Sales are critical to the success and longevity of every business. While the management team expects sales numbers to increase year over year, they may not consider the importance employee learning and development plays in achieving bottom-line results. Many BevAlc sales managers mistakenly view training as an expenditure rather than an investment. They fail to recognize the significant ROI of sales training.
There is a wealth of anecdotal evidence backed up by various surveys and studies that prove the efficacy of employee learning and development. The impacts radiate throughout the enterprise, touching on everything from the company culture to customer satisfaction. Particularly in the BevAlc industry, sales training is a way to stay current on the many new products introduced every year and ensure each member of your sales team is empowered with the soft and hard skills to achieve their potential. This blog post will share some statistics that reinforce why BevAlc sales managers should dedicate resources to employee learning and development.
The McKinsey Global Institute found that organizations with engaged and connected employees achieved a productivity increase of between 20% and 25%. When companies invest in their employees, it shows that they value them. The willingness to provide quality training and development enhances employee engagement by nurturing talent and giving them the tools to succeed. That investment is returned through a passionate, driven, high-achieving workforce.
Peak productivity begins with onboarding. The most effective sales onboarding programs result in a time-to-productivity factor that is 37% greater than those companies that choose low-performing programs, cutting an average of 3.4 months off new employee ramp-up time. Inadequately trained new hires cannot use their time as effectively as if they are given adequate preparation. Failure to invest in a quality training program that accommodates everything from onboarding to skill advancement and more is a lost opportunity.
Your recruitment strategy likely targets high-performers. After all, who aspires to form a team of mediocre sales professionals? Attracting superstar talent is only part of the formula, however. The real key is retaining them.
A strategically planned and executed training program can improve top salesperson success rates from over 90% to near 100%. Those candidates with the highest potential are unlikely to accept a position or stay where they cannot grow. A growing number of up-and-coming professionals state that learning and growth opportunities are some of the most significant factors in accepting or staying in a position. Companies with a culture of continuous learning increase their retention rates by 30-50%.
Many BevAlc sales managers work to find ways to increase their team's sales effectiveness through more placements. They are overlooking that the right sales training and development program can provide the skills and tools that enhance results through a proper coaching process. A well-trained, confident sales rep understands that making personal connections is the key to converting a lead to a customer. Salespeople that reach out proactively have an 82% meeting acceptance rate.
Employee experience is a significant contributor to overall company morale and company culture. It also directly affects the likelihood of meeting or exceeding your sales goals. Compare the companies scoring in the top 25% for employee experience to those in the bottom 25%. IBM found that those in the top quartile achieved 3x the return on assets and 2x the return on sales compared to the bottom quartile.
Companies that adopt a continuous learning culture understand that training isn't a one-and-done proposition. It prepares your new hires to be productive much faster and reinforces new learning, counteracting the Forgetting Curve. A blended approach is more inclusive, as it accommodates a variety of learning styles and work schedules. Employees are more likely to engage in the training and retain what they learned when they can do self-paced eLearning, ask questions in remote live classes, and refer back to source materials as they need them.
The most successful sales organizations view employee learning and development as a strategic investment that will build and contribute to the organization over time. They understand that the ROI of sales training is measurable over multiple aspects. It gives you the ability to attract top sales talent and onboard them quickly. When you actively support the growth of your sales team, working on a path to career advancement, you vastly increase your employee retention rate.
Investing in your employees pays dividends in an engaged, productive workforce. It enables your sales team to increase their leads and convert more customers. By giving them the tools and techniques to help solve customer problems, your sales team becomes trusted advisors, collaborating with the customer to achieve their goals. The ROI of sales training reverberates throughout your organization and ultimately culminates in a steadily increasing bottom line.