Quotation Conversion Rate measures the success rate (percentage) a company achieves of converting quotes for business into actual orders.
Quotation Conversion Rate = (Number of Successful Quotes / Number of Quotes submitted) x 100
This indicator will be included in my book: Key Performance Indicators - the 100 measures every manager needs to know, which contains an in-depth description of this KPI, as well as practical advice on data collection, calculations, target setting, and actual usage.