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B2B SaaS Funnel Conversion Benchmarks

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Last updated: February 8, 2023

In this report, we provide benchmarks for marketing performance along each step of the B2B SaaS conversion funnel. We will begin with definitions and average conversion rates for each step and proceed to break down conversion rate benchmarks by marketing channel, industry, and target audience company size.

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 a good amount of exposure to the middle market as well as a smaller, but still substantive, pool of data from enterprise clients. 

B2B SaaS Funnel Benchmarks: Definitions

We use a six-step funnel that should be familiar to anyone in marketing at a B2B SaaS company. It consists of:

  1. Website visitor
  2. Lead
  3. MQL
  4. SQL
  5. Opportunity
  6. Closed 

A lead is any non-spam website visitor who has submitted contact information. An MQL is a lead who fits the company’s target market or one of its customer personas. An SQL is an MQL who has indicated that the product is desirable, within their budget, and is speaking with a salesperson. An opportunity is an MQL with contract in hand.

B2B SaaS Funnel Conversion Benchmarks by Channel

In this section, you’ll find conversion rate benchmarks for each step in the funnel, further broken down by the five most common B2B marketing channels for which we have data.

When using these benchmarks for your marketing activities, bear in mind that there is an assumption of a high level of competence from the team or agency conducting the activity. For example, in SEO that means having a thought leadership-based strategy; in PPC, it means consistent testing of landing pages to achieve a high-quality score; and in email marketing, it means using a well-targeted list.

Stage of Funnel SEO PPC LinkedIn Email Webinar
Website visitor search icon dollar icon linkedin icon mail icon saas funnel icon
2.1% .7% 2.2% 1.3% .9%
Lead
41% 36% 38% 43% 44%
MQL
51% 26% 30% 46% 39%
SQL
49% 38% 41% 48% 42%
Opportunity
36% 35% 39% 32% 40%
Closed
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B2B SaaS Funnel Conversion Benchmarks by Industry

Below, we break down conversion rates at each step of the funnel by industry.

Adtech

Funnel StageAdtech Conversion Rates
Visitor to Lead1.4%
Lead to MQL39%
MQL to SQL35%
SQL to Opportunity40%
Opportunity to Close37%

Adtech is a crowded field with relatively low conversion rates across the board.

Automotive SaaS

Funnel StageAutomotive SaaS Conversion Rates
Visitor to Lead1.9%
Lead to MQL37%
MQL to SQL39%
SQL to Opportunity
44%
Opportunity to Close
36%

Automotive SaaS customers convert particularly well from SEO and email, and less-so from SEM. Email helps revive lost SQLs and opportunities.

CRMs

Funnel StageCRM Conversion Rates
Visitor to Lead2.0%
Lead to MQL36%
MQL to SQL42%
SQL to Opportunity
48%
Opportunity to Close
38%

The hardest step in the funnel for CRM companies is the MQL to SQL step, as the field is particularly competitive and many first-time CRM purchasers are resistant to changing their internal procedures.

Chemical / Pharmaceutical SaaS

Funnel StageChemical / Pharmaceutical SaaS Conversion Rates
Visitor to Lead2.3%
Lead to MQL47%
MQL to SQL46%
SQL to Opportunity
41%
Opportunity to Close
39%

Chemical and pharmaceutical SaaS companies can target their market with a high degree of precision online, resulting in excellent visitor-to-lead conversion rates.

Cybersecurity SaaS

Funnel StageCybersecurity SaaS Conversion Rates
Visitor to Lead1.6%
Lead to MQL44%
MQL to SQL38%
SQL to Opportunity
40%
Opportunity to Close
39%

The cybersecurity SaaS industry is relatively poorly understood by its customers. As a result, many leads are open to directly contacting a salesperson to better understand if they need security software.

Design SaaS

Funnel StageDesign SaaS Conversion Rates
Visitor to Lead0.9%
Lead to MQL40%
MQL to SQL34%
SQL to Opportunity
45%
Opportunity to Close
38%

Design SaaS is a flooded market, leading to very low conversion rates across the board. The exception is the SQL-to-opportunity step, as prospective customers who have narrowed down their options and taken the time to engage with a salesperson tend to be more serious than average.

Edtech

Funnel StageEdtech Conversion Rates
Visitor to Lead1.4%
Lead to MQL46%
MQL to SQL35%
SQL to Opportunity
39%
Opportunity to Close
40%

Edtech customers are harder to get into the funnel at all due to the difficulty of marketing to schools. But once they’re in, they convert well. Online lead generation competition is relatively weak, so companies with strong SDR, email, or SEO strategies tend to succeed.

Entertainment SaaS

Funnel StageEntertainment SaaS Conversion Rates
Visitor to Lead1.6%
Lead to MQL41%
MQL to SQL39%
SQL to Opportunity
47%
Opportunity to Close
43%

B2B SaaS companies serving the entertainment industry require a multi-touchpoint strategy, as discovery via advertising or search is rarely enough to move those potential customers into the funnel. Email marketing, however, stands out as a particularly successful top-of-funnel channel.

