and services.
Lead Generation: Lead generation is concerned with highly qualified prospects such as website visitors who are interested in your product or service. These prospects are also referred to as leads.
Conversion: Conversion refers to the action that leads take when they buy your product or service. The immediate goal of conversion is to sell something while you're on site (such as a subscription). The ultimate goal of conversion is achieving a lifetime customer relationship with the customer who becomes loyal and has high retention rates after converting.