Whats a good conversion rate for SAAS?

Depends on so many different aspects but from CRO courses I've taken, actaully anything over 1% is great.

But it comes with caveats. If you're getting very low traffic, a few people a day, and get 2% or even 10% or 20% conversion rate, then it doesn't really matter at all. Your total count is so low, nobody cares about conversion rate.

But then on the other end, if you get a big spike of traffic in a day, and get .01% conversion rate, it doesn't really matter, because you got so much non-purchase intent traffic. And maybe you did more sales in that day than ever before. so the conversion rate doesn't matter.

Nothing is really in a bubble by itself. With more context comes more clarity. With more clarity you can understand the story.

For example too the traffic medium matters a lot. SEO traffic that converts at 1% is amazing, because it's all "FREE". But Paid ads that convert at .01% might do great because the cost is so low. But also 5% conversion might be terrible because you targeted the audience so much these are 100% the people who should be buying, right now. but only 5% bought. 95% of people visited and didn't buy.

The average conversion rate for SAAS free trial varies depending on the type of trial, the industry, and the product complexity. However, some general benchmarks are:

(1) For opt-in free trials (no credit card required), the average conversion rate is around 18.20%.

(2) For opt-out free trials (credit card required), the average conversion rate is around 48.80%.

(3) For freemium models (limited features), the average conversion rate is around 2.6%

https://userpilot.com/blog/saas-average-conversion-rate/

Based on these benchmarks, your conversion rate of 2% is below average for an opt-in free trial. However, do note I have not taken into account when you started this free trial offer because obviously I don't have that data. If you have started anywhere between 1-3 months ago then 2% conversion is a good start.

By constantly engaging with your customers, providing excellent customer support, soliciting feedback, offering incentives for referrals and renewals over a period of time you'll increase your conversion rate.

Create FOMO by showing your users what they are missing out on by not using your premium features. You can use free trials, reverse trials, teasers, etc., to showcase the value of your premium functionality.

In our SaaS (SEO tool, Morningscore.io) we have a 4% conversion rate from traffic to trial.

That's rouhgly double up on the average.

But then from trial to paid subscriber, our conversion rate is currently 6% which is roughly half of the 10-20% average (numbers I found online, please share yours too)

So our goal would be to stay on 4% traffic to trial and then 10% trial to paid :)

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Having conversion rate at 2%-3% is considered good but as the Kamphey said - it all comes down to the number of leads you have.

What do you mean by conversion rate? Is it visit -> sign up?

In many cases if you hide something interesting behind sign-in, people will create account to try it once but many of them will never come back. So many SaaS allow users to try product without signing in depending on use case.

So sign ups may be more for the former type of products, their sign up to purchase rates will be very low.