How to Use the Forecast Tool in HubSpot

Gain Clear Insights and Make Data-Driven Sales Decisions

 

The Forecast Tool in HubSpot helps sales teams monitor progress toward revenue goals by predicting potential revenue based on deal stages and their likelihood to close.

By setting up forecast categories, teams can refine predictions and manually adjust them based on real-time insights. This tool is especially valuable during one-on-one sales meetings to identify areas that need attention for achieving monthly or quarterly goals.

Before You Get Started

Permissions & Setup

Before using the Forecast Tool, ensure the following:

• Users have the necessary Forecast permissions in HubSpot.
• Revenue goals and forecast categories are configured.
• Users with Sales Hub or Service Hub Professional or Enterprise seats can access revenue reports.

Once setup is complete, revenue reports will be available for users with Sales Hub or Service Hub Professional or Enterprise seats.

Setting Your Preferred Currency

Each user can set their preferred currency within the Forecast Tool. This selection affects how forecast data is displayed and how manual forecasts are submitted.

Important Currency Considerations:

• Automatic Currency Conversions: HubSpot applies exchange rates based on the rates configured in your account.
• Open Deals & Goals: Use the most current exchange rate.
• Closed Won Deals: Retain the exchange rate from the time of closure for historical accuracy.
• Manual Forecast Submissions: Maintain the exchange rate at the time of submission.

Steps to Set Your Currency:

1. Go to Reporting > Forecast in your HubSpot account.
2. Click Set currency (top right).
3. Select your currency from the Preferred currency dropdown.
4. Click Save to apply the changes.

Creating a Forecast to Analyze Multiple Revenue Outcomes (BETA)

For Sales Hub Professional or Enterprise users, the Forecast Tool (BETA) allows you to submit forecasts that measure multiple revenue scenarios for your team. This feature enables more flexible and accurate sales projections by using:

• A HubSpot-owned or custom deal date property
• A HubSpot-owned or custom deal amount property set as a currency field

By leveraging these properties, you can analyze different revenue outcomes and adjust your sales strategy accordingly.

Submitting a Forecast

Users can submit a custom forecast for a specific month or quarter to estimate expected closures for that period.

How to Submit a Forecast:

1. Navigate to Reporting > Forecast in your HubSpot account.
2. In the Forecast submission column, click the pencil icon next to the user or team.
3. Select the Pipeline and Forecast period (must match your forecast settings).
4. Enter the Forecast amount in your company’s primary currency.
5. Optionally, add a note regarding the submission.
6. To track past forecast submissions, click View history.
7. Click Submit forecast to finalize.

Reviewing a Forecast on Desktop

1. Navigate to Reporting > Forecast in your HubSpot account.
2. Review forecasts by Deal stage or Forecast category.
3. Use filters for Pipeline or Close Date to refine data.
4. Click on a team name to view team-specific forecasts.

Key Forecast Metrics

• Goal: Revenue target for the user or team.
• Closed Won: Revenue from closed won deals.
• Gap: Difference between the goal and closed won revenue.
• Forecast Submission: Sum of submitted forecasts for a team.

Pipeline Analysis Metrics:

• Open Pipeline: Sum of all open deals for the selected period.
• Open Pipeline Coverage: Open pipeline divided by the gap to goal.

Drilling Down into a User’s Forecast

1. Click on a user’s name to view assigned deals.
2. Use tabs to filter deals by deal stage or forecast category.
3. Click a deal name to open the deal record.
4. Click Edit columns to customize displayed deal properties.
5. Enter Next Steps for progressing deals and click Save.
6. Click Back to Forecast to return to the main view.

Reviewing a Forecast on the HubSpot Mobile App

Sales managers and reps can review forecast progress using the HubSpot mobile app.

Steps to Review on Mobile:

1. Open the HubSpot mobile app.
2. Tap Go to Forecast under Forecast Progress.
3. Use Pipeline and Time period filters to adjust the view.
4. Tap a user or team to review their forecast progress.

Submitting a Forecast on Mobile:

1. Tap the edit pencil icon (top right).
2. Select the Pipeline and Period for your submission.
3. Enter the Forecast amount and any notes.
4. Tap Submit to finalize.

Deleting a Forecast Submission

Super Admins can delete a forecast submission for a user or team.

What Happens When a Forecast is Deleted?

• If a current period submission is deleted, the next most recent submission will be displayed (if available).
• If a team submission is deleted with no other available values, the sum of user submissions will be shown (if available).
• If a user submission is deleted with no available replacements, no forecast will be displayed.

How to Delete a Forecast Submission:

1. Navigate to Reporting > Forecast in HubSpot.
2. Click the edit pencil icon in the Forecast submission column.
3. In the right panel, find the forecast you want to delete:
   • For current period submissions, scroll to the bottom.
   • For past submissions, click the History tab and select the period.
4. Click Delete next to the submission.
5. Confirm by clicking Delete forecast in the dialog box.