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Avoid Inefficiencies in the Future, Apply Demand Planning Software

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There is nothing more exciting than launching a new line of products in your inventory. It keeps your portfolio fresh and is essential to attracting customers for repeat sales. But we have been noticing that customer demand is not stable in the last couple of years. In situations like these, you might want to consider effective demand planning software to test out how your new product will perform when it gets launched. 

It seems like a mystery to determine how customers will react to new products or understand how much to order without any previous sales history. But with effective KPIs and complete visibility, you can access end-to-end transparency to your supply chain and make better decisions. This article will emphasize 10 crucial steps to evaluate the future demand for new products. 

Take a collaborative approach 

While creating a forecasting strategy for a new product launch, make sure that you pick selected, proactive people from the marketing, sales, and technical departments to deliver enriched information for a successful launch strategy. This core team will mainly focus on providing a comprehensive roadmap to launch the new line of products in the market and evaluate the demand planning and forecasting strategy. 

Give weight to assumptions  

Collectively understand the resources you get from market research, potential future customers, buyer surveys, and marketing. While evaluating future demand for new products, consider giving weight to assumptions such as: 

Number of target customers 

Potential buyers who can purchase a sizable number of products 

The ideal time of purchase  

The pattern of repeat sales and replacement orders 

 

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