A new report shows that the cost per lead has increased for about 91% of industries in Google. The hardest hit industries are Arts & Entertainment (up 134%), Travel (up 69%), and Furniture (up 54%).
Industries that saw a decrease in cost per lead are Finance & Insurance (down 2%), and Education and Instruction (down 29%).
Making sense of the data. LocaliQ speculates that the reason for the increases is inflation, broad keyword matching, and competition.
It makes sense that the industries listed above are affected, since during and post-pandemic, people are looking for things to do outside the home, are traveling more often, and continuing to see supply shortages affecting furniture delivery.
Conversion rate decline. The report also shows a decrease in conversion rate, likely due to broad match keywords pulling in more general, top-funnel searches and clicks. 91% of industries saw a decrease of about 14% overall. To put that into perspective, in 2019 we saw a 12% decrease.
Cost per click (CPC). CPC has slightly increased slightly with about 57% of industries affected. In 2020 and 2021 there were also decreases in CPC (-4% and -1% respectively), but in 2019 there was a 6% increase.
The numbers. The top five industries with the lowest cost per lead are:
- Automotive Repair and Service ($19.85)
- Physicians & Surgeons ($22.74)
- Sports & Recreation ($23.57)
- Arts & Entertainment ($25.46)
- Animals & Pets ($26.25)
Industries with the highest CPC are:
- Attorneys...
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