These are the most up-to-date CRO stats for this year.
Just like lead generation, CRO – conversion rate optimization – is one of the main challenges marketers face.
X number of leads doesn’t equate to X number of sales.
This has been how it was since the early stage of the internet.
While several studies have been carried out to uncover the best conversion rate optimization practices, it’s still never been a walk in the park for marketers.
According to statistics, if your conversion rate is above 5%, you are at the top and you should throw a party.
That’s how poor the conversion rate is for businesses.
Although with proven tactics, you can make smart decisions to improve your conversion rate.
As you do know, marketing is one of the industries that changes swiftly.
So keeping up with the best conversion rate optimization statistics and practices is essential if you want to keep being in business.
Also, making sense of these data is equally important.
In this article, we’ll be talking about the recent CRO statistics for the year 2023 alongside what the numbers mean and how they can help you make better marketing decisions.
Here we go!
Basic Conversion Rate Optimization Statistics
1. For every $92 Brands spend acquiring customers, only $1 is spent converting them. (Source: Hubspot)
This shows that many brands and digital marketers still pay extra attention and spend more on getting visitors to their page than actually converting them.
However, for brands who spend on CRO, there tends to be a massive improvement in sales than for those who don’t.
2. Only 22% of businesses are happy with their current conversion rates. (Source: Hubspot)
So, don’t be despaired that you aren’t getting enough sales from your marketing campaigns.
A lot of businesses are having similar problems. Only about one in five businesses is happy with their current conversion rates.
However, this is not to say you can relent, there are a lot of tools, and strategies that are working.
3. Businesses spend $2,000 per month on CRO tools. (Source: Forbes)
More businesses are understanding the importance of turning visitors into buying customers and are spending more on it.
If you are not getting enough sales despite having reasonable traffic on your site, you know where your money can be more efficiently utilized.
And that’s on CRO tools.
4. The average website conversion rate is 2.35%, for mobiles, it is 1.53% and 4.14% on desktops. (Source: Wordstream)
Although, the figure varies from one industry to the other.
But on average, most companies only get about three in every hundred visitors on their website to make a purchase. This is a good place as a starting benchmark for you.
It is also good to know that visitors using desktops are about 2x more likely to make a purchase than those using mobiles.
Nevertheless, you should still optimize your site to work smoothly across all devices.
Why You Should Focus More On CRO This Year
5. 55% of companies plan to spend more on CRO (Source: CXL Institute)
This is the way to go.
More brands are realizing that getting more traffic is not enough, such traffic must be converted to sales and subscriptions.
That is why a lot of companies are spending more on generating leads from traffic and converting leads to buying customers.
6. Top companies with high conversion rate spend at least 5% of their marketing budget on CRO (Source: Adobe)
To be among the elites, you should also do what they do.
More brands are realizing the importance of turning leads to customers and are spending on it.
To generate more revenue for your brand, consider how your marketing budget is allocated. Are you spending enough on CRO?
7. 74% of conversion rate optimization plans lead to more sales (SOURCE: Marketing Sherpa)
In simple terms, CRO works.
If you are looking to get more buying customers, don’t just focus on getting more visitors to your page.
If you already have a moderate number of visitors, your focus should be on how you can get more of these visitors to buy something.
This is the essence of conversion rate optimization.
CRO Tools and Strategies to Know
8. 68% of small businesses and brands don’t have a well-documented CRO strategy. (Source: CXL)
I hope this is not you. Documenting your strategies in detailed campaign reports helps you understand what works for you.
What have you tried in the past?
Which strategy helped you achieved what result?
Which strategy do you want to try out again?
Which one would you not dare? Why?
Having a documented CRO strategy helps you answer all these vital questions. By looking at the past, you can avoid pitfalls, learn from experience, and put forth better strategies.
9. 81% of sales don’t happen until after 7 or more contacts. (Source)
Consumers hardly make a buying decision the first time on any web page.
This is why retargeting ads are so important.
With the right retargeting tool, you can offer visitors who are yet to make any purchase or subscription content upgrades or personalized offers.
This will increase your chance of making more sales to users who are already familiar with your page and product.
10. B2C companies that utilize marketing automation have seen as high as a 50% conversion rate. (Source: Emarketer)
Marketing automation helps to simplify and integrate some time-consuming marketing and sales procedure.
Instead of manually pressing ‘send’ on every email, blog post, or social media content, marketing automation tools can help you do this with less effort.
By using various tools to do basic and repetitive tasks, brands and businesses have been able to double their conversion rate.
It saves time and resources and allows you to focus on other important tasks.
11. There’s an 86% improvement in conversion rates when videos are used in landing pages. (Source: Wishpond)
Videos provide a kind of visual engagement not seen with other media.
By adding a video explaining how to use the product, or that of a customer testimonial before presenting the CTA, you can see an upsurge in conversion rate.
A business brand reported a 144% improvement in conversion rate by adding sales video before showing the CTA.
12. Companies with 10-15 landing pages get 55% more leads than companies with fewer than 10. (Source: HubSpot)
HubSpot reported that having several landing pages is particularly of more benefit for B2Bs.
