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A sales hit rate is a metric that counts the number of sales divided by the number of prospects. While a prospect can be defined in different ways, the general idea is to quantify the number of product visitors who have converted into customers.
Sales hit rates are often used to:
Calculating a hit rate can be a simple ratio.
Number of Sales / Number of Prospects * 100 = Hit Rate
It’s important to note that there is no magic number for a good sales hit rate. In eCommerce we often hear of “1% conversion rates” or other common notable figures. This is not applicable to individual sales reps as they all have different methods, styles, and approaches to prospecting.
For example: a sales rep may choose to prospect a high volume of leads and only close a small number of deals. Others may be very selective of the qualified leads they pursue and only talk to a handful of prospects. The 2 reps might close the same number of deals, but would have drastically different hit rates.
To understand hit rate meaning a bit more, we’ve got to consider the metrics beyond just raw conversion rates.
A high hit rate usually means a sales rep is great at turning paying prospects into paying customers.
But a low hit rate doesn’t necessarily mean the opposite. In fact, it may simply be a case of a sales rep who spends more time in the top of the funnel. They might be raising awareness or qualifying leads. And this approach could turn into a strong long-term sales strategy.
The hit rate meaning can also change based on the industry or the sales model a sales rep is using.
For example: in enterprise sales, deal sizes are larger and the sales journey is longer. A rep might focus on fewer prospects but take a personalized approach. A hit rate of 20% would be awesome here. In a more transactional industry, like SaaS, a rep might reach out to a higher volume of leads and get a hit rate of 10%. Both can be signs of excellent sales strategies.
In the end, tracking and analyzing hit rates over time will help sales teams:
When you understand the hit rate meaning on a deeper level, you can use it to better drive performance. From there, you can align your sales tactics with your growth objectives, and aim for more wins.
This is really subjective. A good hit rate will change based on the industry, the sales rep, and the sales process. You also have to factor in your sales team's definition of a prospect.
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