B2B Conversion Rate: Definition, Measures and Tools

In today's highly competitive business world, companies are constantly looking for ways to increase their revenues and expand their customer base. This is not so easy, especially in the B2B sector. One way to do this is by optimizing the conversion rate (CR).

With this article, we want to give you a detailed insight into the B2B e-commerce world so that you are fully informed. Our guest author Artur Wagner explains what the B2B conversion rate actually is, how high it is in different sectors and industries, and why companies should definitely optimize their conversion rate. He also offers tips and tool suggestions for the "how" of conversion rate optimization (CRO), so that you can increase your sales and expand your customer base. Let's get started!

What is a B2B conversion rate?

The B2B conversion rate (business to business) is the percentage of website visitors or leads that are ultimately converted into paying customers. That means all users who are on the website are compared to the respective buyers or contacts. This figure is generally used to measure the effectiveness of a company's sales and marketing efforts in generating leads and closing deals with other businesses. However, it can also serve as a benchmark for assessing a shop's usability. Were the customers able to orient themselves in the shop and did they find quickly and intuitively what they were looking for? Looking more closely at the percentage where the conversion rate is indicated, no precise average value can be determined across all industries. A B2B conversion rate depends on the respective industry and the business model of the company.

What is the average conversion rate in different industries & areas?

Let's take a look at different industries. Consumer goods industries such as the electronics and household goods industries tend to have mediocre conversion rates due to the broad range of products and the need for constant updates and innovations. According to an Unbounce study the average B2B conversion rate is 2.9%, with the software and technology sector boasting the highest conversion rate at 3.2%. Manufacturing and industry have the lowest conversion rate at 2.4%. Other sectors like healthcare and finance have an average CR of 2.6% and 2.8%, respectively.

Comparing the average rates of the fashion, beauty, and consumer goods industries, it is noticeable that they vary greatly depending on the product or service offered. In the fashion industry, conversion rates are generally lower as the market is very competitive and requires constant innovation and trend-setting. In the beauty industry, conversion rates are often higher due to high demand for body care and beauty products.

Should companies optimize their conversion rate?

Optimizing a company's CR is crucial for increasing revenues and company growth. A high conversion rate means that a large percentage of website visitors carry out the desired actions, e.g., make a purchase or fill out a form. By improving the CR, companies can convert more leads into customers and ultimately generate more revenue. With the boom of e-commerce and online shopping, it's more important than ever for companies to focus on their CR to ensure they are maximizing their potential revenue. However, not only does the company benefit from a high CR, but their respective customers do too in many ways. Here are some of the positive impacts of a good CR on the customer's side:

1. Better usage experience: A company with a high conversion rate is more likely to offer a positive user experience. This is because the company has optimized its website and sales process to make the customers' journey as seamless as possible. This way, the customers can find what they are looking for quickly and easily, and make a purchase without frustration.
2. Trust and confidence: A high CR is a sign of a trustworthy and reliable company. Customers are more likely to buy from a company they trust, because they know they are more likely to have a positive experience. This strengthens customers' trust and encourages them to make more purchases.
3. Higher value: Companies with a high CR often offer their customers added value, such as promotions, discounts, or free shipping. This added value can lead to a better customer experience and increase customer satisfaction.
4. Better customer care: Companies with a high CR are often able to invest in better customer support, like live chat or phone support. This means that customers receive help quickly and efficiently, leading to a better overall experience.
5. Personalized experiences: A high CR often means that a company has collected customer data and uses this to personalize the customer experience. This could include personalized recommendations, targeted promotions, and a personalized shopping experience.

As can be seen, a high CR is beneficial not only for the company, but also for the user. A high CR leads to a more positive and pleasant customer experience, from a better user experience to higher value, personalized experiences, and better customer support.

6 measures for optimizing the conversion rate in B2B

Okay, but how exactly can you increase the conversion rate? There are several measures that can be used to optimize the CR of a website. This is both a blessing and a curse, for if you assume a CR of 1%, it means that 99% of customers and visitors did not make a purchase. The reasons for this? As varied as the customers themselves.

One of the most important measures for optimizing the CR is ensuring that the website is user-friendly and easy to navigate. This means that the layout should be clear and easy to understand, and that users should quickly and easily find what they are looking for. To cater to the needs of the users as well as possible, we recommend analyzing every step of the customer journey and focusing on the customer's drop-off markers.

