This report summarizes our findings on average SaaS conversion rates in 2024, across three categories:
- Full funnel conversion rates by marketing channel
- Full funnel conversion rates by SaaS industry
- Visitor to download and user to paid conversion rates for free trials and freemium software
Our data set comes from access to 50+ B2B SaaS clients over the last decade, mostly small-to-midsize businesses in the $10M-$100M revenue range. It includes extensive exposure to the middle market as well as a less extensive pool of data from enterprise clients. We will begin with definitions and average conversion rates for each channel.
SaaS Full Funnel Conversion Rates by Channel
We calculate SaaS conversion rates across a sales funnel that consists of six stages:
- Visitors: Any unique person who visits the SaaS company’s website.
- Leads: Non-spam contacts who have submitted contact information through any means that indicates potential purchasing intent, such as through a sales contact form or by signing up for a free trial.
- MQLs: Leads that has both indicated clear purchasing intent and has been determined to fit into the SaaS company’s target market.
- SQL: Leads who have been vetted by a sales and determined to be a good fit for the SaaS product, and have met with or have a meeting scheduled with a sales representative.
- Opportunity: Leads who have met with sales and has a contract in hand, but who have not yet signed.
- Close: Leads who have signed a contract, or have otherwise converted to paying customers.
Conversion rates between each stage are given in the table below:
SaaS Funnel Conversion Rates by Channel, 2024
| Channel | Visitor to Lead | Lead to MQL | MQL to SQL | SQL to Opportunity | Opportunity to Close |
| SEO | 2.10% | 41% | 51% | 49% | 36% |
| PPC | 0.70% | 36% | 26% | 38% | 35% |
| 2.20% | 38% | 30% | 41% | 39% | |
| 1.30% | 43% | 46% | 48% | 32% | |
| Webinar | 0.90% | 44% | 39% | 42% | 40% |
SaaS Full Funnel Conversion Rates by Industry
While the more general benchmarks above are helpful when comparing marketing channels, SaaS marketers should also look to their specific subindustry. The below table shares our data for funnel conversion rates across 17 types of SaaS companies.
SaaS Full Funnel Conversion Rates by Industry, 2024
| Industry | Visitor to Lead | Lead to MQL | MQL to SQL | SQL to Opportunity | Opportunity to Close |
| Adtech | 1.4% | 39% | 35% | 40% | 37% |
| Automotive SaaS | 1.9% | 37% | 39% | 44% | 36% |
| CRMs | 2.0% | 36% | 42% | 48% | 38% |
| Chemical / Pharmaceutical | 2.3% | 47% | 46% | 41% | 39% |
| Cybersecurity | 1.6% | 44% | 38% | 40% | 39% |
| Design | 0.9% | 40% | 34% | 45% | 38% |
| Edtech | 1.4% | 46% | 35% | 39% | 40% |
| Entertainment | 1.6% | 41% | 39% | 47% | 43% |
| Fintech | 1.7% | 38% | 42% | 48% | 39% |
| Hospitality | 1.6% | 45% | 38% | 38% | 38% |
| Industrial & IOT | 2.1% | 47% | 39% | 42% | 39% |
| Insurance | 1.6% | 40% | 28% | 41% | 37% |
| Legaltech | 1.3% | 41% | 40% | 47% | 42% |
| Medtech | 1.8% | 48% | 43% | 41% | 35% |
| Project Management | 1.8% | 46% | 37% | 42% | 35% |
| Retail / eCommerce | 2.1% | 41% | 36% | 45% | 39% |
| Telecom | 0.9% | 46% | 35% | 41% | 36% |
SaaS Free Trial & Freemium Conversion Rates
By the nature of their product, SaaS companies are uniquely able to offer free trials and freemium versions of their software to give leads a way to experience their platforms without the commitment of a full purchase. Below, we share our data on free trial and freemium conversion rates, segmented by industry:
SaaS Free Trial & Freemium Conversion Rates by Industry, 2024
| Industry | Visitor to Free Trial Conversion Rate | Free Trial to Paid Conversion Rate | Visitor to Freemium Conversion Rate | Freemium to Paid Conversion Rate |
| Advertising / AdTech | 9.1% | 24.3% | 13.9% | 3.6% |
| Agriculture / Agtech | 8.8% | 21.5% | 11.9% | 4.5% |
| Communications | 8.3% | 23.4% | 12.1% | 3.5% |
| CRM | 9.7% | 29.0% | 12.8% | 3.4% |
| Cybersecurity | 7.4% | 21.9% | 11.9% | 3.3% |
| Education / Edtech | 10.3% | 24.8% | 13.9% | 2.6% |
| Enterprise | 5.5% | 18.6% | 11.8% | 3.4% |
| ERP | 9.4% | 23.7% | 14% | 4.8% |
| Environmental / CleanTech | 11.1% | 22.9% | 12.9% | 3.5% |
| Financial / Fintech | 9.0% | 19.4% | 13.5% | 3.7% |
| Healthcare / Medtech | 12.3% | 21.5% | 15.3% | 4.0% |
| HR | 8.1% | 22.7% | 13.1% | 3.6% |
| IoT | 12.6% | 25.2% | 15.5% | 4.1% |
| Legal / Legaltech | 9.7% | 23.1% | 13.8% | 5.7% |
| Real Estate / Proptech | 7.1% | 22.7% | 12.2% | 3.4% |
| Regtech | 11.7% | 23.6% | 14.2% | 5.8% |
Further Reading and Requesting a Copy of this Report
For further reading, see our previous reports on SaaS metrics:
- SaaS Freemium Conversion Rates: 2024 Report
- SaaS Free Trial Conversion Rate Benchmarks
- B2B SaaS Funnel Conversion Benchmarks
- B2B SaaS Marketing KPIs: Behind the Numbers
- SaaS Benchmarks: 2024 Report
If you’d like to request a PDF copy of this report, reach out here.
