Conversion rate optimization (CRO) is an essential part of any digital marketing strategy. It allows businesses to get more value from the visitors and users they already have, reducing customer acquisition costs and increasing revenue per visitor. By optimizing their conversion rate, businesses can acquire more customers and grow their business. Conversion rates are also a great way to compare the performance of different advertising channels, and they are especially important when acquiring mobile users. CRO is also critical for increasing revenues.
A conversion rate is a good indicator of how many visitors come to a website through organic search. With PPC campaigns and paid advertising becoming increasingly competitive and expensive, CRO can be a cost-effective option. But what is a good conversion rate? Across industries, the average conversion rate for landing pages was 2.35%, but the highest 25% had a conversion of 5.31% or more. To be in the top 10%, landing pages need to have a conversion rate of 11.45% or more.
Google Ads conversion tracking can help companies measure and compare campaign conversion rates, allowing them to maximize their ROI. However, it's important to remember that if you're in a high-performing industry like finance, 5% may not be a fantastic conversion rate. The range of conversion rates is wide: a new startup without brand recognition may only convert 1%, while a highly trusted e-commerce portal like Amazon may convert 8%. To increase conversions, focus on landing page optimizations that lead to more qualified and higher quality lead generation. Whenever you publish an online campaign, you can monitor your conversion rate to see how it generates results for your business.
Important metrics and KPIs will depend on what you want to measure, but total conversions, conversion rate, bounce rate, and average time spent on the page are some of the most common. If your conversion rate is stuck at 2% or lower, it's time to make some changes. Remember that this isn't for individual landing pages: these advertisers are achieving a conversion of 11.45% or more across their entire account. Don't forget all the other ways your website is valuable; since many purchases are made in-store rather than online, it can be difficult to measure the success of marketing campaigns. As you study the users who interact with your website, you'll learn where the delivery points are in the conversion funnel.