Truth Behind Good Conversion Rates
What is the point of advertising and marketing? To convert lookers into buyers, right? So your conversion rate is a key metric to let you know if you are doing a good job capturing your viewers’ attention and convincing them to commit. In other words, your conversion rate lets you know if your advertising is actually effective, and it is a vital metric to evaluate.
What is a Good Conversion Rate?
So what exactly is a good conversion rate? Most experts would say that a conversion rate around 2% is considered good. But the reality is that 2% is really just an average conversion rate, and the top performers are achieving much higher than two percent.
When looking at companies that have at least 10 conversions per month, and achieve at least 100 clicks per month, the official average conversion rate was 2.35%. But when you take a look at only the top ten percent, the average jumps up to 11.45%. While not everyone can reach top-ten status, it goes to show you that you have a lot of room for improvement.
Does Industry Matter?
A little bit. Some industries achieve more impressive conversion rates than others. That being said, the scale remains consistent. Basically, you need to be comparing yourself to other companies in your industry instead of looking at the overall figures to really gauge your success. Here is a closer look at the average conversion rates and the top-ten-percent conversion rates for the four biggest industries:
- E-commerce – The average e-commerce conversion rate is 1.84%, while the top converters are earning a 6.25% conversion rate.
- Legal – In the legal industry, the average conversion rate is 2.07%, while the top tier garners 6.46%.
- B2B – As far as the B2B conversion rate goes, 2.23% is considered average, while the top brands are getting an 11.7% conversion rate.
- Finance – When it comes to finance, the highest conversion rates can be found, with the average coming in at 5.01% and the top performers reporting 24.48%.
In short—and across the board—the brands with the best conversion rates are beating what most people consider a good conversion rate by three to five times. So that should always be the goal, even if it feels impossible.
How to Improve Your Conversion Rate
Increasing your conversion rate really comes down to testing. If you make adjustments and see what works then it is not uncommon to see your conversion rate go from 1% to 5% in the length of one campaign. Here are few ways to transform a good conversion rate into a better-than-average one:
- Create a Unique Offer – Think outside the box to come up with a free giveaway that your visitors will find impossible to refuse. Offering a free software trial may not get users to give you contact info, but a free analysis of their website might.
- Remarketing – Don’t just let your visitors leave your site and forget about you. Employ a remarketing campaign to ensure you will be remembered.
- Multiple Landing Pages – Set up at least four different landing pages that have varying flow, messaging, and offers to see which ones earn you the highest conversion rate.
Are you ready to take your conversion rate from ordinary to extraordinary? Contact Zero Gravity Marketing now.