How can you create and manage marketing operations forecasts?

1 Define your forecasting scope

The first step in creating a marketing operations forecast is to define the scope of your forecast. This means deciding what marketing metrics and activities you want to forecast, such as leads, conversions, revenue, campaigns, channels, etc. You also need to determine the time horizon of your forecast, such as monthly, quarterly, or yearly. The scope of your forecast should be aligned with your marketing objectives and relevant for your stakeholders.

2 Gather and analyze data

The next step is to gather and analyze the data that will inform your forecast. This includes historical data, such as past performance, trends, seasonality, and benchmarks, as well as external data, such as market size, demand, competition, and opportunities. You should use reliable and consistent data sources and tools to collect and process your data. You should also perform data quality checks and validations to ensure accuracy and completeness.

3 Build your forecasting model

The third step is to build your forecasting model based on the data and the scope you have defined. There are different types of forecasting models, such as simple averages, trend extrapolation, regression analysis, or machine learning. The choice of the model depends on the complexity and uncertainty of your forecast, as well as the availability and quality of your data. You should test and compare different models to find the best fit for your forecast.

4 Communicate and align your forecast

The fourth step is to communicate and align your forecast with your stakeholders, such as your marketing team, senior management, sales, finance, etc. You should present your forecast in a clear and concise way, using visualizations, dashboards, and reports. You should also explain the assumptions, limitations, and risks of your forecast, as well as the actions and resources required to achieve it. You should seek feedback and input from your stakeholders and adjust your forecast accordingly.

5 Monitor and update your forecast

The final step is to monitor and update your forecast regularly to track your progress and performance. You should measure and compare your actual results with your forecasted results, using key performance indicators (KPIs) and metrics. You should also identify and analyze the gaps and variances between your forecast and reality, and understand the root causes and implications. You should update your forecast based on new data, insights, and changes in the market and environment.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?