Understand more about industry benchmarks to help you set realistic conversion targets for various campaign types and industries.
- [Instructor] In PPC, it is important to have realistic expectations. If you do agency work and you tell clients about your impressive conversion rates, do specify the vertical for which it is. You might have hear the expression before, "Let's compare apples with apples," and the same goes for conversion rates across different industries and products. Across all industries on average, the conversion rate for search ads on Google AdWords is 2.7%, and for display ads it is around 0.7%.
Now, drawing on some industry reports, below we're going to provide you with a few common conversion rates, and you will notice how they differ across different industries. Notice, for example, that finance and insurance has a very high rate. The conversion rate is 7.19%, whereas for B2B on average it is 2.58%, and for ecommerce, roughly 1.9%. The source of this particular dataset is Clickstream.
Now, it would be very wise to bear in mind the industry averages from some external sources, as per the example that I've just provided, and you will do this when you carry out your conversion rate optimization so that you can have realistic expectations and so that you don't burn yourself out chasing elusive results. I know many campaign specialists who feel that they are almost trapped in a virtual reality because they work under pressure to achieve conversion rates that nobody achieved yet in the industry.
Here is some research for you to do. For the industry or the service that you work with, what would be a realistic conversion rate benchmark to pursue?
- Understanding the difference between search and display advertising
- Mapping PPC marketing to the sales funnel
- Using marketing agencies and campaign specialists
- Creating a Bing Ads account
- Creating a Google AdWords account
- Granting access to third-party users
- Setting up a campaign in Bing Ads and Google AdWords
- Setting keyword match types
- Copywriting for PPC ads
- Improving the quality score of your ads across different networks
- Using goals and conversion tracking
- Handling typical problems in PPC advertising