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Conversion Rate in sales is the percentage of potential customers who take a desired action, such as making a purchase, out of the total number of prospects or leads.
Synonyms: sales conversion rate, lead conversion rate, customer conversion rate, conversion percentage
Conversion rate is a key metric for sales teams because it directly measures the effectiveness of sales strategies and marketing efforts. A higher conversion rate means more leads are turning into paying customers, which increases revenue and business growth.
Sales teams use conversion rate to evaluate the success of campaigns, sales pitches, and customer interactions. It helps identify which approaches work best and where improvements are needed to boost sales performance.
If a sales team contacts 100 potential customers and 20 of them make a purchase, the conversion rate is 20%. This metric can be applied to various stages, such as website visitors converting to leads or leads converting to customers.