• How can these be best eliminated?
• Do customers need a comprehensive search function and recommendations?
• How important is personalized content in the industry?
• Are the products presented appealingly and well sorted on the product list?
• Can customers see at a glance what payment options are offered without ending the purchasing process?

You see, there are many adjustments here alone that can offer customers a pleasant experience and ultimately contribute to a higher CR.

Another important point: mobile first! Did you read that 5 years ago? So did we, but practice shows that we can't say it often enough! The website must be mobile-friendly, as more and more users access the internet via their mobile devices.

Other measures to optimize the CR include the use of clear and compelling calls to action, offering discounts or special promotions, and using social proofs such as customer reviews or testimonials. Finally, it's important to carry out regular tests and optimizations to ensure the website is continuously improved and more visitors are converted into customers.

Tool tips for implementing conversion rate optimization (CRO)

In addition to the measures mentioned above, there are also tools that can help optimize a website or online platform's conversion rate:

• A/B testing tools
• Heat map tools
• Analysis tools

A/B testing tools that allow you to experiment with different versions of a website to determine which elements contribute most effectively to visitor conversion. These include Kameleoon, trbo or also AB Tasty.

A/B tests, also known as split tests, are a powerful tool used in e-commerce for optimizing websites, online shops, and marketing campaigns. With A/B testing, two versions of a website or marketing material are created and the results compared. This serves, among other things, to determine which version is more effective in achieving a desired result, such as increasing the conversion rate, generating more sales, or improving user-friendliness. The positive impacts of A/B testing in e-commerce are numerous, and companies that apply this method can reap significant benefits.

One of the main benefits of A/B testing is increasing conversions and sales. By making small changes to a website or marketing material and comparing the results, businesses can find out what works best for their target audience and make improvements that lead to more conversions. For example, a company could test different headlines, images, or calls to action to find out what resonates best with the target audience and leads to the most conversions. By making data-driven decisions based on the results of A/B tests, businesses can optimize their marketing campaigns and achieve better results.

A/B testing also helps businesses improve the user experience on their websites and online stores. By testing different elements of a website or online shop, businesses can find out what works best for their users and make changes that improve the overall experience. For example, a company could test different layouts, colors, or navigation options to see what makes it easier for users to find what they're looking for and complete their purchase.

Because often it shows: The reason behind a small adjustment was good, but unfortunately the customers can't find their way around anymore. Customers notice even the smallest supposed optimizations, but interpret them differently. If you have it in black and white, backed up by KPIs, a reliable scope for action can be formed and reactions to irritations.

In addition to A/B testing, we also recommend the integration of heatmap tools. These have become an indispensable tool for website operators and marketing experts and help visualize user behavior on a website. They also provide valuable insights into what visitors click on, what they're interested in, and how they navigate the website. These insights can be used to make data-driven decisions about what content to include on the website and how to optimize it for maximum impact. By better understanding the behavior of their customers, website owners can increase engagement and bring more visitors to their website.

This information can then be used to optimize the website to ensure users engage with the most important parts of the website. This can lead to more engagement and a higher CR, as users are more likely to stay on the website longer and perform the desired actions. Useful heatmap tools include FullStory, Mouseflow or also Inspectlet.

Tools for user feedback allow direct inputs from visitors and can provide valuable insights into what works well on a website and what doesn't. Similarly, analytics tools like Google Analytics can provide a wealth of data about website traffic and user behavior, allowing for optimization based on real-time data. Overall, using these tools can greatly increase the chances of successfully converting website visitors into customers.

Conclusion

As you can see, this seemingly small metric in ecommerce has a lot of informative power about the core areas of a company's digital department. It bundles the performance of the marketing, sales, and design teams and expresses how many customers were ultimately satisfied so that a purchase was made or a similar conversion occurred. A company might also be interested in getting contact forms filled out or making files available for download.

The CR not only allows overall statements like "The shop is performing well!" to be made. Precise conclusions about individual events in the company life cycle can also be evaluated: Was the marketing campaign successful? Was there negative press? How did customers react to the change in company leadership? The CR will show. If the aim is to optimize your CR, a combination of concrete measures and monitoring or evaluation of suitable tools is recommended. The final interpretation of the numbers should be made with the involvement of the respective teams.