Training new hires doesn’t come cheap! While the average cost of training a retail or wholesale employee is around $1200 (US), providing extensive training opportunities for your staff can mean spending thousands of dollars per employee. You want your employees to be effective in their new roles as sales reps, right? But high training costs can leave you between a rock and a hard place. Having the ability to evaluate how effective your training is will allow you to maximize your ROI.
When it comes to professional sales training, you know that sales reps who know their stuff are bound to be more effective at selling your product. Why gamble on the success of your business? Investing in your sales team gives you higher levels of sales and loyal employees. The trick is to train your sales team in a way that doesn’t break the bank but does deliver results.
Professional sales training is the way to go—read on to learn more about the ROI on training and how you can maximize the potential of your sales reps.
Do You Know the Value?
What’s the value of your professional sales training? While it may seem like the cost of training is more than it’s worth, consider your ROI. Before you make the investment in training, make sure you know what you will receive in return. Ensure that you evaluate the return you will get; for example, if you invest $50,000 in learning a certain skill, you want be sure that having that skill will be worth it.
On the flip side, it may not be that simple for you to calculate the return on your investment; how can you be sure that any increase in revenue can be attributed to your sales training? An increase in revenue may be the result of a variety of practices that your team puts into place.
Here’s a different way to measure the success—or the ROI—for your professional sales training by measuring your sales objectives. Remember that training is introducing new skills and best practices to your employees. Measuring the results of objectives such as gaining new customers, winning deals, retaining clients, and meeting targets will give you a better sense of the effectiveness of your training.
The success of reaching objectives are more closely tied to a specific skill. For example, if your staff receive new training on how to steward your current customers and then you reach your customer retention objective, you can feel confident that it is a direct result of the training you provided your staff.
Make it Authentic
Professional sales training will only be effective if can easily be applied by your sales reps. If your training doesn’t translate well into the real world than the value of it is diminished. While a certain skill may seem like a logical tool for your sales rep, it may not lead to real-world results.
To make sure that your training will be useful to your sales reps, it’s helpful to have an idea of the success rate of your training modules before putting your employees through the paces. If possible, pick a training solution that is tried and true or envision the practicality of any new training initiative. Let researchers do the experimentation so you can pick out training that you can use with confidence.
Find a Baseline
To find a measurement of the ROI on professional sales training, find a baseline of your current sales performance and practices. Then you will be able to notice any changes that will accurately confirm the effectiveness of your sales training.