Your quote to closure ratio measures the number of formal quotes given that have translated into an actual sale. This metric enables you to get a feel for the impact that price has on your sales funnel.

Here’s how to calculate this figure:

Count the number of quotes over a period of timeCount the number of successfully closed sales over the same period of timeDivide the number of sales by the number of quotes and multiply by 100.

This will give you a closing ratio as a percentage.

For example, if you generated ten sales from 20 quotes, your quote to closure ratio would be 50%. That means you can expect to close 50% of your quotes (or 50 out of every 100 quotes).