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What Should the Sales Close Rate Be?

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If you do the math, this tells us that sales reps are expected to work 1000 marketing qualified leads down to 14 to 48 sales qualified leads and close 20% or 30% of those leads respectively; and end up with 3 to 14 deals. Not very efficient, right? Cost per sales qualified lead is $1,250. Why don’t they follow-up?