How do you predict the impact of new product launches or pricing changes?
Launching a new product or changing the price of an existing one can have a significant impact on your sales performance. But how do you estimate the potential outcomes and plan accordingly? In this article, we will explore some sales forecasting methods that can help you predict the impact of new product launches or pricing changes.
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Pilot testing:Before a full launch, release your product to a small market. This helps you understand customer response and adjust accordingly. It's like dipping your toes in the water to gauge the temperature before diving in.
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Cross-functional insights:Involve teams from across your company when forecasting. Their diverse perspectives can spot trends you might miss, ensuring a well-rounded view of potential outcomes. Think of it as assembling a dream team for your business playbook.