Economics of Sales Training
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Economics of Sales training - Understanding the Real Costs
The answer to the question how much sales training really costs depends on who you ask.
If you talk with someone who manages the Learning & Development budget, you’ll hear about the cost to engage a sales training partner.
If you talk with a sales leader, the focus will be less on out-of-pocket costs and more on out-of-the-field time and sales lost.
Neither answer is wrong. But, both need to consider the full equation of dollars invested and returns achieved. That’s what top-performing companies do. They recognize that the cost of training engagements — course development, instruction, facilities — pales in comparison to the lost revenue that comes from lost sales time. And, they make decisions about sales training based on an appropriate expectation of performance improvement and revenue growth. This is the economics of sales training.
Sales leaders see training as one of many demands on their sales team’s time — just like sales meetings, reporting, and other non-client-facing tasks. Each one bites into an already busy day, and often, there isn’t enough time to satisfy every demand. Yet, the payoff for quality sales training can bring a step-change in sales behaviors and sales success.
No organization would even consider sales training if it didn’t expect an improvement in sales results. For most large organizations, any increase — 1% or even a half-percent in sales results — outweighs the training costs, including lost selling time over the long term.
Richardson, which has been in the sales training business for over 35 years, understands the push-and-pull between these different perspectives: between L&D leaders who legitimately want to maximize their budgets and sales leaders who want to minimize time away from the field. That’s why Richardson is beginning to pioneer an approach to optimize training delivery and maximize the economics of sales training. Depending on the skills and behaviors to be taught, Richardson is developing hybrid programs that leverage available learning technologies.
The concept is based on teaching basic, foundational skills in more cost-effective and time-efficient ways, while higher-level skills are addressed more effectively by facilitators in group settings. To make this happen, Richardson is investing in a range of delivery technologies over the next few years to enrich its current capabilities. Such technology enhancements include eLearning, Web-based simulations, webinars, CRM-embedded training, and flipped-classroom learning designs.
This enhanced approach will give organizations the best of both worlds: improving their sales behaviors and results, while minimizing lost sales time away from the field. And, they will be able to get all of this while maintaining the level of Richardson quality that achieves and sustains results.
So, what is the rela economics of sales training and how much does sales training cost? Maybe the better question would be: how much can quality sales training improve top-line sales results?
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