Organizations seldom have enough funds. The norm for most companies is working with limited resources and stretched-out budgets. So, it’s critical for managers to choose how to spend their finite resources in a way that maximizes value. One important area, which is unfortunately often overlooked, is sales training. According to Task Drive, for every dollar spent on training salespeople, the company can get an impressive $4.53 in return.
Here’s more on why your company can get a leg up by choosing to invest in sales training programs.
What does sales training involve?
Sales courses are focused on nurturing the skills and techniques that help reps close more customers by learning skills, such as:
- Prospecting. According to HubSpot, over 50% of reps feel that prospecting is the hardest part of the job. Salespeople need to learn how to qualify prospects and how to make an impactful first approach to fast-track the process. Many organizations choose to create their own prospecting team, who hands over qualified leads to their BDM’s or sales team.
- Communication and presentation. Mastering how to communicate effectively can help reps build trust with buyers. In addition, reps can learn how to put their best foot forward when presenting themselves and their products to set themselves apart from competitors.
- Negotiation. Knowing how to negotiate can help deals that are hanging in the balance to come to a close faster.
- Handling objections. According to Scripted, 80% of customers say “no” four times before they make the decision to buy a product or service. So, it helps salespeople to master how to handle and overcome the initial rejection to turn the “no” into a yes.
When reps get a handle on all the necessary skills, your business has a higher chance of gaining ground to surpass the competition.
Why invest in sales team training?
According to statistics compiled by Visual Visitor, less than half of the people making a living in sales have the right skills. So, investing in learning opportunities for your team is critical for the following reasons.
Hit targets faster
It takes time for reps to build experience. Going through trial and error to master the techniques that work and uncovering the methods that don’t, can be a costly exercise. Your company can incur huge costs while your salespeople occasionally slip up and fumble their way through sales deals as they learn. So, investing in training programs can help salespeople grasp the skills they need, gain confidence, and close sales faster.
Also, your company spends lots of resources building up to the sale. From identifying the target market, marketing, and advertising to bring more customers into the pipeline. If your reps aren’t fully empowered to guide customers along the buyers’ journey and close deals faster, your business is throwing resources down the drain.
Employee motivation and engagement
Motivated and engaged employees are far more fired up and rearing to go and they typically measurably perform better. When employees are unsure of themselves, they may hold back for fear of making mistakes, which undercuts their potential. By committing to training, you can empower your employees, helping them gain confidence.
Also, fully engaged workers typically stay longer with the organization. As a result, you’ll save yourself the time and money that comes with hiring new employees. Also, with top-notch training programs, you can attract top talent. Statistics compiled by Lorman reveal that 76% of employees would choose an employer that offers training and development opportunities over one that doesn’t.
Adapting to change
Consistent sales training is important to keep your team on top of changes. The sales process is fluid, customer needs morph, and the business world is full of ups and downs. So, to keep their game up, salespeople should think about adapting their methods and techniques to the new norms.
In addition, adapting to new tools and technologies can help reps score more success. According to Small Biz Genius, over 60% of your sales are drawn from existing customers. Plus, 82% of companies say that it’s cheaper to keep your customers than to catch new ones.
So, it’s important for reps to get regular training to stay sharp and in tune with changes in tools such as customer relationship management (CRM) software. Also, training programs, can help you review and stamp out weaknesses faster. When reps are falling short, you can quickly make changes.
Overall, programs for sales training are a worthwhile investment that can steer your business onto the winning path.