Inquiry Conversion is a foreign trade term that refers to the process of converting inquiries from potential customers into actual orders. It measures the efficiency and success rate from inquiry to deal closure and is a key indicator in foreign trade operations. Use cases include: salespeople following up with customers, evaluating marketing effectiveness, optimizing sales strategies, etc. Notes: The inquiry conversion rate is affected by multiple factors such as quotation, product competitiveness, follow-up speed, communication skills, etc.; it is necessary to distinguish between valid and invalid inquiries (e.g., spam inquiries). Unlike 'inquiry response rate,' which only refers to the proportion of inquiries replied to, conversion emphasizes the final deal; it is similar to 'order conversion rate,' but order conversion may cover broader sales channels. Improving inquiry conversion requires timely response, professional quotations, continuous follow-up, and resolving customer concerns.
📝 Examples
1. By optimizing our quotation sheets and follow-up process, we increased the inquiry conversion rate from 15% to 25%. (Note: Used to report sales performance improvement.)
2. We received 100 inquiries this month, but the inquiry conversion was only 5 orders; we need to analyze the reasons. (Note: Used for internal review to point out the problem of low conversion rate.)
💡 Foreign Trade Tips
Foreign trade terms are the foundation of international business communication
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