Paid search advertising conversion rates have decreased across nearly all industries year over year. Meanwhile, the cost of generating leads through search ads continues to increase, although not as drastically as in prior years.
That’s according to a new 2023 search advertising benchmark report from LocalIQ’s WordStream. It features data on the average conversion rate, cost per lead (CPL), click-through rate (CTR) and cost per click (CPC), compared to 2022.