Using CRM to Forecast Sales & Report Production Efforts

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  • 0:04 Forecasting & Reporting
  • 0:42 Forecasting Sales Using CRM
  • 2:36 Tracking Impact
  • 3:15 Tracking Production Efforts
  • 3:51 Lesson Summary
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Lesson Transcript
Instructor: Savannah Samoszuk

Savannah has over eight years of hotel management experience and has a master's degree in leadership.

Every business wants to be able to accurately forecast their sales and production efforts to ensure proper materials and staffing. Using your CRM can make both of these processes easier.

Forecasting and Reporting

Wouldn't it be nice to know exactly how many deals you were going to close next month? Susan is the sales manager of a hotel, and she needs to know how the hotel is doing when it comes to sales. Most companies use multiple ways to forecast sales. It is important to be able to forecast your sales for many reasons. You want to make sure that you are selling your products or services, and you want to make sure that you are prepared for future sales as well. Using your customer relationship management (CRM) system can help to forecast sales and report production efforts.

Forecasting Sales Using CRM

Your CRM system has access to customer information that can help forecast sales. Customer purchase history, reason for not purchasing a product, potential purchases, and inquiries are all information stored in your CRM that can be used to determine your future sales. There are three ways that you can use your CRM to forecast sales.

One way to use the information in your CRM to forecast sales is by using stage conversion ratio. This ratio uses the history of your wins and losses to determine a ratio of conversion depending on the stage the deal was in. For example, Susan can use this ratio to see the deals the hotel won or lost in the past and see what stage the deal was in. If there are multiple losses in the same stage it can help Susan determine the problem with closing a deal.

Another way you can use the information in your CRM is by looking at the age of deals in your business. This can help to determine the amount of time it is taking to close a deal and how many deals are open. This can help to predict the amount of sales in the future. Susan can see the average time it takes to close a deal to help forecast future sales. For example, it takes on average of one month to book a group at the hotel's conference center. Knowing this can help Susan forecast future sales.

The last way to use the information from your CRM is using a rolling prediction. You can use the information in your CRM to determine how many sales are close to being completed. For instance, Susan checks with her sales department to see that there are currently seven contracts for conferences nearly completed for the upcoming holiday season. This allows Susan to estimate future sales for following years.

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