I had been running campaigns for a month now.I have got thousands of clicks and impressions(good keywords,budget etc) What are the key factors (must have,essential) for conversions? or rather what could be reasons for no conversions?I know this is very abstract... but ... what should be the prime things that should be looked into in this scenario??
Re: Regarding conversions
Welcome to the forum
In my opinion conversions would be the secondary factor but the primary would be whether you were able to drive relevant traffic to your website using Adwords or not.
So to check that, it is required to review the Search Terms Report. This report will help you identify what exact queries did the users used to click your ad and reach your website. Find more details here: https://support.google.com/adwords/answer/2472708?hl=en
Based on this report, you will get a good amount of idea whether it was relevant traffic or not.
Also, I would suggest you to look at the keyword match types which you are using. If you are using broad by default, then you need to seriously reconsider the match types and put more emphasize over phrase and exact match types.
If you think that after looking at all this, it is OK and still you were not able to find the root cause of conversions, the next steps could be:
Do the test conversion by clicking your own ad and see if conversion tracking code is properly installed or not. (http://support.google.com/adwords/answer/1722021)
Look at your landing pages and see whether they are relevant to the keywords you are bidding on and whether you are setting the right expectations for your users or not. In addition, your landing page should have unique, precise content and relevant to what users are looking for.
Best of Luck!