A well-known market intelligence company, Infiniti Research, has announced the completion of their recent free downloadable resource on the ultimate guide to sales forecasting for a new product. This resource provides insights on the best sales forecasting techniques that companies can consider while launching a new product.
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How to forecast sales for a new product. (Graphic: Business Wire)
There are several proven techniques for sales forecasting, but when it comes to a new product, accurately estimating sales could prove to be a challenging task. This is primarily because there is no past performance data or estimates based on which sales can be calculated in the case of new products. Despite several challenges, sales forecasting is vital for planning the resources that will be needed to meet actual demand, including inventory, staff, and cash flow for new products.
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How to forecast sales for a new product
Based on existing products
This involves using sales volumes of existing products to forecast demand. This method is particularly useful if the new product is a variation on an existing one or has similar attributes. In this case, chances are that the new product will sell much like the existing product, especially if no major changes are being made to marketing and distribution.
Large companies and top market players often use market research techniques. With the help of adequate market research, companies can gain a comprehensive overview of their market position, key competitors, and factors influencing the sale of the new product in the market.
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Begin with a pilot project
Before launching a new product, it is advisable to undertake a pilot project on a small scale by rolling the product out to a small group of potential customers. Market reaction can then be gauged from sales reps to forecast sales for the new product.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us.