Brands must improve forecasting accuracy

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 26, 2021, 2:33 AM UTC

The 2021 State of Sales Forecasting study by InsightSquared and RevOps Squared highlights B2B enterprises’ forecasting processes.

The study found majority of B2B organisation reported lack of accuracy in their sales forecast process. A forecast accuracy of 5% or more was reported by just 9% of respondents. 91% of businesses are able to make predictions in the accuracy range of 6% or more.  

When asked about satisfaction around their business’ sales forecast process, only 15% of respondents voted for it. Since the involvement of sales representatives and factoring in data quality are critical to improving forecasting accuracy, only a quarter of respondents said their sales reps are involved in the forecasting process.

The lack of sales rep accountability, CRM data quality and reliance on manual processes were identified as top factors behind forecast inaccuracy. 52% of participants haven’t automated forecasting.

Read the original article

[5 minute read]