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The third KPI is the proposal conversion rate, a percentage indicating efficiency by revealing how many submitted proposals turn into business. For example, if the conversion rate is 30%, this serves as a baseline. To improve this rate, one must evaluate what changes are necessary, such as enhancing the quality of proposals or targeting better prospects. Increasing the conversion rate could involve strategies that allow for a clearer path to success with each proposal, ultimately aiming for higher rates of 40% or 50%.