Sales Forecasting

Recent Posts
Twitter vs Facebook Threads: What Industry Experts Say? 3 Basic Ways to Rank Your Ecommerce Website in Search Engine Pages Finding The Top Long Island Marketing Companies How to Get Verified on Instagram How Do I Calculate Shipping Costs? How Do I Start a Dropshipping Business? Hiring A Marketing Company Can Change Your Business Outlook! Confirmed: Google To Stop Showing Ads On Right Side Of Desktop Search Results Worldwide How Do You Do Facebook Marketing? Benefits Of Marketing With Facebook Facebook Marketing Is A Winner Key to Creating Loyal CustomersSales forecasting is simply the process of predicting future sales. Generating accurate sales forecasts enable business and marketing strategists to make better business decisions and leverage their position in their respective niche.
In order to obtain accurate sales forecasts, a business requires extensive data from previous years. This kind of information can be analyzed for trends and patterns which can be interpreted and tested for future results.
If a business does not have this information, they can use market research and other less accurate information to forecast the future of their sales performance.
Why is Sales Forecasting Important?
When a business has established their sales forecast, they gain competitive insight on how to manage their cash flow, marketing budget, and work processes.
Essentially, sales forecasting allows you to:
- Determining production capacity (i.e. availability of equipment, process of cash flow, costs of employment, etc.)
- Establishing a sales budget (i.e. for advertisements and other costs associated with customer acquisition)