The same table fits several different stories, and each one calls for different work.
In one story, the problem is who arrives. Suppose 3,000 of the 5,000 visits land on a blog post that offers a free holiday schedule template, and none of those visits ends in a demo request. The readers are office staff looking for a template, and they aren't shopping for software. Take them out and the site converts 50 of 2,000 visits, or 2.5%. The 1% said more about the blog post than about the rest of the site, and a redesign that keeps the post and its search traffic as they are leaves that audience unchanged.
In another, the problem is the form, where 150 of the 200 form starts end without a submission. Suppose it has eleven required fields, and recordings show people stopping at the questions about budget and current software. A reasonable guess is that the form asks for too much too early. It's still a guess, because the recordings show where people stop and not why. A redesign that restyles the form and keeps the same eleven required fields could make it easier to use, but it leaves the suspected burden of information in place. If the form is the cause, the team can try a shorter one without redesigning the site.
A third story reads the step before the form. Of the 1,000 visits that reach the demo page, 800 never start the form. Suppose a survey on that page gets replies from visitors who say they want to see pricing or try the product before talking to sales. That points at the offer, because a sales demo is the only next step the page gives them. It's a hypothesis too, since the replies come from the visitors who answered and not from every visit that left. A redesign that keeps a sales demo as the only next step leaves that obstacle in place.
The last story is about the message. Suppose interviews with recent buyers show that most of them run practices with several locations, and that several asked early whether the software handles more than one. Suppose the homepage never says. A visitor with that question has little reason to go further, which would be one explanation for why four of five visits never reach the demo page. It's a hypothesis. The interviews show what those buyers wanted to know, and they don't show that the missing answer is what ends those visits. They also say nothing yet about the page structure.
If the answer can be added to the homepage and the product pages as they stand, a focused edit is the first thing to try. A redesign becomes the fitting tool when the current site can't reasonably be changed to carry that answer, for example because it needs sections organized by practice size. That's the situation we describe in when it's time to invest in a website redesign.