Forecasting is a very complex topic, and forecasting processes can vary wildly across different businesses. To ensure accurate predictions, it is crucial to have an effective forecasting tool that can adapt to your specific business needs, sales processes, and cadence of forecasting. In this article, we’ll dive into multiple use cases to drive ROI (return …
Here are highlights from article 10 Salesforce Forecasting Best Practices | Salesforce Ben
1. New Business vs. Existing Business:
– Acquiring new customers is more costly and resource-intensive than retaining existing customers.
– Sales process has higher success rate with existing customers compared to new customers.
– Separate forecasting for new and existing business using Forecast Types.
2. Forecasting by Delivery Dates:
– Predict and manage sales based on product delivery dates.
– Useful for businesses with longer sales cycles or when product availability affects sales.
– Estimate stock needed or revenue based on timing of product deliveries.
3. Forecasting by Revenue Schedule Date:
– Predict and manage revenue based on specific schedule dates for payments or revenue recognition.
– Useful for subscription-based services, recurring revenue models, or contracts with multiple payment installments.
– Provides granular view of cash flow and revenue realization over time.
4. Forecasting with Team Selling:
– Allocate contributions by total Opportunity Amount or by product amounts when multiple sales teams are involved.
– Enable Opportunity Teams and set up Opportunity Splits.
– Product Splits allow for even greater granular definition of splits at the Opportunity Product level.
– Data is reportable and forecastable, allowing for analysis by user, product, role, etc.
5. Example of Forecasting with New Product:
– Use forecasting tools and processes to predict sales and revenue for a new product.
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