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Post Webinar: Forecasting Revenue with HubSpot's Sales Tools

August 15, 2023

Sales forecasting is a critical aspect of any business, allowing teams to make informed decisions and plan effectively. In a recent webinar, experts from HubSpot shed light on the significance of sales forecasting and how it can empower sales teams to predict their performance with greater accuracy. Many businesses still lack a proper forecasting process, relying on guesswork or historical financial data without involving the sales team. To address this gap, the webinar delves into creating a reliable sales forecasting system using HubSpot's Sales Tools.

Understanding the Forecasting Techniques

Yehudi, the product manager for forecasting and deal management at HubSpot, explored the different forecasting techniques supported by their platform. He discussed two main approaches: the unweighted sales pipeline method and the weighted sales pipeline method. The unweighted method involves summing up the total value of deals in a given period, while the weighted method considers the likelihood of closing each deal by multiplying the deal's value with its probability of closure. Yehudi highlighted the advantages of each approach, with the weighted method providing better accuracy and insights, making it a powerful tool for sales teams.

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Property Validations

The webinar's next segment covered three valuable updates related to property validations. Users can now set up specific rules for properties, ensuring data accuracy and improving data maintenance and cleanliness. For instance, rules can be implemented to accept only valid date properties, preventing input errors. Moreover, the "Repeat a Past Import" feature allows users to reuse import templates for similar spreadsheets, saving time and effort. Lastly, a new error check for broken external links in the SEO tool aids in improving backlink profiles and overall website SEO.

Adding Flexibility with Manual Forecasting

Flexibility is crucial in sales forecasting, considering the dynamic nature of deals. Yehudi introduced manual forecasting and forecast categories as tools to enhance flexibility. Manual forecasting allows sales reps and managers to consider additional information, enabling them to make more accurate predictions. Forecast categories provide secondary categorisation based on the confidence level of deal closures, allowing for a nuanced approach to forecasting. Yehudi emphasised the importance of having a defined sales process and using clear criteria sheets to handle subjective inputs, ensuring a usable and reliable forecasting process.

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Gaining Insights with the HubSpot Forecast App

The HubSpot Forecast app provides valuable insights for both managers and reps. It offers high-level statistics and trends for managers to track performance and compare forecasts against sales targets. On the other hand, reps can inspect and edit the properties of their deals through the rep view, enabling data-informed conversations during one-on-one meetings. The use of deal tags allows for prioritisation based on different criteria, ensuring that sales teams stay on top of their forecasting and sales activities.

Benefits or Proper Forecasting

The webinar highlighted the various benefits of a well-executed forecasting process. The HubSpot Forecast app's user-friendliness and customization options enable easy prioritisation of deals, leading to improved accuracy. The tool's clarity and at-a-glance information aid decision-making and save time, particularly for those transitioning from spreadsheets to a CRM-based forecasting solution. Accurate forecasting not only benefits sales teams but also positively impacts other areas of the business, enabling better planning and resource allocation.

Future Enhancements with HubSpot Sales Hub

Looking ahead, HubSpot is continuously innovating its Sales Hub to provide even more valuable features to users. Upcoming enhancements include the prospecting workspace, deal board enhancements, forecast intelligence, and improved reporting for managers. These additions will further empower sales teams, offering them comprehensive tools to drive growth and success.

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The webinar on sales forecasting and HubSpot's Sales Tools provided valuable insights for businesses looking to enhance their forecasting processes. Emphasising the importance of working together as a team and using reliable data, the webinar highlighted how HubSpot's Sales Hub can be a game-changer in achieving accurate sales predictions. With new features on the horizon, businesses can look forward to maximising their sales potential and making data-driven decisions with confidence. Don't miss out on the opportunity to gain a competitive edge with HubSpot's Sales Hub!

Want to watch this webinar? Click here.

If you’d like to chat to BBD Boom about HubSpot CRM, book a call with our Growth Consultant Mike.


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