This could be bringing down conversion rates and driving up cost per lead, and would help explain why the industries in our study that saw the biggest increases in CPC and/or CPL year over year were Arts/Entertainment, Travel, Furniture, and Apparel/Fashion/Jewelry; and potentially also why Education/Instruction and Finance/Insurance were the only two industries that saw a decrease (albeit small) in CPL. As always, we recommend applying a targeted, data-driven approach to your marketing activities and we have tools and templates to help. With the exception of click-through rate, 2022s YoY changes are similar to those of 2019, before the pandemic. Just how lucrative? Google Ads Cost Per Click (CPC), over time. While the average cost per click for search was $2.41, many industries paid less for their clicks, including apparel ($1.38), arts & entertainment ($1.47), hobbies & leisure ($1.68), jobs & education ($2.24), real estate ($2.27), retailers & general stores ($2.16), sports & fitness ($1.46), travel & tourism ($1.42), and vehicles ($2.03). Join Smart Insights as a Free Member to download our digital marketing plan template today, Access the Free digital marketing plan template. Dave is editor of the 100+ templates, ebooks and courses in the digital marketing resource library created by our team of 25+ digital marketing experts. You can find the charts from this report as well as our previous benchmark data in interactive format in our Online Advertising Benchmarks page. Find opportunities to optimize your account (and save money!) In the tabs below, you'll find average cost per click, click-through rate, conversion rate, and cost per lead for search ads for over 20 different industries. You can learn more in our tips to improve conversion rates. Here are the averages compared to other regions of the world, in order from highest to lowest: Clearly, competition is strongest in North America and Western Europe as Facebook ad costs are highest in these regions. While the Attorneys and Legal Services showcased the lowest CTR, they also boasted the highest average CPC. If you're forecasting your digital media spend, you need to compare the ROI of your display ads, paid social, Google Ads, and social media. People can and do make purchases upon first interaction with a brand on Facebook, however, most will need more touch points from a brand so you can gain their trust, showcase your benefits, and entice them to convert. Industries with the lowest average cost per click (closer to $1) include Arts/ Entertainment, Apparel/Fashion/Jewelry, and Sports/Recreation. The running total of layoffs for 2023 based on full months to date is 168,243, . With an average 200% return on investment, its not surprising that Google Ads is one of the most popularand most competitivepaid advertising channels for businesses large and small. Industries with the lowest average conversion rates are the same as last year: Apparel/Fashion/Jewelry, Furniture, and Real Estate at 1-3%. Below you'll find benchmark data for search, display, and social ads in key subcategories within the home services, healthcare, and real estate verticals. So, you know that costs are up and the reasons whybut what defines a high cost? To many, Google Ads is still the most effective ingredients in their digital marketing mix, allowing you to widen your reach and promote your product to millions of users. !function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r