The art of forecasting in sales

Hi, I’m Michael and today we discuss the art of forecasting there are two ways of forecasting when you have a pipeline Number one is you put weight that means you had a large pipeline only works on large Pipeline where you have all your stages? qualification presentation Proposal which is the quote validation negotiation one you actually have a percentage and you wait for instance you have 1 million or let’s say 100,000 you are sitting in qualification. Well that is worth 10% 10000 euros you wait, and then you know to that date This is my weighted Pipeline this only works For large pipelines with many deals if you don’t have that which most people I know most gift companies I’m dealing with they actually don’t have that it is very hard Imagine you have 3 deals in there one is a million one is hundred K and 1 is 50 K if you start waiting? It’s going to be a mess. It’s never going to work. So what you do is another system. You’re going to say I Have a deal that is in commit or in upside What does that mean that means if I’m for instance? I sent them a quote I still have six weeks to go to the end of the quarter. I am confident I’m putting my hand in the fire that the deal is going to come in. That is a commit If I say however I have another deal in the proposal phase, it’s six weeks I know if they sign today their internal process is going to take 8 weeks I’m never going to get a deal for the end of the quarter that is an upside So what you do is you build a working set 10 deals in Commit and 5 deals in upside You will know as a sales manager that one or two of these deals in Commit will move to next quarter or next month But you also know that if you work hard some of these deals in upside you might be able to pull them into commit and that is what I call your working set so you build a working set of deals no commit deals in upside That is how you build a forecast with less deals if you follow that system. You will see that your Pipeline will be very visible and you will know what to do next I Hope you like it. Give it a thumbs up and subscribe for a lot more of this content. Thank you for watching

2 thoughts on “The art of forecasting in sales

  1. michel i personaly take a target of one lakh view by this month end…all the best ..keep do more video all the best for your grand success

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