Google Ads Cost Per Lead Has Increased for 91% of Industries YoY
(Image source: WordStream)
With a 200% average ROI, it’s no surprise that Google Ads is one of the most popular—and competitive—paid advertising channels for businesses big and small.
This is reason enough for advertisers to monitor their performance, but with our most recent benchmark study revealing that cost per lead has increased in 91% of industries year over year, it’s more important than ever.
Our latest Google Ads industry benchmarks report provides the average click-through rate (CTR), cost per click (CPC), conversion rate (CVR), and cost per lead (CPL) for 23 industries. Note that our proprietary platform dynamically shifts budget between search channels on a per-campaign basis, but in aggregate, 80-85% of budget is allotted to Google and 15-20% to Microsoft.
Here are the most important trends to know:
- Cost per lead has increased significantly. 21 of 23 industries saw an increase in cost per lead (CPL) year over year, with an average overall increase of 19%. This is significantly higher than last year’s increase of 5%, in contrast to 2020’s decrease of 4%, but actually similar to 2019’s increase of 21%.
- The biggest increases in CPL were in Arts/Entertainment (+134%), Travel (+69%), and Furniture (+54%); while Education/Instruction (-29%) and Finance/Insurance: (-2%). As we’ll discuss in the key takeaways, inflation appears to be the main driver here.
- Conversion rate has decreased significantly. 91% of industries saw a decrease in conversion rate, with an average overall decrease of 14%. While this is a stronger decrease than last year, it is not far off from 2019’s 12% decrease.
- Cost per click has increased only slightly. Just over half (57%) of the industries we looked saw an increase in CPC, with an average overall increase of 2%. This is in contrast to 2020 and 2021 which saw decreases in CPC (-4% and -1% respectively), but comparable to 2019 when there was a 6% increase.
- Click-through rate has remained stable. While 78% of the industries in our report saw an increase in CTR year over year, there was no overall average change. This is the first time since 2019 that CTR has not increased.
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