Also called a Closing Ratio, it is a statistic that shows how many of the estimates, or bids, for a business are turning into sales. Closing Rate is a measure that shows how efficiently a sales professional or sales team performs. It is generally shown as a percentage, and is calculated this way:
(Number of Sales) / (Number of Estimates) X 100 = Closing Rate Percentage
EXAMPLE: After improving our digital portfolio, we were able to increase our closing rate percentage from 50% to 65%.
