Your sales close rate is a number you need to keep a close eye on -- out of all the deals in your pipeline, what percentage do you actually close?
Sales close rates let you know how efficient and effective you are as a sales rep. And it's a good way for managers to measure sales rep and sales team performance. The higher the close rate, the better your rep and team are at converting opportunities in the pipeline into revenue.
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While it's great to have internal metrics, it's also good to know how you compare to other sales organizations in your industry -- including your competitors'. With industry benchmarks, you can evaluate how you or your team are performing in the overall landscape, which is not only a good reality check but gives you a better understanding on whether improving your close rate is something you need to prioritize now.