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How Do I Accurately Forecast Sales?
Forecasting sales is a major endeavor for privately held businesses of all sizes. Whether you lead a $2 million, $15 million, or $65 million organization, creating a solid sales strategy is critical for company performance. Successful plans take into account sales force management and buyer psychology as well as projected outcomes. Here are a few tips to consider when developing your plan.
- Build an accountable sales team.
Sales representatives have to know their territory. Creating accurate annual sales projections, quarterly confirmations, and monthly insights depends on the rep’s ability to build relationships with those who purchase your product or service. Work with your team to ensure that everyone understands the importance of anticipating the needs and buying behaviors of your clients.
- Share the value of pipeline management.
Lead your team in understanding the value of a full pipeline. Your sales representatives should always be working leads, whether hot or cold. Each team member needs a plan and contacts at all points in the pipeline, from cultivating new prospects to checking in with previous clients. Reps should be knowledgeable about their individual pipelines and must communicate their progress and insights with sales leaders.
- Motivate and inspire.
As the sales leader, you are responsible for bringing out the best in the people who represent your business. One of the most important things you can do is let the business development team know that you believe in and support them. When you inspire the people on your team, they will be motivated to do their best on the company’s behalf.
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