Part 1 of this blog began with a statistic showing that U.S. firms spend just south of one trillion dollars on their sales forces. A portion of this spend is on sales training, which can be off-the-shelf content/training, custom training, or some combo thereof. We developed this two-part blog with the premise that your sales training is unlikely to hit its target if you don’t first define your desired outcomes (Step 1), your adoption strategy (Step 2), and your optimal modality mix (Step 3), all of which were addressed in 5 Steps to Find Your Actual Cost of Sales Training - Part 1. In Part 2, we explore the specific sales training investments (Steps 4 & 5), as well as a hypothetical example between off-the-shelf vs. custom approaches.
Annually, U.S. firms spend approximately $900 billion on their sales forces, which is greater than three times their total media ad spend and 20 times their spend on all digital marketing[i]. Based on various sources, there are between 4 and 5 million business-to-business (B2B) sales professionals in the U.S. and approximately $20B is spent on sales training alone, not including sales enablement technologies, tools, and aids.
As a firm that often develops customized sales training, we are frequently asked about the costs over and above our fees. As you can imagine, it’s not a simple answer, but this two-part article highlights the 5 steps you should take to define your cost of sales training and determine whether custom or off-the-shelf training is a better option for you.
The business case for good employee onboarding is nowhere more glaring than in the sales organization. Companies spend more to hire talent in sales than in any other part of the organization and also experience some of the highest turnover rates (25% to 30% annually1). When a seller leaves, the departure can cost a company between $75K to $300K each year, before considering lost revenue.1 After hiring a replacement, it takes an additional three to six months for a sales rep to become productive.
Benefits of Good Onboarding
Experts agree that a well-executed onboarding program can reduce risk, accelerate the path to productivity, and reduce attrition. CEB research on sales onboarding tells us that engaged employees are 9 times less likely to leave, and effective onboarding programs have the potential to increase employee performance by 15%. Boston Consulting Group’s study, Realizing the Value of People Management, identified onboarding as the second most important capability (after recruiting) amongst 22 HR capabilities that impact revenue growth and profit margins.2
A Sales Kick-Off meeting (SKO) is a huge investment for any company gathering more than 100 sellers in one place to gear up for a new year. In our experience participating in myriads of SKOs, we have seen an unfortunate disconnect between what companies think they’re delivering versus what their sales teams are actually taking away. While companies leave their SKOs believing their sellers are energized and educated, attendees often view the experience as a three-day string of mundane sessions, offering little or no tangible takeaways to use in their sales activities going forward.
What are the elements that make a great Sales Kick-Off meeting and what are the pitfalls to avoid?
The world of sales is changing. Here are 10 sales facts you need to know to stay ahead of the game.
This is the 3rd and final episode in the series in which I have shared my thoughts and ideas regarding some of the critical roles in the sales effectiveness world… all roles that I have had the distinct pleasure to play. We have addressed those who sell sales effectiveness solutions and sales training, as well as those who buy these solutions. In this final segment, I would like to talk specifically to my current peers – my sales training and coaching colleagues.
In the first blog post in this series, we embarked on a journey to discuss my view points on best practices for different players in the sales effectiveness solution “selling cycle,” including those who sell these solutions, those who buy these solutions, and those who deliver these solutions…all roles that I have played myself.
Episode 1 - Sellers
There are thousands, probably 100’s of thousands, of sales trainers walking our wonderful planet at this given moment. Certainly, a large number of us have had a point in time in which we “carried a bag,” some for many years, others maybe for only a brief moment. Many agree that while not a hard prerequisite, having “pounded the pavement” in one’s past gives the sales trainer a unique point of view and some credibility while in front of a bunch of seasoned sales pros.
How can you equip your sales force to sell across generations? Here is your field-tested cheat sheet.