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Conversion Benchmarks

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Merlin

When it comes to industry benchmarks for Facebook ads, it's important to note that these numbers can vary depending on several factors such as industry, target audience, ad creative, and region. However, I can provide you with some general benchmarks to give you an idea of what to aim for:
1. Cost per click (CPC) for conversion ads on Facebook: The average CPC for conversion ads on Facebook can range from $0.50 to $2.00. However, in South Africa, using the Rand currency (ZAR), you can expect the average CPC to be around 7 to 28 ZAR.
2. Conversion rate for Facebook conversion ads: The average conversion rate for Facebook conversion ads is approximately 9% to 11%. This means that for every 100 people who click on your ad, around 9 to 11 of them will complete the desired action (signup to the app).
3. Signup conversion rate on your website: The signup conversion rate on your website is specific to your app and landing page design. However, a good benchmark to aim for is around 20% to 30%. This means that for every 100 people who visit your website, approximately 20 to 30 of them will complete the signup process.
Other data points you can track to help guide your benchmarks and measure the success of your acquisition channel include:
- Click-Through Rate (CTR): This measures the percentage of people who clicked on your ad out of the total number of impressions. Aim for a CTR of around 1% to 2%. - Cost per Acquisition (CPA): This metric calculates the cost it takes to acquire one customer. To calculate the CPA, divide the total cost of your ads by the number of conversions (signups). Aim for a CPA that is lower than your estimated customer lifetime value (CLTV). - Return on Ad Spend (ROAS): This metric measures the profitability of your ad spend. To calculate the ROAS, divide the revenue generated by your ads by the total cost of your ads. Aim for a ROAS that is higher than 1 (indicating positive profitability).
Additionally, tracking your funnel metrics can provide valuable insights into your customer journey and where potential drop-offs occur. Key funnel metrics could include the number of ad impressions, clicks, landing page visits, signups, and conversions.
Remember that industry benchmarks can vary, so it's important to continually monitor and optimize your campaigns based on your specific goals and target audience.

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Cost Per Click (CPC): The average CPC for Facebook Ads across all industries is around $1.72 (USD). For the financial industry, it might be slightly higher due to the competitive nature of the industry.
Conversion Rate: The average conversion rate for Facebook Ads across all industries is around 9.21%. Again, this can vary significantly depending on many factors.
Website Signup Conversion Rate: This can vary widely depending on the industry and the specific design and user experience of your website. A typical benchmark might be around 2-5%, but it could be higher or lower.
In addition to these metrics, you might also want to track:
Cost Per Acquisition (CPA): This is the total cost of your advertising divided by the number of new customers you acquire. It's a key metric for understanding the effectiveness of your advertising.
Return on Ad Spend (ROAS): This is the revenue generated from your advertising divided by the cost of your advertising. It's a key metric for understanding the profitability of your advertising.
Customer Lifetime Value (CLTV): This is the total revenue you expect to generate from a customer over the lifetime of their relationship with your business. Comparing CLTV to CPA can help you understand whether your advertising is profitable in the long term.
Engagement Metrics: These include metrics like click-through rate (CTR), which can give you insight into how engaging your ads are.
Retention Rate: This is the percentage of customers who continue to use your app over time. It's a key metric for understanding the long-term value of your customers.

Bard result:

Sure, I can help you with that. Here are some industry benchmarks for Facebook ads for financial services apps in South Africa:

Cost per click (CPC): The average CPC for financial services apps in South Africa is ZAR 3.77. However, this can vary depending on a number of factors, such as the targeting options you use, the ad creative, and the time of year.
Conversion rate (CR): The average CR for financial services apps in South Africa is 9.21%. This means that for every 100 people who see your ad, 9.21 of them will take the desired action, such as clicking on the link or signing up for the app.
Signup conversion rate (SCR): The average SCR for financial services apps in South Africa is 2.24%. This means that for every 100 people who click on your link, 2.24 of them will go on to sign up for the app.
In addition to these benchmarks, you should also track the following data points:
Cost per acquisition (CPA): The CPA is the amount of money you spend to acquire a new customer. To calculate your CPA, divide your total ad spend by the number of customers you acquire.
Return on ad spend (ROAS): The ROAS is the amount of money you earn for every dollar you spend on advertising. To calculate your ROAS, divide your total revenue by your total ad spend.
Funnel metrics: You should also track the metrics for each step in your conversion funnel, such as the number of people who visit your landing page, the number of people who sign up for your email list, and the number of people who complete a purchase.
By tracking these data points, you can get a better understanding of how well your Facebook ads are performing and make necessary adjustments to improve your results.
Here are some other things you should consider when setting your benchmarks:
Your target audience: The benchmarks for financial services apps in South Africa may not be the same for your specific target audience. For example, if you are targeting a younger audience, you may expect to see a higher CPC and a lower CR.
Your budget: Your budget will also affect your benchmarks. If you have a limited budget, you may need to set lower CPC and CR goals.
Your goals: What are your goals for your Facebook ads campaign? Are you looking to generate leads, drive traffic to your website, or increase sales? Your goals will also affect your benchmarks.
I hope this helps!
Sure, here are some benchmark metrics for Facebook ads by industry:
Financial Services:
Average CTR: 1.1%
Average CPC: ZAR 3.77
Average CVR: 9.21%
Average CPA: ZAR 32.51
Retail:
Average CTR: 1.59%
Average CPC: ZAR 4.65
Average CVR: 7.29%
Average CPA: ZAR 34.35
Technology:
Average CTR: 0.73%
Average CPC: ZAR 5.28
Average CVR: 5.63%
Average CPA: ZAR 57.58
Healthcare:
Average CTR: 1.24%
Average CPC: ZAR 4.31
Average CVR: 8.63%
Average CPA: ZAR 35.75
Travel & Hospitality:
Average CTR: 1.01%
Average CPC: ZAR 4.23
Average CVR: 6.42%
Average CPA: ZAR 31.99
These are just averages, and your actual results may vary. However, these benchmarks can give you a good starting point for setting your goals and tracking your performance.
Cost per acquisition (CPA): The CPA is the amount of money you spend to acquire a new customer. To calculate your CPA, divide your total ad spend by the number of customers you acquire.
Return on ad spend (ROAS): The ROAS is the amount of money you earn for every dollar you spend on advertising. To calculate your ROAS, divide your total revenue by your total ad spend.
These are two of the most important metrics to track when running Facebook ads. By tracking your CPA and ROAS, you can see how effective your ads are at generating leads and sales.
I hope this helps!


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