Forecasting Demand for New Products
Aaron Ethridge
Last Update 9 gün önce
Estimating demand for new products can be challenging without historical sales data.
Planster provides practical methods to accurately forecast initial demand using benchmarking and market research techniques.
Follow this guide to set your new product forecasts effectively.
Benchmarking helps you leverage sales data from existing products that are similar to your new product.
Identify a comparable product within your portfolio or from competitors, considering factors like:
Product type
Price point
Target market
Sales channel
Navigate to the Demand Plan section and select the new product.
Copy the historical demand pattern from your benchmark product.
Adjust the baseline demand up or down based on expected differences in performance.
Enhance your forecast with additional insights gained through market research:
Evaluate market trends and category growth.
Analyze competitor performance and market positioning.
Incorporate consumer survey results or pre-order information if available.
Adjust your forecast accordingly in the Demand Plan interface.
Consider additional factors specific to your product launch:
Planned marketing activities and promotions
Seasonal timing of the launch
Distribution strategies
Adjust your forecast values to reflect these influences.
Carefully review your forecast to ensure alignment with strategic expectations.
Make final adjustments based on stakeholder feedback or additional insights.
Confirm and publish your finalized demand plan.
Regularly monitor sales performance in the first few weeks after launch.
Quickly refine and adjust forecasts based on real-time data to ensure accurate future predictions.
Start with conservative forecasts and increase orders based on actual sales performance.
Continuously integrate market feedback and adjust accordingly.
Need Further Assistance?
For personalized advice or assistance with forecasting your new products, please contact Planster Support—we're ready to help!