The document discusses 5 common mistakes designers make with color on websites that can negatively impact conversion rates. These mistakes are: 1) placing wrong emphasis on elements, 2) using the wrong amount of color, 3) combining colors incorrectly, 4) choosing colors that convey the wrong message, and 5) disrupting the optimal flow with color placement. The document provides examples of A/B tests that demonstrate how optimizing color choices and placements in line with best practices can significantly increase metrics like clickthrough rates and conversions.