Accurate Sales Forecasting: Helping Businesses Unlock Manufacturing Growth

Transcript

1. Accurate Sales Forecasting: Helping Businesses Unlock Manufacturing Growth Optimize Resources & Drive Better Decisions With Accurate Forecasting Capabilities
2. Accurate Sales Forecasting: Why Does It Matter? Sales Forecasting Can Make Or Break A Company’s Success
3. Sales forecasting offers a series of benefits to the businesses that succeed in properly implementing it. LEARN MORE Guides better decision-making Improves efficient resources allocation Enhances supplier relationships and resource procurement Enhances customer experiences Reduces storage costs Sales Forecasting Can Make Or Break A Company’s Success
4. The Hurdles Of Modern, Dynamic Sales Forecasting Main Challenges Enterprises Encounter in Today’s Competitive Landscape
5. Although sales forecasting is critical for enterprises, many companies complain of three main bottlenecks when it comes to proper implementation of accurate forecasting models: 1.Lack of accurate data (59% of the respondents of this survey complaining) 2.Data integration and consolidation challenges (37% of the respondents) 3.Challenges regarding the cost of proper tools and tech solutions (30% of the respondents). Besides these three main challenges, respondents identify further barriers between their operations and accurate sales forecasting: Lack of trained employees in data management (24% of the respondents) Inability to adapt to market changes (6% of the respondents) The Three Main Challenges Of Today’s Forecasting Disclaimer: Statistics sourced from the Manufacturer's & SugarCRM's Unlocking Manufacturing Growth Whitepaper. DOWNLOAD FULL INSIGHTS
6. Intent Data: A Fresh Take On Business Intelligence Intent Data is Changing the Selling Game
7. Accurate sales forecasting plays a pivotal role in manufacturing. With such capabilities, companies can better predict demand, craft more efficient production schedules, and tackle inventory management challenges. Implementing proper sales forecasting protocols also allows enterprises to better adapt to market changes and shift from a selling-first business model to an added- value type of business. Accurate Sales Forecasting: Critical For Business Growth
8. Intent data refers to certain online behaviors of a company’s target audience that signal what steps they are most likely to take next in their buyer journeys. As such, when dealing with intent data, companies should investigate information that relates to: Online customer behavior Customer preferences Buying patterns Give Your Business a Kick By Leveraging Intent Data By leveraging these data sets, companies can gain a deeper undertstanding of their customers, their needs, preferences, buying dynamics, etc. As such businesses can craft more effective marketing and sales strategies, that fit each customer’s buyer journey phase. Here are the top three areas that intent data is benefiting companies leveraging it: 36% see a boost in online tool and tech solution usage across their enterprises 31% put a higher emphasis on delivering added-value services 30% move to data-driven business strategy.
9. From Data To Closing More Deals Empower Sales Teams to Close More Deals with the Right Tools and Solutions
10. Turning Data Into Sales: The Tools Having the right data management tools helps enterprises monetize their customer information. However, by looking at the data, only 45% of the respondents claim they are using dedicated CRM tools to manage data and customer interactions. A staggering 28% claim they are still relying on spreadsheets to track customer data and interactions. Sales forecasting capabilities that are usually found in robust CRMs are a surefire way to stay on top on changing customer behaviors, needs, and market trends as well: Keep track of quotes Better manage the followup process Identify gaps in customer training and education for added-value services Omnichannel capabilities that allow sales teams to engage with prospects remotely
11. Integrating modern sales force automation solutions and revenue intelligence tools can drastically improve sales performance. For manufacturing enteprises, integrating ERP and CRM tools offers a plethora of advantages, disguised as customer 360 account management capabilities, that will offer quick access to both hard and soft data. Customer 360 account management capabilities will not only uncover insights on leads and opportunities, but much more: Sales orders Sales estimates Opportunities Product configuration Pricing Contracts Customer information Prospect information Calls Cases Events Turning Data Into Sales: The Tools
12. A Better Approach to Customer Journey From Opportunity to After-Sales Interactions
13. Salespeople's role has dramatically changed over the past couple of years because customer behavior also has changed. According to recent data, 62% of the manufacturers claim that mapping and paying close attention to customer journeys is highly important. 46% say new customer dynamics prevent them from reaching their sales targets. However, only 45% of the respondents claim they use a CRM for customer data management. Here are some top areas that customers seem to pay attention to before making a purchase nowadays: Sustainability and corporate responsibility Ways of carrying out personal research High-quality content that servers their research process Modern Sales: A Dynamic Landscape Accurate Sales Forecasting: Critical For Business Growth
14. How companies approach customer journeys and the sales process as a whole has become critical. Modern CRMs feature customer journey mapping capabilities that allows enterprises to be as exact and as formal as possible in tracking buyer’s journeys, from opportunity identification to customer after-sales care. Instead of focusing on closing deals, salespeople now prfioritize building long-term relationships with clients. There is a dramatic emphasis on acting as advisors who deeply understand their needs and offer personalized solutions tailored to their specific requirements. Modern Sales: A Dynamic Landscape
15. As salespeoples’ roles evolve, it’s critical to leverage the right tools and integrations to aid the sales process.
16. Ready to Learn More? READ THE FULL WHITEPAPER ➜ ➜