How can mentors help Sales Development professionals forecast more accurately?

Proper sales forecasting begins with proper tracking. "Knowing your numbers" is also a critical component of activity planning. If an employer does not track sales activity or provide tools and guidance to do so, a do it yourself approach will push a young sales professional to the top of the leader board.

One of the things i enjoy doing is providing a 30-minute product overview to explain the history as well as the market position we strive to serve. Using examples and user stories builds rapport and begin to develop the relationship between Product Development and Sales

Very valuable message , great advice. Often we assume our mentees absorb information through a vague osmosis concept. Clearly the uptake of the learning is a function of the quality of the message. Moreover mentors overlook the need for feedback to assure the message was accurate and to refine the lessons moving forward.

It starts with defining what great looks. Early on, salespeople tend to believe their pipeline is always healthier than it is. They need to understand that quality will always be more important than volume. Develop a scorecard/criteria so they know what great looks like and share best practices. Have them present their pipeline like you were an investor to help validate the health of their pipeline and teach them to think critically about their business. Work with them to build out a structured monthly review plan/action items based on the above with weekly touchpoints to help refine and execute on the pipeline. Consistency is key in this area and before too long they will have their pipelined dialed in.

A mentor is able to help their mentee spot warning signs that if ignored could lead to false assumptions, over confidence with projections and strategic misdirection. Why waste time making avoidable mistakes? A good coach is able to step in at critical moments to ask questions that help mentees recognize pitfalls in their analysis. This bolsters the SDR's confidence and accelerates their professional progress and value within their organization.

Mentors are great for a number of reasons but helping you get a more accurate forecast is definitely one of them. Forecasting is equal parts an art and a science and improves with practice. IF you can tap into someone with more experience who can help you look at and talk through your pipeline for a realistic forecast it will help you learn to see patterns you may have otherwise missed. Sometimes learning at the pace of experience isn't fast enough- this is where mentors can give you an edge.

Mentors can help SDR's by providing coaching & guidance, sharing their own experience & constructive feedback, and applying their knowledge of proven forecasting techniques & strategies. Furthermore, mentors can review the past forecasts, examine the previous assumptions, analyse the process, then suggest the best practices to assure realistic results.

To have a culture of a good sales forecast accuracy, mentors should help their mentees in getting the basic foundation right. These includes; 1. Understanding demand drivers: Mentees should have a good understanding of what drives demands for each brand and product within their region. Consumer behaviour towards a brand is driven by various factors, what are those? 2. Tracking historical data: It is important mentees keep acurate data history. Numbers should be well queried and broken down into bits. 3. Taking note of seasonalities: Some brands can be affected by seasons and weather. Mentees should take cognisance of these brands. 4. Following the trends: Mentees should be up to date with different consumer trends within the region.

Forecasting is a critical process in achieving targets it may motivate the team if done correctly or it may demotivate the team both management and sales if not accurate. For a case in agrochemical industry where sales forecast turns disastrous when weather predictions goes wrong. A mentorship in this case is crucial and their presence is much needed. A mentor is important for SDR's fast learning and career growth.

Encourage SDRs to keep an update record of the activities, present and past. This will be a great source of raw data to build a great forecast. Using field reconnaissance, data collection and dat analytics will also be a great tool for accurate forecast

I have found that over-reliance on mountains of data can lead to paralysis or conservative forecasting. This can, in turn, lead to the SDR stepping away from reason and making judgment calls that may suit the bias of corporate leaders which will not help the company in the long run. Better to know what information to retain and what to ignore in making a forecast so as to avoid the state of paralysis/ knee jerk decisions. Mentors can assist in that data simplification process and offer independent and unbiased perspectives.

Mentors can coach the sales person to know their customers well, the processes at the customer and what ticks where and how. This is an essence of a good forecast which comes from knowing what the customer is going to do rather than using a statistical model.

Here are three challenges of forecasting: 1. Data Quality and Availability: Insufficient or inaccurate data can lead to unreliable forecasts. Gathering and maintaining high-quality data is a challenge, especially in industries with rapidly changing variables. 2. Market Uncertainty: Economic fluctuations, changing customer preferences, and unforeseen events (like the COVID-19 pandemic) can disrupt forecasts. Adapting to unpredictable market conditions is a constant challenge. 3. Complexity of Variables: Forecasting often involves numerous variables and dependencies. Managing and analyzing these complexities can be challenging, especially when dealing with multifaceted business models or industries.

Here are my three best practices for forecasting: 1. Diverse Forecasting Methods: Use a mix of forecasting techniques like time series analysis and regression to improve accuracy. 2. Regular Review and Adjustments: Continuously update forecasts with new data to keep them relevant and reflective of changing conditions. 3. Cross-Functional Collaboration: Involve teams from various departments to gather diverse insights and create more comprehensive and accurate forecasts.

Mentors can help sales development professionals forecast more accurately by sharing experiences, providing training in data analysis, emphasizing customer behaviour understanding, conducting regular forecast reviews and fostering collaboration within the sales team.