Search ad conversion rates down, cost per lead up in 2023

Meanwhile, the cost of generating leads through search ads continues to increase, although not as drastically as in prior years. It features data on the average conversion rate, cost per lead (CPL), click-through rate (CTR) and cost per click (CPC), compared to 2022. Conversion rate: 7.04%. Only two industries (Beauty and Personal Care, Education and Instruction) avoided a decrease in conversion rate from search ads. 91% of industries saw an increase in CPL as well as a decrease in conversion rate, WordStream reported.