Businesses should keep a tab on sales forecasts to make informed decisions

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 15, 2021, 4:51 PM GMT+0

Improving the accuracy of sales projections can help brands enhance sales and eventually boost profits.

Sales forecasting is a vital part of business management – essential for setting goals, creating cash flows, making informed hiring decisions and developing growth strategies. Businesses must focus on improving sales forecasting to identify new opportunities to boost reputation and revenue.

Marketers should keep tabs on their sales projections. If actual sales do not match forecasts, brands should bring together their teams and brainstorm the reasons for negative or positive variations. They can use automated forecasting software and utilise sales forecast examples as well as templates for accurate predictions.

Though businesses can experiment with forecasting methods, they should eventually implement a consistent method for accurate results. Further, stay alert of false alarms, avoid unrealistic figures and consider past sales data for more accurate predictions.

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