Sales Forecast

Why there is a need of sales forecasting?

Sales are the soul of business. It helps you to fulfil your company's needs. Sales forecasting is a crucial part of the financial planning of a business. It is a self-assessment tool used for predicting future performance by past and current sales.

SALES FORECASTING helps to predict future sales. It helps companies to make an informed business decision and predict performance. Established companies can easily predict future sales from past business data but newly founded companies have to rely on market research and competitive intelligence.

Sales Forecast

Sales forecasting allows companies to

  • Manage its workflow.
  • How to manage its cash flow and resources.
  • How to predict sales data.
  • How to plan for future growth.
  • How to predict sales revenue.

EzeeCRM provides you with a world's number one sales forecasting software which gives you a complete view of your customers including their history, contacts, communication and their discussions.

With sales forecasting software you can accelerate your team's productivity and grow your sales revenue by 37%.

With this, you can see

  • 44% increase in Lead volume
  • 37%increase in sales revenue
  • 45% increase in customer retention
  • 37% increase in win rate.

Types of sales forecasting

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SHORT TERM FORECASTING

It can be used if you want to find the forecast for a short period like 3 months, 6 months or 1 year. Generally 'a year' is more preferable. If demand fluctuates from one month to another then forecasting is done for the short period of time.

LONG TERM FORECASTING

It covers the period of 5, 10 or 20 years. In many Industries like petroleum refinery, buildings, paper industry a long term forecasting is needed because their total investment cost is quite high. 

Sales Forecast

Forecasting procedures

Sales Forecast
  • Before making a forecast state whether the forecasting is short term or long term. It is only for a small segment or for the whole firm.
  • Select the proper method of forecasting.
  • Consider different variables which can affect forecasting and gather data on them.
  • Make forecast and interpret the results.

Methods used for sales forecasting

BUYERS VIEW

In this method you can directly ask the customers whether they are thinking of buying in near future. In this method all the burden will be on customers, whether they want to buy it or not.

SALES FORCE POLLING

The salesman is the closest person to the customer. So he can definitely give his views on estimating customers reaction about the product and their future requirements. So sales forces can give their estimation for their particular area.

TREND PROJECTION

In this method, you have to arrange sales data in chronological order. Also known as 'time-series '. These time series are used to analyze forecasting for next year sales. 

ECONOMIC INDICATORS

In this method, the forecasting depends on certain economic indicators which are generally published by central statistical organisations under the national income estimates.

Sales Forecast

Importance of sales forecasting

Sales Forecast
  • It helps to determine production volume considering facilities like equipment, capital, manpower, space etc. 
  • It helps to design sales budget, production budget, natural budget. 
  • It helps in deciding policies. 
  • It helps in fixing the extent of advertising. 
  • It helps in deciding plant expansion.
  • It helps to fix an achievable goal for the sales department. 
  • Accurate sales forecasting is a good aid for the purpose of decision making.
  • It helps in guiding marketing team, production team and other business activities for achieving these targets. 

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