LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on everything you need to know about using the right sales forecasting methods. In this blog, experts from Infiniti provide comprehensive insights on why sales forecasting is important for every business. They also discuss some of the key internal and external factors that affect sales forecasting.
Accurate sales forecasting is vital for any business to produce and sell the required quantity of goods at the right time. By helping companies to gauge the demand, sales forecasting techniques ensure better inventory management. Furthermore, it also helps companies spot potential threats and demand fluctuations before it’s too late to mitigate them. For instance, if a business uses sales forecasting techniques and notices that their team is trending much below quota, it gives the business an opportunity to understand what is going wrong and undertake a corrective course of action.
Failing to meet the forecasted goal can significantly hurt stock prices. This can be avoided by leveraging the right sales forecasting methods and strategies. Request a free proposal to know how experts at Infiniti research can help you choose the right sales forecasting methods for your business.
Factors that affect sales forecasting
Changes in sales territory
In cases where territory assignments are shuffled, boundaries are redefined, or a new sales territory management plan is introduced, there are chances of a temporary dip in sales. However, sales will rise to an even higher point once the company’s sales representatives adjust to their new territories.
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Changes to products or services
Whenever a business introduces a new revenue stream or releases highly-anticipated features, the changes will impact their sales forecasting methods. If a new offering enables sales representatives to speed up the sales cycle or increase their win-rate, the sales forecasting methods used should reflect positive gains.
Market changes in supply and demand
If companies don’t acknowledge the market changes, sales forecasting can eventually become ineffective. If there’s a growing need for the company’s product or service, that’s a sign the business can be more optimistic in their sales forecast and projected growth.
Depending on what is being sold, a company’s sales might naturally rise and fall during certain times of the year. This is different from market changes as seasonal highs and lows occur on a cyclical basis.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us