leads Closing Bids percentage for 2017

[gman201 20]

What percentage of bids is everyone closing on? We were right at 80% for this year but I feel like we left a lot of money on the table! I don't want to close on all of them just wondering if that's about normal for some of you that have been in the business for several years?

 

 

 

 

Edited December 1, 2017 by gman201
wrong year lol

[Troy Stevens 8]

New or return customers?  If new customers, how did they hear about you?  Referral?  You'll likely have several different figures depending upon how they got your info. 

New customers who just found me online I'm about 40%, but that's only because I try and pre-qualify them before ever considering a site visit.  I get a description from them over the phone or email, then I'll provide a brief explanation of the service I'm proposing as well as a price range.  I let them know if the price range sounds reasonable to them, then we could meet to discuss & finalize the details.  

New customers who were referred to me from someone I've serviced in the past would be about 65%.

Return customers about 90-95%

 

When I first started my own biz in 1998, I thought I was killing it because I got most of the jobs I went and bid on.  Come to find out it was only because I was offering my services way too cheap, (that's typically because many of us don't truly understand our total operating costs when starting a business).

Although situations vary, I'd say that if you're closing % is much more than 50% from people who don't know you and just found your info online or in print, then you need to reevaluate your pricing.

[Beth n Rod 1,279]

GMAN

80% close is not a bad rate.
What's the profit margin?

Rod

[gman201 20]

On 1/31/2018 at 11:04 AM, Troy Stevens said:

New or return customers?  If new customers, how did they hear about you?  Referral?  You'll likely have several different figures depending upon how they got your info. 

New customers who just found me online I'm about 40%, but that's only because I try and pre-qualify them before ever considering a site visit.  I get a description from them over the phone or email, then I'll provide a brief explanation of the service I'm proposing as well as a price range.  I let them know if the price range sounds reasonable to them, then we could meet to discuss & finalize the details.  

New customers who were referred to me from someone I've serviced in the past would be about 65%.

Return customers about 90-95%

 

When I first started my own biz in 1998, I thought I was killing it because I got most of the jobs I went and bid on.  Come to find out it was only because I was offering my services way too cheap, (that's typically because many of us don't truly understand our total operating costs when starting a business).

Although situations vary, I'd say that if you're closing % is much more than 50% from people who don't know you and just found your info online or in print, then you need to reevaluate your pricing.

I haven't thought of the closing that way Troy? I have to keep up with it that way.

[gman201 20]

On 2/4/2018 at 7:38 AM, Beth n Rod said:

GMAN

80% close is not a bad rate.
What's the profit margin?

Rod

Rod I'm thinking my profit margin was only around  60% ?? If I figured it right after all other expenses?

Edited February 21, 2018 by gman201
touch up

[Beth n Rod 1,279]

Sounds high but you must be within your competitors and what the market will bear.

 

Rod

[mike movila 78]

Troy I believe all of us have done work way cheaper that we should however as you progress and make adjustments 

Edited May 27, 2018 by mike movila