What exactly is Hoop’s forecasting software and who should use it?
Hoop’s forecasting software is a powerful tool designed to transform pipeline data into reliable revenue predictions. It replaces the cumbersome process of spreadsheet forecasting with an intuitive projection interface. This feature is primarily built for sales teams, including reps and managers, to get performance insights for productive one-on-ones and consistently hit quarterly targets.
Service teams also benefit greatly by using their own dedicated pipeline view to effectively track renewals and upgrades. The tool acts as a shared home base for informed decisions across the entire organization, providing leadership with a comprehensive view of projections.
How does the Hoop forecasting tool calculate revenue predictions?
The revenue predictions in Hoop are grounded in real-time pipeline data, ensuring high reliability and accuracy. The system uses configurable categories and weighting to reflect how your business sells and services, improving the precision of every forecast.
Key features that enhance prediction accuracy include:
- Weighted pipelines: Utilize weighted deal stages to create probability-adjusted forecasts that account for deal certainty.
- Historical snapshots: Review past forecast snapshots to understand changes over time and continuously improve prediction modeling.
- Customizable categories and models: Tailor the forecasting setup to align perfectly with your unique sales process.
What are the different pricing plans that include forecasting?
The forecasting software feature is available across multiple pricing tiers on the Hoop platform to accommodate various business needs and scales. You can access this robust functionality in the following plans:
- Core Plan: Provides essential forecasting capabilities and pipeline visibility.
- Pro Plan: Offers enhanced features, including more advanced customization and reporting options.
- Enterprise Plan: Delivers the full suite of advanced analytics, unlimited customization, and team management tools for complex organizations.
Each plan is designed to ensure you get the right level of precision and insight to drive effective sales management and hit your revenue goals.
Can managers drill into individual rep performance data?
Yes, managers have full visibility and drill-down capabilities within the Hoop forecasting tool. Forecasts are set up to roll up by team, presenting a high-level view of numbers in a dedicated interface.
From this team rollup view, managers can effectively coach their staff by drilling down into specific team and individual performance data. This ensures productive 1:1 sessions and helps set teams up for success. You can also utilize customizable filters to slice the data by team, timeframe, and more, helping you focus only on the critical signals that matter most to your coaching efforts.
How long does it take to set up and start using the feature?
The setup for forecasting is designed to be quick and intuitive, typically taking less than an hour to fully configure once your CRM data is connected to Hoop. The platform natively integrates with your existing CRM, eliminating the need to export data to spreadsheets.
Key setup steps involve:
- Connecting your CRM for a seamless data picture.
- Customizing forecast categories and models to reflect your business structure.
- Setting up forecast permissions for accurate submissions and control.
Once configured, you instantly begin viewing sales revenue forecasts broken down by month or quarter, providing immediate time-to-value for your sales and service teams.
Does the forecasting software allow control over user permissions?
Absolutely. Maintaining control over your critical financial projections is a core component of the Hoop forecasting feature. You can limit user permissions to ensure data integrity and accurate submissions across your entire organization.
This permission control helps to:
- Maintain data accuracy by restricting who can submit and edit forecasts.
- Provide leadership with a comprehensive and trustworthy view of projections.
- Ensure that reps and managers only see the insights relevant to their responsibilities, promoting focus and action within the unified forecasting workspace.
These controls are essential for businesses that require strict governance over their revenue planning process within the Hoop platform.