Forecasting is key to your pipeline
The top and the bottom of your sales funnel working in harmony.
As a consultant, it perhaps stands to reason that I’m rather keen on planning. Plans enable us to measure our performance and react quickly if we’re going off-track. And for me, the best way to ratify the team’s commitment to delivering the plan is by having the full team participate in creating it. In the field of project delivery, it doesn’t matter how much effort the team puts in if it’s in the wrong direction, or if the rest of the company simply isn’t ready for the change. And the planning principle applies to most areas of business. If I don’t have a plan of when, what and to whom I’m going to sell, then I shouldn’t be surprised when I don’t manage to hit my targets. So I’m always surprised when I’m working with clients whose view of sales targets and the sales pipeline extends only as far as their top-down annual forecasts and reports. I think most of us share the objective of selling the right thing to the right client at the right time. But to do that, we need to answer a few questions associated with our annual goals:
- What is our overall revenue target? Is it to grow our existing client revenue, or is it to capture new clients?
- If we wish to capture new clients, is there a particular segment we wish to target?
- Is there a particular product we want to push, or one we want to sunset?
- Should we be using the same strategy in each of our regions?