In an influential paper, Li and Yau introduced the notion of conformal volume of a Riemannian manifold.
Li, Peter; Yau, Shing-Tung, A new conformal invariant and its applications to the Willmore conjecture and the first eigenvalue of compact surfacesA new conformal invariant and its applications to the Willmore conjecture and the first eigenvalue of compact surfaces, Invent. Math. 69, 269-291 (1982). ZBL0503.53042, MR674407, eudml.
See also El Soufi and Ilias for the generalization of the application to first eigenvalues in all dimensions.
For a Riemannian manifold $M$, and $\phi: M\to S^n$ a (branched) conformal immersion, $$V_c(n, \phi) = \sup_{\gamma \in G} V(M,(\gamma\circ\phi)^* can),$$ where $G$ is the group of conformal (Möbius) transformations of $S^n$, and $can$ is the canonical round metric on $S^n$. Then $V_c(n,M) =\underset{ \phi:M\to S^n}{\inf} V_c(n,\phi)$, where the infimum is taken over all conformal immersions into $S^n$. Moreover, $V_c(M)=\lim_{n\to \infty} V_c(n,M)$.
Then $V_c(M)$ is well-defined because of the Nash embedding theorem: there is an isometric embedding of $M$ into $\mathbb{R}^n$ for $n$ sufficiently large, and hence an conformal immersion into $S^n$.
El Soufi and Ilias prove the theorem:
Theorem Let $(M,g)$ be a compact Riemannian manifold of dimension $m$. Then $$\lambda_1(M,g) V(M,g)^{2/m}\leq V_c(M)^{2/m}.$$
Equality holds iff $(M,g)$ admits an isometric immersion into $S^n$ (up to scaling) by first eigenfunctions.