Fintech

Funnel StageFintech Conversion Rates
Visitor to Lead1.7%
Lead to MQL38%
MQL to SQL42%
SQL to Opportunity
48%
Opportunity to Close
39%

Fintech companies serving investment firms and financial institutions fare better than most in the early stages of online marketing because of increased interest post-pandemic. There is, however, substantial drop-off prior to closing the sale because prospects typically have sales calls with several companies before committing.

Hospitality SaaS

Funnel StageHospitality SaaS Conversion Rates
Visitor to Lead1.6%
Lead to MQL45%
MQL to SQL38%
SQL to Opportunity
38%
Opportunity to Close
38%

Hospitality SaaS businesses have the most trouble at the MQL-to-SQL step of the funnel because of the difficulty of getting the decision maker’s time and attention for a sales call, even after they’ve submitted their contact information. 

Industrial SaaS

Funnel StageIndustrial SaaS Conversion Rates
Visitor to Lead2.1%
Lead to MQL47%
MQL to SQL39%
SQL to Opportunity
42%
Opportunity to Close
39%

B2B industrial SaaS companies that invest in SEO and SEM have unusually high conversion rates at the top of their funnel because of the sparseness of competition online. 

Insurance SaaS

Funnel StageInsurance SaaS Conversion Rates
Visitor to Lead1.6%
Lead to MQL40%
MQL to SQL28%
SQL to Opportunity
41%
Opportunity to Close
37%

Insurance SaaS is a crowded field and although there tends to be high conversion earlier in the funnel, the middle (particularly at the MQL stage) tends to see unusually high drop-off rates. This is because decision makers are pulled in many directions both internally and by competing sales conversations. 

Legaltech

Funnel StageLegaltech Conversion Rates
Visitor to Lead1.3%
Lead to MQL41%
MQL to SQL40%
SQL to Opportunity
47%
Opportunity to Close
42%

Legaltech businesses serving the B2B market see high online conversion rates across the board, particularly from email marketing and SEO. When the target market is enterprise SDRs, conversion rates also are above average.

Medtech

Funnel StageMedtech Conversion Rates
Visitor to Lead1.8%
Lead to MQL48%
MQL to SQL43%
SQL to Opportunity
41%
Opportunity to Close
35%

Medtech businesses, similar to fintech companies, have seen increased interest since 2020, making for a high visitor-to-lead conversion rate but lower closed customer rate.

Project Management SaaS

Funnel StageProject Management SaaS Conversion Rates
Visitor to Lead1.8%
Lead to MQL46%
MQL to SQL37%
SQL to Opportunity
42%
Opportunity to Close
35%

Project management SaaS companies naturally have high initial conversion rates and will benefit most from investing in SQLs. Trials are standard in this industry, leading to many MQLs who do not convert to paying customers.

Retail / eCommerce SaaS

Funnel StageRetail / eCommerce SaaS Conversion Rates
Visitor to Lead2.1%
Lead to MQL41%
MQL to SQL36%
SQL to Opportunity
45%
Opportunity to Close
39%

The hardest leap for leads to make in the retail/eCommerce market is from MQL to SQL. Compared to other SaaS industries, these customers are particularly interested in knowing their options and only commit to a call when they are close to a decision.

Telecom SaaS

Funnel StageTelecom SaaS Conversion Rates
Visitor to Lead0.9%
Lead to MQL46%
MQL to SQL35%
SQL to Opportunity
41%
Opportunity to Close
36%

Telecommunications SaaS providers historically suffer from low visitor-to-lead conversion rates because many companies still rely on legacy systems. We expect to see these rates continue to improve as companies transition more of their communication platforms to online services.

B2B SaaS Funnel Conversion Benchmarks by Target Audience Company Size 

Our final set of conversion rate benchmarks is broken down by the size of the companies being targeted by marketing and sales. There are several commonly used categories for company size—we chose a simplified scale based on revenue (<$10M, $10M-$100M, $100M-$1B, and >$1B). 

Stage of Funnel Small Business ($1M-$10M) Small-to-Midsize
($10M-$100M)
Middle Market
($100M-$1B)
Enterprise
($1B+)
Website visitor Saas Funnel Icon midsize icon Middle Market Icon Enterprise Icon
2.3% 1.4% 1.2% .7%
Lead
37% 41% 40% 34%
MQL
32% 39% 39% 40%
SQL
40% 42% 46% 36%
Opportunity
46% 39% 35% 31%
Closed
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Using Conversion Funnel Benchmarks

The above benchmarks will help you assess your marketing strategy and allow you to make more informed decisions. If you’d like to know more about our method or data set, or are interested in working with our agency for lead generation, feel free to reach out.

Further Reading

You may also be interested in these related B2B SaaS reports:

Evan Bailyn

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