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Morning everyone, it's Alex here. Hope you're doing well. In today's video, I want to cover best practices around forecasting on HubSpot and how you can use the forecast tool, which I feel like still it's a bit of an underrated feature on HubSpot. So first of all, if you navigate your sales section and click on forecast, you will be redirected to this type of screen and you'll actually be prompted with a message to set up your goals on HubSpot. So very importantly, I think to effectively use your forecast tool very importantly to add your goals on HubSpot first. So let's go ahead and do that first. So if I go on, uh, that button and click on create goal, I always want, uh, in these situations to create a goal from template. And I'm just going to name this our revenue goal and the sales type of goal.
And it's actually a goal based on revenue. What I'm gonna do now, I want to make sure you, uh, click this yes button because you intend to forecast on the goal. And in terms of the contributors, you can select all of the people that you want to set revenue goals against. Unless that person has a sale seat, you won't be able to assign a goal to them. And now you also need to select the pipeline that you want to use and click on next. Now I can go ahead and apply a certain target every single month, or if the targets are different every month, I'll need to manually enter those targets. So let's just apply a standard goal of 5,000 pounds every month, pick next, and then that's the process of setting up the goals. If I go now into my forecast section, you will notice that now I'm able to see how much I've closed within a specific period versus a specific goal.
And I can obviously adjust this if I only want to see, for example, the forecast for this month. You'll notice the 5,000 pounds goal versus how much was achieved so far. What's really nice, I can also see how much I'm forecasting to close this month based on all of the deals across all of the stages in my pipeline. So this is dictated by how you've set your win percentages, part of your setting section. And what I really, really like is discovery ratio. So obviously you'll probably not be able to close a certain amount of revenue if you don't have at least, uh, one times coverage ratio or pipeline coverage. Obviously you want that to be, uh, a a lot higher than that. And what I really like, you can then go ahead and see all of the deals across all of the different stages and how they're weighted. And if you are a sales manager, for example, you can ask your team even to write forecast submissions. So maybe I can say that for this month I'm very confident I will actually, uh, bring in 6,000 pounds. The last thing I wanted to show you is as the month progresses, obviously
Things might change, right? So as a manager you probably want your sales reps to come in here and actually submit multiple forecast requests and maybe I get another new deal and this forecast amount will become 7,000 pounds. Now, as a manager, whenever you come in here and if you want to look into how Alex is doing, for example, I can then come into this section and I can actually see what were the different forecast amounts across different days within the month or within the quarter. So really, really cool feature. You can leave notes as well if you want to give more insights about that forecast. So highly recommend you setting up your goals using the forecast section and you know, using this in your weekly reviews with your team. Hope you like this video. Let me know what you think in the comments and what other type of content you'd like to see. Have a great day. Bye bye.
And it's actually a goal based on revenue. What I'm gonna do now, I want to make sure you, uh, click this yes button because you intend to forecast on the goal. And in terms of the contributors, you can select all of the people that you want to set revenue goals against. Unless that person has a sale seat, you won't be able to assign a goal to them. And now you also need to select the pipeline that you want to use and click on next. Now I can go ahead and apply a certain target every single month, or if the targets are different every month, I'll need to manually enter those targets. So let's just apply a standard goal of 5,000 pounds every month, pick next, and then that's the process of setting up the goals. If I go now into my forecast section, you will notice that now I'm able to see how much I've closed within a specific period versus a specific goal.
And I can obviously adjust this if I only want to see, for example, the forecast for this month. You'll notice the 5,000 pounds goal versus how much was achieved so far. What's really nice, I can also see how much I'm forecasting to close this month based on all of the deals across all of the stages in my pipeline. So this is dictated by how you've set your win percentages, part of your setting section. And what I really, really like is discovery ratio. So obviously you'll probably not be able to close a certain amount of revenue if you don't have at least, uh, one times coverage ratio or pipeline coverage. Obviously you want that to be, uh, a a lot higher than that. And what I really like, you can then go ahead and see all of the deals across all of the different stages and how they're weighted. And if you are a sales manager, for example, you can ask your team even to write forecast submissions. So maybe I can say that for this month I'm very confident I will actually, uh, bring in 6,000 pounds. The last thing I wanted to show you is as the month progresses, obviously
Things might change, right? So as a manager you probably want your sales reps to come in here and actually submit multiple forecast requests and maybe I get another new deal and this forecast amount will become 7,000 pounds. Now, as a manager, whenever you come in here and if you want to look into how Alex is doing, for example, I can then come into this section and I can actually see what were the different forecast amounts across different days within the month or within the quarter. So really, really cool feature. You can leave notes as well if you want to give more insights about that forecast. So highly recommend you setting up your goals using the forecast section and you know, using this in your weekly reviews with your team. Hope you like this video. Let me know what you think in the comments and what other type of content you'd like to see. Have a great day. Bye bye.
If 2023 is the year when you want to put more structure in your sales team's processes and truly take forecasting to another level, you should definitely use the Forecast tool on HubSpot
The Forecast tool is such an underrated feature on HubSpot, and one that shouldn't be missed by any sales leader to give insights to management teams and run pipeline review sessions. I am giving away all the good tricks in today's video.
I would love to hear your feedback in the comments below 👇🏻
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