See The Future: Use Technology for Better Forecasting

Jan 22, 2021 10:15:00 AM / by ShareBuilders

TechnologyForecast

As an already fast-paced world speeds up, technology gives your team the edge it needs to succeed.

There is more data available than ever before, and with it comes more opportunity to successfully forecast and set prices. 

But who will crunch those numbers? If your data is limited to DIY spreadsheets and dated reports, then a software solution could be a true game-changer for your sales. 

 

Understand the past

Forecasting takes all of the information available and estimates what will happen next: what will be in-demand and when. It can show the peaks and valleys in a volatile market and ultimately, opportunities for growth. 

Technology can certainly help you forecast effectively, but understanding your history is important for your analysis.

Raw data can tell you specifics, like what you sold last year, recurring income, and how much you need to sell this year to hit your goals. But it’s when those numbers start to interact that things really come into view.

What happened during previous election years? Or during the holidays? Or major sporting events? At what level did your clients buy, and when did they dial back? What pricing trends have you seen over the past five years?

To answer these questions, your team might have to sort through years of data to organize it. But technology can do the same thing quicker, and with more precision.

 

Predict the future

Future ad pricing and demand is a moving target. A combination of historical data and current buying trends is the best way to estimate it. 

But it’s more than just collecting the data. There’s a difference between knowing the numbers, and understanding what they mean. A software solution can crunch the numbers and predict optimal future pricing in seconds.

 

Maximize your team’s skills

Make no mistake: technology can’t replace the value of human interaction. Your sales team is there to build trust and foster relationships with your customers. They’re there to answer questions and make potential clients feel comfortable and excited about placing an ad with your company. 

Using technology to deliver accurate forecasts and pricing to your team will allow them to spend more time out the door selling.. With data on their side, they can feel much more comfortable negotiating with customers or planning for next quarter.

 

Back up your decisions

Let’s say you have a fantastic salesperson on your team who’s been in the business for decades. She bases her pricing decisions on the rate card and her expertise. If she makes a seemingly risky call that lines up with the rate card’s suggestions, the sales team might understand why she made that choice - but corporate might not.

Even if your sales team’s instincts are right, it’s helpful to have the numbers to back them up. A software solution that delivers clear, concise data that aligns with your forecast provides the logic you need to explain your team’s decision making.

 

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Written by ShareBuilders