As the cost of most everything around us rises, it should be no surprise that the same would be said for clicks and leads.
According to this year’s Search Advertising Benchmarks For 2024 from WordStream by LocalIQ, the cost per click is $4.66 — up $0.44 from last year — and cost per lead is $66.69, up more than $13. (In its other main findings, the click-through rate rose from 6.11% last year to 6.42% while the conversion rate dropped from 7.04% to 6.96%.)
(Source: WordStream by LocalIQ)
“2024 CPLs haven’t increased as aggressively as they did in 2023, which came after record inflation and an unstable economy,” the report says. “However, as inflation continues to be an issue that advertisers are seeing, this increase isn’t necessarily surprising.”
The 24.61% YoY increase in the Google Ads benchmark meant an increase in CPL for 82% of the industries studied. The report recommended such strategies as running ads across multiple search engines, using AI and automation for budget allocation and keywords, and prioritizing first-party data.
“Keeping in mind that there are some fluctuations and variations when it comes to cost per lead metrics, you may want to see how you can optimize all your campaigns across platforms to bring down your overall cost averages,” the report says. “For example, how you’re attracting and tracking conversions will directly impact your cost per lead numbers.”
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