{"id":59648,"date":"2023-01-24T16:42:44","date_gmt":"2023-01-24T05:42:44","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=59648"},"modified":"2024-04-02T16:45:04","modified_gmt":"2024-04-02T05:45:04","slug":"salesforce-forecasting","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/au\/blog\/salesforce-forecasting\/","title":{"rendered":"How a Strong Data Culture Can Make Your Forecasting More Accurate"},"content":{"rendered":"\n

Sales forecasts<\/a> are like weather forecasts: you rely on them to plan ahead, but they\u2019re worthless if not backed by data. They\u2019re also notoriously difficult to perfect. Only 45% of sales leaders are confident their organisations have accurate sales forecasts, according to Gartner<\/a>.\u00a0<\/p>\n\n\n\n

That\u2019s why at Salesforce, we\u2019ve created a whole culture around data that allows us to make consistent, accurate forecasts. The entire sales organisation plays a role in maintaining this culture. How can you do the same? Here\u2019s a deep dive into how a data culture can drive success now, fuelled by accurate Salesforce forecasting.<\/p>\n\n\n\n

\n\t
\n\n\t\t
\n\t\t\t

3 tips to increase your forecasting accuracy<\/h2>\n\t\t\t\t\t\t\t

Learn how Salesforce fosters a data culture that makes sales projections more precise.
<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

\n\t\t\t\t\tSee how we do it<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t
\n\t\t\t\t\t<\/div>\n\t<\/div>\n\n\t\t\t
<\/div>\n\t\n\t\t\t\n\t\t\"\"\n\n\t\t\n\t\t\t\t\t\"\"\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t\t\"\"\n\t\t\n\t<\/div>\n\n\n\n

Give everybody access to the data<\/h2>\n\n\n\n

This isn\u2019t about egalitarian ideals. Everybody in your organisation needs access to the data because everybody \u2014 from sales rep to exec \u2014 manages metrics that feed a forecast.  <\/p>\n\n\n\n

This starts at the opportunity level for the rep. Every rep reviews their sales dashboard so they can map out the best path to close a deal. Then, they dig into the sales process.<\/p>\n\n\n\n

Up a level, managers look into individual opportunity and pipeline statuses of their entire teams. They spot snags and delays, and coach reps to move deals along efficiently. <\/p>\n\n\n\n

\n\n\t\"\"\n\n\t\n\t\"\"\n\n\t
\n\t\t
\n\t\t\t\n<\/svg>\n\t\t\t

Build more accurate forecasts<\/h2>\n\t\t\t

Check out this Trailmix for an overview of how we generate and grow our pipeline. Learn about creating a data culture, managing prospects, and more.<\/p>\n\t\t\t\n\n

Visit the Trail<\/a><\/div>\n\n\t\t<\/div>\n\t\t
\n\t\t\t
+1,800 points<\/div>\n\t\t\t
Trailmix<\/div>\n\t\t\t

Getting Started with Forecasting and Pipeline Development<\/p>\n\t\t\t

<\/p>\n\t\t\t

\n\t\t\t\t
\n<\/svg>\n<\/div>\n\t\t\t\t
\n<\/svg>\n<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\t\"\"\n\t\"\"\n\n<\/div>\n\n\n\n

Finally, leaders review the progress toward sales targets for all teams in weekly executive forecast calls. We visualise data<\/a> from around the company in a single view. The question at this stage isn\u2019t just, \u201cHow are we doing now?\u201d but \u201cHow will things look at the end of the quarter and what can derail us?\u201d Identifying possible hurdles to hitting our targets is key to adjusting our strategy to stay on course. When pivots are needed, they\u2019re communicated to managers and reps, who adjust tactics accordingly.<\/p>\n\n\n\n

All of this is possible because data access is open across the company \u2014 no silos. This means everyone from reps to managers to the C-suite can focus on what\u2019s working and what needs more work. <\/p>\n\n\n\n

Take your data wherever it needs to go<\/h2>\n\n\n\n

In some extreme cases, sharing your first-party data with partners or suppliers can further enhance your business operations. Australian experience marketplace Big Red Group (BRG)<\/a> has started exploring ways of informing their network of supplies, to further enhance their own strategies and forecasting.<\/p>\n\n\n\n

BRG is mostly supplied by a network of small, family-sized businesses, many of whom haven\u2019t prioritised their own data collection or metrics. So offering them broader access to data and forecasting from a sales CRM has not only improved the quality of services on offer, it\u2019s given BRG a competitive advantage for attracting supplies to their service.<\/p>\n\n\n\n

Make everyone accountable for keeping data up to date <\/h2>\n\n\n\n

We depend on reps, managers, and leaders to keep pipelines moving and targets on track. With these checks in place, we can ensure accurate Salesforce forecasting, adjusting as needed to address business and market changes. <\/p>\n\n\n\n

But this accuracy is only possible if we collectively keep all data up to date. The value of a CRM pins back to sales processes (and corresponding metrics) being mapped and tracked in a single-view platform<\/a>. In fact, we have a golden rule about this: if it isn\u2019t in our system of record, it doesn\u2019t exist. <\/p>\n\n\n

\n
\n

If anyone fails to do their part, forecast reviews are inefficient and inaccurate since they\u2019re based on stale data.<\/p>\nYan Pu<\/cite><\/blockquote>\nSalesforce VP, Sales Operations & Strategy<\/span>\n