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A conversion rate is the percentage of people who took the action you wanted, out of everyone who had the chance. The formula: (people who converted ÷ people who could have) × 100. You can measure it at any step: inquiries that became calls, calls that became proposals, proposals that became customers, website visitors who got in touch. Measuring each step separately is what makes it useful, because it shows you where people drop out. Plenty of inquiries but few calls is a response-speed or messaging problem. Plenty of proposals but few wins is a pricing, value, or qualification problem. Improving a mid-funnel conversion rate is usually cheaper than generating more leads. If you close one in five proposals, going to one in four is a 25% revenue increase with no extra marketing spend.
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