Types of sales forecasts

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Knowing whether current goals are likely to be met can help you set realistic goals for the next period.

Motivation
How are your salespeople performing? Are they doing well this month? The data provided by a sales projection can help motivate your team or confront them with the facts, which may be necessary.

And if that still doesn't convince you, a report from the Aberdeen Group concluded that companies that implement sales analytics are better at making decisions that positively impact their businesses. According to the report, these companies are:

93% better at walking away from bad deals

33% better at identifying opportunities with the highest chance of closing

27% better at adding more resources to deals that need support

For a company expanding its operations, the ability to make these decisions with confidence is key.

Times of growth are also times of uncertainty, and a good sales forecast provides a roadmap to help you plan for the next month, quarter, or year.

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There are several methods for projecting your income. Below are some of the most common methods for projecting sales.

Forecast by stage and opportunity
This model involves a detailed analysis of the deals in your sales funnel and the probability of closing each one. The closer to the end of the funnel, the higher the probability of closing.

Next, a probability is assigned to each stage of the sales funnel, which will help with sales analysis. For example, if you see that one in five leads who book a demo become customers, then, according to the sales analysis, this stage of the funnel has a 20% closing probability.