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Average SaaS Conversion Rates: 2024 Report

SEO Blog
Saas Conversion Rates Tn

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:

  1. Visitors: Any unique person who visits the SaaS company’s website.
  2. 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.
  3. MQLs: Leads that has both indicated clear purchasing intent and has been determined to fit into the SaaS company’s target market.
  4. 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.
  5. Opportunity: Leads who have met with sales and has a contract in hand, but who have not yet signed.
  6. 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

ChannelVisitor to LeadLead to MQLMQL to SQLSQL to OpportunityOpportunity to Close
SEO2.10%41%51%49%36%
PPC0.70%36%26%38%35%
LinkedIn2.20%38%30%41%39%
Email1.30%43%46%48%32%
Webinar0.90%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

IndustryVisitor to LeadLead to MQLMQL to SQLSQL to OpportunityOpportunity to Close
Adtech1.4%39%35%40%37%
Automotive SaaS1.9%37%39%44%36%
CRMs2.0%36%42%48%38%
Chemical / Pharmaceutical2.3%47%46%41%39%
Cybersecurity1.6%44%38%40%39%
Design0.9%40%34%45%38%
Edtech1.4%46%35%39%40%
Entertainment1.6%41%39%47%43%
Fintech1.7%38%42%48%39%
Hospitality1.6%45%38%38%38%
Industrial & IOT2.1%47%39%42%39%
Insurance1.6%40%28%41%37%
Legaltech1.3%41%40%47%42%
Medtech1.8%48%43%41%35%
Project Management1.8%46%37%42%35%
Retail / eCommerce2.1%41%36%45%39%
Telecom0.9%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

IndustryVisitor to Free Trial Conversion RateFree Trial to Paid Conversion RateVisitor to Freemium Conversion RateFreemium to Paid Conversion Rate
Advertising / AdTech9.1%24.3%13.9%3.6%
Agriculture / Agtech8.8%21.5%11.9%4.5%
Communications8.3%23.4%12.1%3.5%
CRM9.7%29.0%12.8%3.4%
Cybersecurity7.4%21.9%11.9%3.3%
Education / Edtech10.3%24.8%13.9%2.6%
Enterprise5.5%18.6%11.8%3.4%
ERP9.4%23.7%14%4.8%
Environmental / CleanTech11.1%22.9%12.9%3.5%
Financial / Fintech9.0%19.4%13.5%3.7%
Healthcare / Medtech12.3%21.5%15.3%4.0%
HR8.1%22.7%13.1%3.6%
IoT12.6%25.2%15.5%4.1%
Legal / Legaltech9.7%23.1%13.8%5.7%
Real Estate / Proptech7.1%22.7%12.2%3.4%
Regtech11.7%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:

If you’d like to request a PDF copy of this report, reach out here.

Evan Bailyn

Evan Bailyn is a best-selling author and award-winning speaker on the subjects of SEO and thought leadership. Contact Evan here.

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