How to predict future demand to optimise your marketing effort

Overview

Many businesses encounter the issue of both over- and underselling and seek innovative ways to deal with that, as any of these scenarios could have a primarily negative outcome for the company. For example, in the recruitment industry, you do not want too little applications for a vacancy because this increases the probability that you cannot deliver new employees. On the other hand, in the travel industry, it costs money when a type of accommodation is not booked and thus left unrented. Additionally, you do not want to invest marketing budgets in vacancies or accommodations that will most definitely be filled or sold. Luckily, with demand forecasting, this can be avoided.