Data-Driven Sales Forecast Are Essential During These Uncertain Times

Data-driven sales forecasts are essential during these uncertain times. In this blog, we explore how Covid-19 has changed the relationship between RevOps and sales teams.

A global pandemic can bring many companies to their knees, and only those able to adapt and plan ahead will have the upper hand. Even before Covid-19 caused chaos around the world, sales forecasts were an essential tool to predict business growth and invest in a stock. As many retailers know, the global supply chain is delicate, and one wrong move can disrupt international trade. Even a slight cash flow problem and bring down even the most well-known brands on the market. Now add a global pandemic into the mix with mass panic, unemployment, and consumers stockpiling products, and you can really see the importance of data-driven sales forecasts!

In this article, we’re going to take a look at the role of RevOps in relation to business growth and how revenue operations can help to safeguard your business even during these uncertain economic times.

RevOps, Covid-19, and Business Growth

Let’s be honest; no-one was really prepared for the impact Covid-19 had on the international stage. This global pandemic swept across the world within weeks, leaving a trail of economic destruction, not to mention the fatalities it continues to cause. For small to medium-sized businesses, Covid-19 presented an unimaginable challenge in terms of sourcing stock, cash flow, sales, and finances. Many businesses, including well-established household names, went under in 2020, leaving thousands unemployed, and international trade almost came to a complete standstill.

While Covid-19 certainly took us by surprise, there are some extremely valuable lessons to be learned! Although sales teams are essential, having data and accurate sales forecasts is the only way to predict how Covid-19 will play out and also to prepare your business for future pandemics. Having revenue operations working with your sales team could be the difference between success and business growth, or calling it a day! The power of RevOps is finally being realized, and this is going to benefit everyone involved!

How RevOps Work Within Your Team?

Data, metrics, sales forecasts, and predictive analytics is the bread and butter of RevOps. Able to take a top-level approach to your whole business model, RevOps will work alongside your sales operations team to manage your stock levels, inventory, purchase decisions, and profit margins. Analyzing the ever-changing global marketplace will help you to make more informed business decisions and less impulsive investments. RevOps can also seek out opportunities for business growth as well as guide your managers towards a shared goal. From social media and content creation to PPC and conversion, think of RevOps as the glue that holds your teams together.

RevOps Play A Crucial Role In Business Growth

Now let’s explore the role of RevOps and how this impacts business growth.

Using PPE production and sales as an example;

Covid-19 caused mass panic, which, in turn, encouraged many companies to start manufacturing PPE. While this was essential in the first quarter of the pandemic, the shift to PPE production continued well into summer and winter. While this move economically benefits those who acted quickly, companies late to the table likely now have a stockpile of PPE that they might be forced to sell at a loss into 2021.

Many manufacturers are now facing an uncertain future in the UK after answering the government's plea to mass-produce PPE. Taking out business loans and expanding their workforce to meet the sudden rise in demand for surgical masks and gowns, many companies are now left confused, in debt, and with significant cash flow problems.

If you take advantage of sales analytics and have a RevOps team keeping a close eye on the international marketplace, you will likely avoid such mistakes in the future or be able to quickly adapt and benefit should a situation like this occur again. Having data-led decisions at your fingertips will only ever give your business advantage! Knowing when to invest in stock and when to expand or retract your product range will help keep your business ticking over nicely, during uncertain times or not.

The Covid-19 Impact On The Sales & RevOps Relationship

How did the impact of Covid-19 have on the relationship between sales operations and RevOps?

Traditionally, RevOps teams share data and define KPIs, which creates opportunities for Sales Ops to connect with customers earlier in the life cycle. RevOps also put together sales forecasts and KPIs. Having achievable KPIs is important in order to analyze your team’s performance and to know when sales representatives aren’t meeting your expectations. During uncertain economic times, KPIs need to be amended and adjusted. This is where RevOps can help. Rather than see KPI targets as a stressful and difficult goal to reach, RevOps will put forward realistic and data-driven sales targets according to the global economic environment.

In addition, sales forecasts from RevOps will help the sales team meet their KPIs by identifying red flags early on in the sales pipeline and provide a course-correction before it causes damage to your business.

RevOps are also able to work with sales operations and discuss where and when change is needed. This may involve budgeting, marketing, and profit margins. Adjusting your prices based on products or services that are about to be in demand will help your business to succeed and grow.

This blog post was co-written with my colleague, Yaron Schechtman, VP of Sales @ Syte. To learn more about the role a revenue operations manager can have in a Saas company and how you can unlock company growth, feel free to check out my blog.