Insights

What is a good conversion rate?

Several times a month I get asked…

“What is a good conversion rate?”

It’s a question which produces a very similar response in me every time.

Me: (deep sigh).

Me again, with my boring answer: “I really don’t know – there are too many variables. Plus conversion rate is not the best metric as you have got an ecommerce website…”

[Change of heart]

Helpful me, with the best answer I can give:

“All I can tell you is this – Your aim is to increase. To beat your personal best.

Your PB is your conversion rate (for lead-generation websites) or revenue per visitor (for ecommerce websites). Compare it with this month last year, to account for seasonal factors.”

You can use the same principle to bonus a sales team if you have one. Bonuses go to those people who have beaten their best monthly sales figure.

It’s fair – if you think about it; it motivates people to try harder, whatever their current performance.

So now you know the answer, it’s time to stop asking questions and start trying to beat your personal best.

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