To say that the sales landscape looks different than it did just a few years ago is an understatement. Buyer needs and preferences have changed. Sales tactics and best practices that were once reliable are now considered old-school. New tools and technology that can streamline workflows are in high demand.
All of these changes require go-to-market (GTM) teams to make strategic investments in how they’re spending their time, money and resources to ensure that their organisation can adapt quickly to change, operate efficiently and build lasting relationships with customers. And while sales leaders have always had to make a strong business case for any investment they wanted to make, this rings extremely true in today’s market as budgets and objectives are being reevaluated and reallocated.
Making a clear business case for investing in sales training and coaching can be challenging. Stakeholders need to know why it’s necessary, what the expected return on investment will look like and when they should expect to see these things come to fruition. There are plenty of benefits to sales coaching and training, but we’re going to take some time to examine five proven reasons why the investment is absolutely worth it.
1. It’s what your sellers want
Training and coaching continue to rank as a high priority for sales reps when it comes to the opportunities they want in their career. In fact, 75% of employees state that they want more coaching in the workplace than what they’re currently offered. This is a big deal especially when you consider that the Sales Readiness Group found that companies with great sales training programmes experience the lowest annual turnover at just 12% compared to the average rate of 19.5%.
While training and coaching are pivotal to retaining your current sales talent, it’s just as important if you want to attract the best sellers in the future. As younger generations continue to enter the workforce, they’re looking for jobs with organisations that offer plenty of learning and development opportunities. And when Gen Zs and millennials are asked why they chose their new job roles, learning and development ranks as a top reason too.
2. Increases engagement
It’s one thing to attract and retain talented sellers. It’s a completely different story when it comes to making sure that they’re actually engaged in their role. Employee engagement is an essential factor in your organisation’s success, and engaged sellers are more likely to go the extra mile and do the best work possible. Training and coaching are great ways to encourage seller buy-in on your company’s products, services, mission and goals which are all important factors in employee engagement.
Never stop growing.
3. Reduces ramp time
Did you know that the average ramp time to productivity for a new seller is between six and nine months? So while you think you’ve hired plenty of new sales members to achieve your organisation’s growth goals, there’s a large amount of time that goes by before they’re even up-to-speed and can contribute to the team’s bottom line. This can result in missed revenue opportunities and slower revenue growth. Impressively, studies have shown that in companies with effective sales training reps achieve quota up to seven weeks faster than the industry average. That’s because sales training and coaching ensure that every new sales rep has the skills and knowledge they need to hit the ground running faster than ever.
4. Equips sellers with new and necessary skills
Selling is more complicated than ever. In this digital-first environment, sellers have fewer opportunities to build relationships with prospects, and they need to rely on new tools and tactics to accelerate the sales cycle. For example, prior to the pandemic, sellers were accustomed to meeting prospects face to face in order to forge a great relationship. Now, sellers have to rely on virtual selling tactics and social channels to engage with buyers. This change means that sellers have to level up their knowledge and receive upskilling in order to be successful.
With B2B sales training you can deliver essential knowledge to sellers. By providing individual sales coaching, sellers can then apply and practice the skills they just learned and get feedback from their managers for continued growth. This ensures that they are confident and well-equipped to make the most out of the next interaction they have with a prospect, whether that’s virtually or in person.
5. Drives efficiency and revenue
We saved possibly the most impressive reason for training and coaching for this last section. By providing ongoing training and coaching, sales reps will continue to sharpen new skills, efficiently navigate the ever-evolving sales process and consistently reach quota attainment. This means that companies that invest in successful sales and training programmes produce, on average, nearly 17% greater revenue growth year over year than those that don’t.
GTM teams that implement training and coaching will realise countless benefits. Sales training and coaching is a long-term investment that ensures teams are as productive and effective in their roles. Without it, organisations run the risk of high turnover, stalled productivity and lower revenue, and that’s not a cost any sales team wants to make.
Make a worthwhile investment in your sales team
Sales training and coaching are crucial components of an organisation’s enablement success. Still not convinced? Take a look at this interactive story that compares the experience of two sellers at two different companies: one that has effective training and coaching, and one that doesn’t. Then, you’ll see what a difference training and coaching can make.