Conversion Rate Benchmarking

[Ryan_Christie]

Hi all - trying to find some data on lead to conversion rate benchmarking.

Is there any industry information for this?  Appreciate there are a lot of varibles for this, but even if top level to gain a sense of measure.

Thanks

Ryan

[JonStanis]

I would really encourage you to do your own internal benchmarking. I know different sites in the same industry that have widely different conversion rates. Why should you look at the industry standard when you should be focusing on improving your results. If you have a site that outperforms the competition that is no reason to not look to increase that performance.

Our agency works with clients to improve the overall impact of their site with a continuous growth driven design process. You can check out the method here and implement it on your own site: https://www.weidert.com/growth-driven-design-websites

[jennysowyrda]

Hi @Ryan_Christie,

I wanted to share a few resources on this as a starting point. 

1. What is a good conversion rate

2. Converstion rate optimization

3. HubSpot case studies; this is a general resource but I thought you may find it useful. 

@Phil_Vallender also shared some advice around this topic with @samueljohnr which can be found in this thread.

Thanks,
Jenny

[Ryan_Christie]

Thanks for the info @jennysowyrda and @Phil_Vallender

It looks like the outtake from all the reading including the info you have provided (much appreciated), points to that conversion rate benchmarking is a dirty phrase. There are too many varibales to rate the throw away 5%-10% conversion is where you want to be.

Perhaps then my next question is more around how you educate and provide context to C-Levels on conversion rate performance to combat questions around Marketing Spend Vs. Conversion.

Cheers
Ryan

[Phil_Vallender · Accepted solution]

Hi @Ryan_Christie

Haha, yes, dirty phrase indeed. 

To answer your questions, it depends what they are asking. Typically when we talk to senior stakeholders we are using scenarios based on current performance. If you are trying to justify additional spend, you might want to talk about what the business would look like if the visitor to lead conversion rate increased from X to Y - looking at how many additional customers that would create based on current closed rates. If defending current spend, you probably want to look at recent traffic, lead and customer trends and talk about the effect of those going into decline. 

Hope this helps.

[Phil_Vallender]

Hi @Ryan_Christie

I also recommend taking a look at the inbound/hubspot ROI study that was done a while ago: The ROI of Using the HubSpot Growth Stack

Hope this helps.