How to Create Sales Forecast for New Product Template

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Creating Sales Forecasts for New Products Standard Operating Procedure Department: Marketing/Sales Purpose: Forecasting demand for new products is difficult enough and is not an exact science and relies on judgement rather than statistical techniques. Despite sales forecasts enable to manage the business more effectively, it's often an ongoing process that needs frequent adjustments. The idea when building a sale forecast is to decompose the figure in a set of measurable sub-hypothesis. They are often the backbone of the business plan. Frequency: Annually Procedure: Create a working group. Look at similar business when you launch new product. Write down your sales assumptions. Generate a range of forecasts. Estimate the units that will be sold. Estimate the average price of the product sold. Estimate the average cost per product. Start with a pilot project. Monitor the launch. Modify sales forecast and adjust the numbers to sales evolution. Prepare and have in hand a contingency plan. Definition/Explanation: Working group: The working group could be composed of people from the sales team, marketing department etc. The goal is to take their insight to forecast sales. New product: Find out an existing product to use as a guide. Break it down by finding important decision factors or components of sales