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:
“Every now and then, when youre on stage, you hear the best sound a player can hear. Its a sound you cant get in movies or in television. It is the sound of a wonderful, deep silence that means youve hit them where they live.”
—Shelley Winters (b. 1922)
“I dont know but a book in a mans brain is better off than a book bound in calfat any rate it is safer from criticism. And taking a book off the brain, is akin to the ticklish & dangerous business of taking an old painting off a panelyou have to scrape off the whole brain in order to get at it with due safety& even then, the painting may not be worth the trouble.”
—Herman Melville (18191891)