Contractor Finance Glossary
What is Quote Conversion Rate?
Also called: close rate, win rate, quote win rate
Quote conversion rate is the share of quotes that turn into won jobs, and it can be measured two ways: against every quote sent, or against only the quotes a customer actually decided on.
The denominator is the whole argument. Measured against all quotes, the rate looks low because it includes quotes still sitting in limbo. Measured against decided quotes (won plus explicitly lost), it tells you how often you win when the customer actually chooses. Both matter, and confusing them hides where the leak is.
A weak all-quote rate paired with a strong decided rate means the problem is follow-up, not pricing: quotes are going stale before anyone chases them. Fixing conversion is usually about speed and follow-through, not about cutting price.
How it is calculated
All-quote conversion = jobs won divided by total quotes sent. Decided conversion = jobs won divided by (jobs won plus jobs explicitly lost). The Level benchmark dataset puts the median decided rate at 73.9% and the all-quote rate at 38.1%.
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