Is a conversion rate really that important?
Well, that all depends on who you ask. There are many different opinions on whether or not you should even focus on conversion rate and what exactly a good conversion rate is.
There are many different industries and a good conversion rate number is going to be different for all of them.
Now, you’re probably asking yourself why this is.
It’s because a jewelry store selling $10,000 diamonds isn’t going to sell as often as a place selling $2 trinkets so you can’t really compare what success looks like for them.
Is a good conversion rate the same for all channels?
So like I mentioned above, there is not just one number that defines a good conversion rate across all industries.
When answering this question, it is crucial to talk about specific channels.
This is because conversion rates varying by their medium and channels will often have different standards for what a good conversion rate is.
There will even be differences when comparing conversion rates among companies in the same industry where it still won’t be apples to apples in comparison.
Peep Laja says this is because different websites will have different avenues of visitors where the quality of their traffic can be the difference-maker. Traffic volume, brand perception, and customer relationships are also factors that can change things.
WebFX states that “Conversion rates often vary by the medium and channel, which impacts what qualifies as a “good” conversion rate.” They also mention that people selling products through amazon will have a higher average conversion rate than industry standards and that organic search conversion rates can exceed 10%.
What is a Good Conversion Rate?
Many professionals will have different opinions on what they believe to be a good conversion rate.
According to Peep Laja, there is only one true answer to what a good conversion rate is. He says the answer to this is having a conversion rate that is better than what you had previously.
WebFX states that a good conversion rate is 10% and above and that some will achieve over 11%.
Neil Patel says that the average conversion rate is 2.35%, the top 25% of conversion rate is a little over 5%, and that an incredible, or as he says “unicorns” conversion rate is 11.45% which is 5 times the average.
Like Neil Patel says, getting a conversion rate of over 10% is probably not as likely to happen for most, and that’s okay.
Peep Laja says that you should view it as running your own race and not to compare yourself to other businesses, after all, their conversion rates really don’t have anything to do with yours, so why worry about it?
Is the conversion rate your be-all-end-all?
Absolutely not, like Peep says, all you can really do is try to improve on where you are at, and if you are seeing it increase, then that is a success.
There is another way of looking at it as well. Focus on something other than the conversion rate.
Yes, that’s right.
The number that you should really be worried about is the number of conversions made.
If you get a million people on your site, but only get 2% of that million to convert, that’s still 20,000 people.
You can look at it from the other way too.
If you get 10 people onto your site and convert two of them, that’s a whopping 20% conversion rate! Yes, that’s a great conversion rate, but unfortunately, your business probably won’t be around for much longer.
This is why putting all your time and energy into conversion rate is not always the best option for you and why focusing on the number of conversions is a better way of looking at your success.
Remember that not all businesses are the same, and not to worry about what everyone else’s conversion rates are. You’re not them and they’re not you, so you shouldn’t be letting their conversion rate have any impact on what you are doing.
Just worry about the number of conversions you make. After all, the conversion rate isn’t really going to be the first thing on your mind if you are getting conversions left and right.
I hope you were able to take something away from this post were able to learn about ways of viewing conversions in a different way other than the conversion rate.