Conversion-Rates

Are your lead conversion rates below/within/above industry average?

Have you ever compared your conversion rate with the industry average? Here you have the opportunity to do so.

An article by Meghan Huston, Marketing Insider Group

But before we turn to the comparison, first the basics of lead conversion.

It should be the goal of every company to achieve a good conversion of its leads.

Why? It’s simple: the higher the conversion rate, the more effective your marketing and sales activities. But do your company figures meet industry standards?

Here is the average conversion rate per industry

The standard conversion rate varies depending on the industry. Then of course there are different conversion targets within the industries. Note: In order to establish comparability, identical targets must of course be set, otherwise apples and oranges will be compared. 

But what could be the reasons for a lower conversion rate?

  1. Destination sites are not UX-friendly – user experience is an important factor for your customers. Complicated and unwieldy experiences can lead to abandonment in the middle of the buying process.
  2. Your offer is not comparable to the competition – comparisons can vary in price, quality or offers. Check your offer against the competition and find out where you have deficits.
  3. Complexity of the purchasing process – Is your purchasing process streamlined or does the customer have to go through many steps that complicate the process? Remember that it can be costly to implement a simpler process. Note: In our experience these processes sometimes take far too long! Be faster and do not keep your customers waiting!
  4. Engagement – Were you able to reach the right audience? If you direct the wrong people to your target site, you automatically generate a high jump rate.

Improve your lead conversion

Despite the need to keep up with industry standards or continue to differentiate yourself from the competition, you can increase your conversion rates. The first step is to know where you stand by calculating your conversion rates and comparing them against the industry standard. Once you know where you stand, it’s time to find out how you can improve. Here are some simple tips to improve your company’s conversions:

  1. Identify conversion goals – What do you want to achieve? Are you encouraging your customers to do what you expect them to do?
  2. Optimize your website – Create your website so it’s easy to use. Provide an easy customer experience that allows potential customers to navigate to the information they want efficiently and quickly.
  3. A / B Test your landing pages and ads – You may think that your landing page is the best because it seems right for you. But does that translate to your audience? Often your target audience sees things differently, and you should find this out with A / B testing.

When you have found out where improvements are needed, it is your job to implement these new features.

Good conversion rates should be a top priority as they are important for the health of your business. Compare them with industry metrics! 

graph: WordStream

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Note: This is a machine translation. It is neither 100% complete nor 100% correct. We can therefore not guarantee the result.

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