When it comes to understanding whether or not your conversion rate is where it should be, there are a few factors to consider. Generally, a rate between 2% and 5% is considered reasonable, and even a 0.5% increase can make a significant difference in revenue. This should be considered average for websites, and if your site is below this limit, you'll want to spend time increasing your conversions. For email subscription landing pages, the common conversion rate is between 5% and 15%.
The most successful companies tend to convert around 20-25%, while the best of the crop achieves conversion rates of 30% or more. For example, increasing your conversion rate from 2% to 2.5% can significantly increase revenue without even increasing traffic to your site. What is a good conversion rate varies from industry to industry, and it's essential to consider the pricing and specific features of your products when trying to determine if your conversion rate is reasonable. The Growcode chart provides an excellent visualization of the wide variation in average e-commerce conversion rates between different industries.
There are many factors that contribute to low conversion rates, and diagnosing problems and improving conversion rates takes time and effort. It may require changes to the structure and optimization of the page itself if you don't do a good job of encouraging qualified leads to complete a conversion. If your conversion rate is stuck at 2% or lower, you haven't done so yet. Knowing what a “good conversion rate” means for your company and why it's important is essential to growing your business.
Brands that haven't recorded high conversions on Facebook should consider the potential improvement they can get by retargeting their ads. Many of the platforms you use for different parts of your digital strategy will help you calculate good conversion rates. However, regardless of these differences, it's best to aim for conversion rates of 10% or more.