Why is it so Important to Evaluate the Success of Sales Training?
Salesforce reports that U.S. companies spend a whopping $70 billion on sales training each year. Shockingly, only 17% of the sales coaching companies offer is effective, says TaskDrive.
This startling fact drives home the importance of evaluating each sales course your team completes. Here are a few reasons why it’s crucial to assess the success of your training programs.
Ensure training meets business needs
A sales training course is as successful as it meets your business’ needs. For example, suppose your reps are struggling to build strong relationships with customers. In that case, an effective program is one that teaches skills such as active listening and empathy.
An effective sales training can kindle a teamwork spirit among members, turning your team into a well-oiled machine. When your team members are eager to share ideas, innovations, and selling techniques with each other, their overall performance will shoot up.
To measure its cost-benefit
According to ImpactPlus, companies can spend between $500 and $3000 on training a single salesperson. That being said, TaskDrive reports that a company can reap a whopping 353% return on investment (ROI) when proper training is implemented. Such a hefty figure justifies digging into your budget and coughing up the required amounts.
To find a course’s ROI, subtract its cost from the net profit after completion.
ROI = net profit – costs
If you gain 100% profit, you’ll only recover your outlay and get no benefit. Anything higher is your ROI.
To gauge reps’ performance
According to research by Spotio, sales training can help a rep improve performance by 20%. This is thanks to the potential power of effective sales training to place the much-needed tools and skills at the learners’ fingertips. However, these results are not guaranteed in a single instance, so evaluate regularly to determine whether training is having its desired effect.
To track the difference, look at the numbers before and after modules. Are reps meeting deadlines? Are volumes and profit margins going up? If the answer is “yes,” the program is helping your employees change their techniques and set work priorities well.
To provide trainers with feedback
Elon Musk once said, “I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better .” Indeed, feedback from learners can help trainers see the weak links in a course and take steps to address them.
Some key perks that can result from learner feedback include:
- Improving training materials.
- Sharpening presentation skills.
- Boosting the morale of the trainer.
- Creating a stronger sense of accountability.
To guard your investment
As discussed, sales training costs top dollar. Therefore, evaluating a course to ensure it’s on the ball can keep your investment from going down the drain.
An effective course will set your reps up for memorable service delivery. This will lead to customer loyalty. This quote by Chip Bell sums up the perks of customer loyalty, “Loyal customers, they don’t just come back, they don’t simply recommend you, they insist that their friends do business with you.”.
To measure its impact on customer satisfaction
A well-trained salesperson can have a positive impact on potential and current customers. Such a rep will know how best to initiate contact, discuss pain points, and offer the right solutions. These improved customer service skills will lead to a satisfied customer base, giving way to a solid bottom line.
The best sales courses teach key performance indicators (KPIs) that you can use to measure customer satisfaction. They include:
- Brand loyalty.
- First-call resolutions.
- Average resolution time.
- Number of resolved issues.
- Customer satisfaction score.
To single out the methods that work best for your business
Each business is unique in terms of goals, values, and culture. For this reason, a course curriculim packed with methods that align with your company’s values can be a great choice. An alternative is content that can be tailored to fit your business needs.
A coaching company can align a course to the methods that can work best for your business by:
- Gaining insight into current buyer needs.
- Touching base with your present processes.
- Defining each stage of the process.
All said, rating the success of a sales course can help you align it with your methods and goals. You can also measure the ROI through increased conversions and improved customer satisfaction.