SalesResources.com - Forecasting Articles

Are Your Sales Forecasts As Accurate As The Local Weather Forecast?

Sat, 31 Jul 2010 06:25:01 CST

Experience has taught me that most organizations rely on one or two of the most popular forecasting methods already in place. While these methods suffice when it comes to predicting a probable total outcome number, they can completely miss the boat when it comes to identifying which line items will actually close or what to do if an opportunity is not fully developed. My objective is to help you leverage some Value Selling concepts to zero-in on the actual line item of the forecast and what to do about it if it is underdeveloped. In the most common forecasting method used by leading B2B sales organizations, each forecast item is assigned a probability of closure (arrived at by the sales persons gut feel or a set of defined - sequential - purchasing milestones) in terms of percentages, 25%, 50%, 75%, 90% and the like. They then multiply the probability by the dollar amount to derive the forecasted performance. Often, the management chain further factors those numbers based on t

What Are Your Expectations For Your Forecast?

Sat, 31 Jul 2010 06:25:01 CST

Do you give your forecast the focus and attention it deserves? If you are not honest and ruthless about your forecast-and at what stage it is truly at-how can you be successful? How you manage your forecast is usually a good indicator of how you manage your business in general. What does your forecast tell you? Your forecast is the direct barometer of what is happening and going to happen in your business. If you are not treating that as a priority and as a serious measurement in your success, then you are destined have a lot of disappointment. I have been interviewing CEOs about the sales game. What they love most about sales people is their energy and their "do-what-it takes" attitude. The thing they dislike most about sales people is misinformation and inaccurate forecasting. The phrases I heard most often were: "overstating numbers,"fabricating of information" and "general BS." CEOs want honest and truthful answers because they manage their business based on actual results,

Improve Forecasting By Avoiding These 10 Mistakes

Sat, 31 Jul 2010 06:25:01 CST

We all make mistakes when selling our product or service. Here are the most common sales mistakes people make. Early in my career I have to admit I have made many of these mistakes. Sherri said this was an area that we all could improve in. Sales Mistake # 1: Allowing a prospect to lead the sales process. As you know the best way to control the sales interaction is to apply a Quid Pro Quo sales approach. You want to establish a reasonable give and take relationship with your prospects early in the sales cycle. Selling is about relationships. Too many time sales people put themselves in a subservient position and let prospect run allover them. You would never let any other person in their life get away with this so why let prospects? If prospects are in control how can you impact the closing date thus have an accurate forecast? Who can think of an example where this has happened to you and would like to share? Sales Mistake # 2: Not completing pre-call research. One of our s

4 ways to maximize the last few weeks of the year.

Sat, 31 Jul 2010 06:25:01 CST

Streetfighters always seem to outperform other salespeople and, if you ask them how they do it, youll find they do the little things a little bit better. This is a great example. Right now is the time of year when potential customers start saying "call me next month" rather than see you today. Why? It becomes easy to mentally wind down and wait to start fresh in January. But not Streetfighters. We look for ways to maximize this time. So here are four ways you can uncover new opportunities and deepen customer relationships while the competition is dozing: