That being said, one can't forget that there arefor the most part there're multiple factors that play into conversion rates.
Within industry sectors, product differences can be significant. On top of that, let us say your website sells obvadjobvadj2000 hockey skates -odds are that the two sites will have significantly different conversion rates due to their price products alone. The original bottom line article remains valid -instead of becoming overly concerned about how your conversion rate compares to others in the industry, concentrate on your company objectives and how you can improve upon your current ROI. Improvement should always be the end goal, no matter what your average conversion rate might be.
For lead generation and other non ecommerce sites, the conversion rate fluctuates drastically. Certainly variables like B2B versus B2C, offer type, the attracted type visitors, incentivizied VS not incentivized, quality/relevance of creative, and so on will influence the conversion rate. For the basic answer, I'm pretty sure I reference a recent study conducted by Forrester as presented in an article from the August 2007 Target edition Marketing Magazine. The article stated, Forrester research indicates that the average conversion rate -that is orders ratio to overall site visits -is 9 percent.
About 'three fourths' of the ecommerce companies I have worked with to improve their conversion rate initially reported to me a conversion rate of less than 0 percent.
From my experience, the average conversion rate among small to 'mid size' businesses is maybe closer to 5 percent. Comparing conversion rates within markets, or worse across industries, is difficult, if not almost impossible. Consequently, there arefor the most part there're so many variables affecting conversion rates. Notice that a conversion rate metric provides no indication of profitability the number that really matters. Whenever knowing an average conversion rate is nice, you should really be concerned with what conversion rate you need to achieve to drive profitable leads, subscriptions, sales, or other business value associated with your objectives.
Many other factors can also influence conversion rates, including how well you promote your product, the purchase ease process itself, the impression your web site itself gives visitors -even the seasonal appeal of your product line. Set your favourite conversion rate goal based on a financial analysis focused on greater sales volume and/oras well as higher profits and compete against this internal benchmark. Tonight, its not a matter of whether you are above or below the industry average instead it's about your financial success web business.
Kevin Gold is Director of Internet Marketing at iNET Interactive, a social media company operating prominent online communities for technology professionals and technology enthusiasts.
Kevin is a frequent contributing author to multiple publications including Search Marketing Standard, Practical eCommerce, DIRECT. On top of that. About. Although, on Target. There is a basic answer and a more complicated yet more practical one.
whenever, ecommerce sites reported an average conversion rate of 3percentage, while media/publishing sites averaged 10, technology hardware sites 5, and the software industry sector averaged 7. Professional/financial services, which would include legal, medical, and accounting firms, reported the highest average conversion rate of 10. While, ecommerce sites reported an average conversion rate of 3percentage, while media/publishing sites averaged 10, technology hardware sites 5, and the software industry sector averaged 7percentage. Professional/financial services, which would include legal, medical, and accounting firms, reported the highest average conversion rate of 10percent.