Do you know your Prospect Win Rate?
Sometimes called the Customer Conversion Rate, this is the percentage of Prospects who you are able to convert to an actual sale so that they become your customers.
Some businesses will have a very high conversion rate, and some will have a low one, depending on the type of business and the amount of money being spent. But the important thing is to find out your conversion rate; track it; and then seek to improve it.
First, decide what you consider to be a Prospect.
Second, decide what qualifies as a Sales Conversation.
Third, count how many of those Prospects buy from you.
Do you know what is your current Prospect Win Rate?
If you can make just a 10% improvement in your conversion rate, you will begin to see an impact on your bottom line.