With multiple landing pages, you could run more targeted campaigns, provide more information about specific offers, and reach out to a more diverse audience.
By using several landing pages, you can showcase different facets of your business to a variety of prospects, get more leads, and more opportunities to convert.
13. Publishing content on social media is non-negotiable for 87% of marketers. (Source: Marketing Experiments)
Reaching out to customers on social media through engaging content is a must for most marketers.
The diversity of audience social media presents is one you should also tap into.
However, it is important to use the right social media for your business.
LinkedIn produces the highest visitor-to-lead conversion rate at 2.74%, almost 3x higher than Twitter at 0.69%, and Facebook at 0.77%.
14. 96% of marketers see ‘segmentation’ as the most powerful technique of improving conversion rate. (Source: Econsultancy)
Segmentation allows you to target a specific audience based on their past behavior and persona.
By understanding your customers’ persona and where they fit on the sales funnel, you can send them specific content or offers that will engage them the most.
Offering specific content upgrades and offers to you audience brings them closer to not only become buying customer but also brand ambassadors.
15. 61% of customers consult online reviews before making a buying decision. (Source: Econsultancy)
Social proofs help you build trust, add to your credibility, and simplify customers buying decisions.
From testimonials to reviews, ratings, and endorsements, customers want to know that other people trust your products before making a purchase.
You can ask your customers to drop reviews on review websites or write testimonials which you can place on strategic locations on your page.
This may be all the persuasion a visitor needs before deciding to buy your product or subscribe to your newsletter.
16. A large percentage of visitors leave your site within 0-8 seconds of briefly viewing your landing page. (Source: WebKnowHow)
You only have a small time frame to capture your audience’s attention.
Your headline should be as captivating as possible. It is the first thing people get to see on your page and it helps them decide whether to continue reading or not.
So, it offers a great opportunity to arose the emotion of customers and not make them leave in the shortest time possible.
17. More than 90% of visitors who read your headline also read your CTA. (Source: Unbounce)
This is similar to the statistic above.
When your headlines are compelling enough and customers can just spend enough time reading them, they get hooked.
Use best headline writing practices and you can be on your way to getting more customers to buy your products.
18. Personalized email messages increase conversions by up to 10%. (Source: Aberdeen)
Customers are likely to buy more when your content or offer is more designed to suit their taste and not just some generic stuff.
It has been shown that 80% of consumers are more likely to make a purchase when brands personalize the experience.
Understanding consumers’ persona is important in creating personalized content and offers.
It takes time, but learning about your customers is requisite for getting more conversions.
19. A/B testing is the chief method planned for improving conversion by 48%. (Source: Marketing Sherpa)
A/B is an indispensable testing methodology for most marketers.
With A/B testing different forms of a marketing element to determine which one works best.
For example, you can test several versions of a web copy, landing page, form content, or offers to see which one attracts more customers.
You can then adopt the one with more potential to generate leads and convert.
This method alone has helped brands and marketers generate 2x more leads and conversion. It will work for you too.
20. ‘Click Here’ converts better than ‘Submit’ (Source: Unbounce)
Using the right words in your CTA matters.
Using ‘click here’ as a text on your CTA buttons instead of ‘submit’ can improve your conversion rate by as much as 3%.
Well, ‘submit’ sounds more cliché.
21. Slow loading pages can decrease conversions by up to 7% (Source: Neil Patel)
We live in a fast-paced world and customers are easily pissed off when web pages fail to load on time. This can hurt your conversion rates.
The important thing here is to make sure that your sites and pages deploy well and fast on various devices and browsers.
22. Asking for a telephone number can reduce conversion rates by 5% (Source: Unbounce)
In the world of the internet today, consumers are getting more concerned about data protection and the safety of information online.
Many people feel reluctant to give personal information such as mobile numbers online.
Consequently, unless it is absolutely necessary, avoid asking customers for their phone number.
Doing this has been shown to reduce the conversion rate by 5%.
In conclusion to Conversion rate optimization statistics…
It is good to know that the CRO industry is still evolving.
Subsequently, put these insights into perspective in creating a more successful brand. Learn, test, and experiment. There’s a mix of CRO strategies, techniques, and tools that’s just perfect for your business.
Conversion rate optimization statistics summary
- For every $92 Brands spend acquiring customers, only $1 is spent converting them
- Only 22% of businesses are happy with their current conversion rates
- Businesses spend $2,000 per month on CRO tools
- The average website conversion rate is 2.35%, for mobiles, it is 1.53%, and 4.14% on desktops
- 55% of companies plan to spend more on CRO
- Top companies with high conversion rates spend at least 5% of their marketing budget on CRO
- 74% of conversion rate optimization plans lead to more sales
- 68% of small businesses and brands don’t have a well-documented CRO strategy
- There’s an 86% improvement in conversion rates when videos are used in landing pages
- 96% of marketers see ‘segmentation’ as the most powerful technique of improving the conversion rate
Got any questions on the above CRO stats?
Let us know in the comments below.