Sales Resolutions You Need to Make in 2019
With the busy holiday season behind us, now is a great time to set goals for the year ahead. For most distributors, that means focusing on how to strengthen the bottom line. Here are a few ways technical training can boost the effectiveness of your sales team and increase your profit.
1) Increase sales through improved cross-selling
Salespeople tend to sell what they know. A fundamental understanding of the highly technical products, services and applications in manufacturing is critical for industrial salespeople. Through enhanced technical training, reps can build the confidence they need to sell each product in a wide portfolio. This training helps salespeople improve sales call effectiveness, reduce missed opportunities, improve cross selling and increase their sales volume by selling more to existing customers. An added advantage is that reps will have the knowledge to sell on technical value, not just price alone.
2) Get new reps selling sooner with accelerated onboarding
A faster ramp up for new salespeople is a competitive advantage, helping generate sales more quickly. Incorporating fundamental technical training in a formalized onboarding program can accelerate onboarding so employees gain confidence, reduce time to competency and start adding value sooner. This is especially important for distributors that experience high turnover.
3) Reduce costs and lost knowledge associated with turnover
The typical turnover rate for both inside and outside sales is higher than 25 percent.
Implementing a formal training program is one way to help with retention as people often cite the lack of professional development as a reason for leaving their jobs. For instance, as many as one in three people leave their jobs due to lack of skills development. A strong training program assures employees that a company is investing time and money in their development, which boosts morale and productivity. The end result is a better ROI from retaining a sales rep. After all, turnover also has a negative impact on customers.
4) Eliminate travel costs for training and keep reps selling in the field
According to ATD, companies spend an annual average of nearly $1,500 per person for training. By changing the way salespeople are trained – moving from traditional offsite training for fundamental and product training to a blended training model incorporating online training can reduce travel expense and keep reps in their territories and in front of customers. When live training does occur, the trainees get the greatest value out of their live sessions having fulfilled the prerequisites.
Input your organization’s data into our online calculator to determine the ROI you might expect from training.
Make 2019 the year you boost your bottom line through the benefits of technical training.