PRIME+ Selling System Blog

No matter how superior, innovative, unique, or popular your product is, the knowledge and skill of your sales reps are significant factors in your total sales numbers. High-producing salespeople aren't born that way. They may have some natural abilities, but that aptitude must be nurtured and cultivated. The most effective way to do that is through accessible, industry-specific employee learning and development.

If you've ever wondered if you could afford to invest in ongoing training for your team, consider instead whether you can afford NOT to invest in developing your team's sales skills. Budgeting for employee learning and development is no different from planning for any other resource for your staff. You would never consider using outdated, second-hand computers for a development team, so why would you skimp on the necessary tools and materials for your sales team? In this blog, we'll give you some reasons why you should budget for your sales team's learning and development.   

Salespeople Want Learning and Development Opportunities  

Your salespeople want, need, and expect to gain knowledge and skills on the job. The benefits of training and development speak for themselves. Statistics show that 93% of employees stated that they would stay with that company longer if their employers provided learning and development opportunities. For employers, not only do they grow high-achieving salespeople but retention is drastically improved. Staff turnover rates are reduced by 59% in those companies that invest in the development of their employees.

Even more evidence exists to show that employees don't just want any training, but they want relevant and accessible online learning:

• 89% of employees want learning and development opportunities that can be done anywhere and anytime they need it. 
• 85% want training that is flexible enough to fit their schedule. 
• 80% feel that frequent training is more important than formal training events. 
• 93% want training that is easy to access and complete. 
• 91% of workers want relevant, personalized training.

A skilled sales rep should be much more than someone who simply takes an order provided by the customer. Their role becomes much greater when they review standard orders, respond to each customer's unique challenges and needs, and provide insightful suggestions and solutions.

Your clients will begin to look at them as a valuable resource for maintaining and growing their business. When your sales team can show themselves as trusted advisors, your customers' businesses, and your company benefit. 

You Can't Afford Not to Invest in Training  

The adage "you get what you pay for" isn't always entirely accurate. In the case of a high-quality, accessible employee learning and development program, you can get much more. At first blush, you may be tempted to skimp on training. However, the significant ROI is more than worth the cost.

Onboarding, sales education, and skills training is an investment in your business. For each $1 spent on training, companies can realize a 353% return on investment. Sales reps who understand the criticality of providing guidance and offering solutions for their customers inspire customer loyalty, which translates to your bottom line. Seller turnover costs your company an average of $100,000 per salesperson.

Online training offers many benefits. Online training can be done at any time, whether before or between sales calls or during downtime. It can be completed at home or in the office and include real-time question and answer sessions with peers and instructors. It is not only easily accessible but is budget-friendly. In contrast, in-person training requires travel time for the instructor, attendees, or both. Those traveling must also have hotel rooms. It also means renting or reallocating office facilities for training. All this is in addition to the instructor and content costs.  

Budgeting for Training = Planning for Increased Profits 

Investing in e-learning is a smart, budget-conscious strategy. It allows you to instantly save on travel expenses while increasing employee interest in training that fits their work schedules and learning preferences. Providing industry-specific online training and development also increases memory retention by presenting options that suit different learning styles. Online training can provide opportunities for peer-to-peer interaction and real-time question and answer sessions with instructors, as well as individual learning.

When your sales team has industry-specific, relevant, accessible training, they are more likely to acquire skills they will immediately put to use. Expertly trained salespeople positively impact profits through increased sales due to satisfied customers who have received innovative solutions to their most pressing issues and concerns. Happy customers are loyal, saving you money by reducing client turnover. Furthermore, successful sales reps are more engaged, resulting in higher employee retention.

No matter how you look at it, investing in training leads to significant bottom-line impacts. Skimping on training means limiting your opportunities for employee and business growth. When you budget for training, plan to see substantial ROI.