# Tracking Your Close Rate on Deals

The ability to track your **Close Rate** is an integral part of the sales process, as it helps you identify areas of opportunity for increasing sales.

For example, if you know your Close Rate is currently sitting at 30%, and your goal is to land three new clients this quarter, this tells you that you need ten more deals in the Pipeline to make that goal.

## Tracking Your Close Rates

It is important to change the **State** on the Opportunity when a deal closes, regardless of whether you won or lost the deal.

1. Locate the Opportunity and click **Edit**.

   <figure><img src="/files/MKDnSMRsxB9am6fsX2QI" alt="Opportunity View selecting Edit button"><figcaption></figcaption></figure>
2. Select the **state** field and choose either Won or Lost.
3. Click **Done** when finished.

   <figure><img src="/files/setTMC81sRuG1h9NHDeg" alt="Opportunity View selecting State Menu"><figcaption></figcaption></figure>

## Setting Up Opportunity State Reasons in Daylite Preferences

When you choose a **State** for your Opportunity you can also explain why you Won or Lost. These are called **Opportunity State Reasons**, and are set up in Daylite Preferences.

1. Navigate to **Daylite > Preferences > Opportunities**.

   <figure><img src="/files/lCPOv2ZlU7efYBGkH7CG" alt="Daylite Preferences selecting Opportunities"><figcaption></figcaption></figure>
2. Select **Opportunity State Reasons**.
3. Click the **+** button.
4. Enter an **Opportunity State Reason** and **State**.

   <figure><img src="/files/wUaFSAUmlAtk6UsfHJNL" alt="Opportunities Preferences window showing Opportunity State Reasons"><figcaption></figcaption></figure>
5. After setting up **Opportunity State Reasons** in Daylite Preferences, open an **Opportunity** and click **Edit**.

   <figure><img src="/files/H5mtdVdOX1yQLTf9r01x" alt="Opportunity View selecting Edit button"><figcaption></figcaption></figure>
6. Select the field under the **state** menu, and choose the **Opportunity State Reason**.

   <figure><img src="/files/LiQLjRvXLcSF3XKpZEfQ" alt="Opportunity View selecting Opportunity State Reason"><figcaption></figcaption></figure>

## Analyzing Your Close Rates

There are a couple of ways that you can begin to break down and analyze you Close Rates within Daylite.

The Win vs Loss Report is a quick and easy way to see how many deals you have Won, how many deals you have Lost, and the Total Amount of Revenue associated with each.

1. Choose **Reports** from the Daylite Sidebar.
2. Choose **Opportunity Reports**, then select **Opportunities Won Vs. Lost**.

   <figure><img src="/files/RiP4g0YODaY9FaI1XsDR" alt="Reports showing Opportunities Won Versus Lost"><figcaption></figcaption></figure>

You can also use the **Insights View** for a more in depth analysis of your Close Rate.

1. Choose **All Opportunities** from the Daylite Sidebar.
2. Select **Insights View** from the Daylite Taskbar.
3. Hover your mouse over Won or Lost in the **State** Category to see more detailed information about your selection.

   <figure><img src="/files/ueFTcJPCybI2KA4iECDF" alt="Insights View showing State highlights"><figcaption></figcaption></figure>

## Wrap Up

By tracking your Close Rate, you can make better decisions about forecasted sales, how many leads you need in the Pipeline, and track improvement in your sales performance.

For assistance creating a New Opportunity, check out [How To Capture New Business](/help/learn/close-more-deals/capture-new-business.md).

For more information about using **Insight View** to it's fullest potential, check out [Using a Data Driven Sales Approach](/help/learn/close-more-deals/data-driven-sales.md).


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