Conversion rate is a key metric for any business. It measures the number of people who take a desired action, such as making a purchase or signing up for a newsletter, out of the total number of visitors. A good conversion rate is essential for growth and success. Generally, a conversion rate of 2.23% or higher is considered good, while the most successful companies tend to convert around 20-25%.
The average e-commerce conversion rate in the U. S. is 2.63%, while the global website conversion rate is 4.31%. Different industries have different average conversion rates, with industrial services (7.4%), B2B services (5.9%), financial services (5.8%) and professional services (5.1%) having the highest rates, and the real estate sector (1.3%) and the automotive sector (0.8%) having the lowest rates. If your business is not converting at least 2.23%, it's important to make improvements as soon as possible.
Conversion rate optimization (CRO) is a great way to do this, as it focuses on improving the performance of your website or app by increasing the number of conversions from visitors to customers. There are several ways to optimize your PPC campaigns for better conversion rates, such as testing different ad copy, targeting, and offers. Designing an attractive and segmented landing page can also help increase conversions in your Google Ads campaigns. Pop-ups can also be used to quickly give you a significant increase in conversion, without bothering anyone. However, if you want lasting conversion gains, you must overcome short-term peaks that only last a few days or weeks. It's also important to remember that higher-priced items tend to have lower conversion rates than lower-priced items.
Finally, compare your performance with other businesses in your industry and use CRO tactics to continuously improve your conversion rate.