There is an ongoing debate as to what constitutes a ‘good’ website conversion rate. As any marketer will know, conversion rates are the index of a website’s success and one of the primary KPI’s by which a marketing strategy is measured.
Many articles have been written on what exactly constitutes a good conversion rate. But the truth is that this varies according to many factors – not least, what industry you’re in. The lowest average conversion rates tend to be in e-commerce (around 1%), rising as we move into legal (2%), B2B (2.5%) and highest in finance/insurance (5%).
But these average figures can be deceptively low. In reality there is lots of room for maneuver between the median website performers and the very top website performers – by as much as 3-5 times.
For a typical e-commerce site, website conversion rates can typically swing from below 1% to over 4% for the top performing sites. And if we consider that every single percentage point can be worth many millions in revenue to a large e-commerce business then even the numbers after the decimal point suddenly become hugely important to a business.
Now – your web analytics tools will tell you plenty about those that do convert. But what about the neglected masses that leave without a transaction? Do you know why they bounced? What if it’s due to a little-noticed customer experience problem that could be solved quite easily? But, if the problem is little noticed, then how will you, the marketing professional, know about it – unless you can see into your customer’s digital experience?
The infographic summarizes the predicament and the solution using ClickTale’s Digital Customer Experience software.
(Click on the image to expand).