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    Market forecasts: how to monitor trends in your business and seize opportunities

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    Increasing your company profits not only requires a good marketing campaign to help you make a name for yourself, but above all a sales strategy that takes market trends into account. To get the most out of your sales department, you need to rely on market forecasts that take into account trends in your business, stock market trends, possible demand and help you calculate the right price to sell your products.

    The first investment your company needs to make is in artificial intelligence. Investing in software such as a virtual agent means putting the computing power of these technologies at your service to get reliable and accurate market forecasts on which to base the your sales department optimisation. 

    Data proves that this is the right choice: the artificial intelligence market is growing steadily, according to data from the Politecnico di Milano Observatory, in 2021 it recorded an increase of 27%, twice as much as in 2019. Large companies have already realised the opportunities offered by AI, with SMEs now entering the market, increasingly aware of how to use it to optimise business processes, reduce operating costs and increase profits.

    What a market forecast is for and what opportunities it offers

    Market forecasts are indispensable for any company that wants to estimate what the sales volume of its products will be over time. If it produces less than the potential sales volume, or excess products that remain unsold, the company makes a loss. 

    For example, with a production excess, the invested budget will not produce the expected revenue due to unsold goods. On the contrary, having fewer products than could be potentially sold leads to several problems: harms the brand image by not meeting demand, and increases production costs, with the risk of not achieving desired profits.

    Outlining your sales strategy on the basis of forecasts that are reliable and as accurate as possible is crucial, and the best way is to use quantitative methods, which require the processing of a large amount of data to obtain consistent statics and sales models that are as realistic as possible. By entrusting the task to virtual agents, sales managers can rely on efficient and accurate market forecasts that help them make the best business decisions.

    How a virtual sales manager can grow your business

    Imagine you are a sales manager and you want to develop a strategy that allows the business to grow. You’ll need to make sales forecasts that analyse and monitor trends in specific target markets, estimate the expected sales volume and decide on price changes or promotions, if any.

    Now imagine you have a virtual sales manager, i.e. artificial intelligence software able to make market forecasts for you, processing a large amount of data in a very short time and constantly monitoring your target markets.

    Thanks to this virtual agent, a human sales manager can get an analysis of market trends that take into account the expected demand for products also based on news, social sentiment and web search statistics. Algorithms then make it possible to produce a demand curve that is truly accurate, basing the expected sales volume on both internal company factors and external environment factors.

    Finally, by combining all the previous data, the virtual agent can suggest the optimal sales price for each chosen channel, helping you decide when to hold a product at full price or launch promotions, always maximising revenue and limiting any possible losses.