Hit rate is a metric or measure of business performance traditionally associated with sales. Defined as:
Sales can be measured either as the sum of dollars pursued or the number of deals pursued. Accurate calculation requires clear definition of when a sales opportunity is firm enough to be included in the metric, as well as firm disposition of the opportunity (i.e. the deal has reached a point where it is considered won, lost or abandoned).
The hit rate may be measured for the whole sales force or by sales region, sales person or product group. It may be used to benchmark the different sales periods and to benchmark the effectiveness of the own sales force with other companies of the same sector.
Due to the high costs involved with making proposals the hit rate is a very useful tool especially for companies in industrial marketing.
Famous quotes containing the words hit and/or rate:
“I’d rather you shot at tin cans in the back yard, but I know you’ll go after birds. Shoot all the bluejays you want, if you can hit ‘em, but remember it’s a sin to kill a mockingbird.... Mockingbirds don’t do one thing but make music for us to enjoy. They don’t eat up people’s gardens, don’t nest in corncribs, they don’t do one thing but sing their hearts out for us. That’s why it’s a sin to kill a mockingbird.”
—Harper Lee (b. 1926)
“As a novelist, I cannot occupy myself with “characters,” or at any rate central ones, who lack panache, in one or another sense, who would be incapable of a major action or a major passion, or who have not a touch of the ambiguity, the ultimate unaccountability, the enlarging mistiness of persons “in history.” History, as more austerely I now know it, is not romantic. But I am.”
—Elizabeth Bowen (1899–1973)