What Is the Value of Sales Training for the Success of Your Company
When revenues are sluggish, it’s tempting to cut corners with your budget on sales training. After all, your team is likely neck-deep in customer calls and meetings. So, why drag them away? Taking time out to sharpen your team’s selling skills by using the services of sales training companies may seem like a luxury, but it’s one that your business can’t afford to forego.
Here’s a look at how sales training can supercharge your team’s efforts.
Improve close rates
The average salesperson’s close rate is worryingly low. According to The Branded Solopreneur, the average seller closes just 4% of their deals. A big part of the problem is that most people bungle the close. They either give up too soon or go in for the hard sell and end up pushing the customer away.
Sales trainers teach the art of the close. Your team can learn valuable skills such as how to read customers, understand their needs, and close without being pushy. Also, they’ll pick up how to spot the warning signs that a deal is about to go south. As a result, your team will close more deals and improve your bottom line. Studies by CSO Insights show that a 5% increase in close rates can lead to a 95% improvement in profitability.
Develop a stronger relationship with customers
Strong relationships with customers are like money in the bank. For one, they result in repeat business. Repeat business can boost your bottom line by as much as 80%, as shown by a study led by Gartner. Additionally, when customers are happy, you also get more referrals. Referrals can result in a 500% increase in the value of new deals, according to research conducted by The Wharton School.
Building strong relationships requires trust and authentic engagement. By equipping your team with relationship-building skills that can be used during their interactions, you are paving the way for lasting bonds between your company and its customers.
Attract star performers
It’s not just customers who will see the value in a team that’s constantly learning and developing. Prospective employees will too. Bringing them on board can have a significant impact on your business. One study found that star performers are 170% more productive than average employees and 600% more productive than poor team members.
Hiring the best of the best can also motivate your current employees to up their game. So, how do you ensure that your company attracts top performers?
One way is by offering top-notch training. A study by Deloitte found that 91% of millennials say that professional development or career growth opportunities are important to them when considering a job. Also, 74% of employees would leave their current job for one with better learning and development opportunities, the Harvard Business Review reported.
Reduce employee turnover
The turnover rate in the sales field is brutal. According to Salesforce, the average lifespan of a rep is just 18 months. One top reason employees call it quits is because they don’t feel supported by their employer, in line with a report by the Work Institute.
This lack of support manifests in different ways. For instance, through a lack of development opportunities. By investing in programs that help your team grow, you can show them that you’re fiercely committed to their success. According to a report by the Brandon Hall Group, 63% of companies that offer ongoing training saw an improvement in employee retention.
Even if you’re pressed for time, don’t let that stop you. A little goes a long way. Data from SalesHood shows that employees who receive just two hours of training are 69% less likely to leave their jobs.
How to reap the rewards of sales training
When you invest in your team’s development, you’re making solid strides towards building a successful business. By equipping your team with the skills, they need to succeed, you can create an unstoppable sales machine that crushes quotas and exceeds expectations. Here are a few tips on how to fully reap the rewards of your investment:
- Tailor learning content to the needs of your business and make sure the material is easily digestible.
- Use interactive content to keep employees engaged.
- Offer both formal and informal training opportunities.
- Create a safe environment where employees can experiment and make mistakes.
- Encourage learning by setting goals and providing regular feedback.
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