October 2, 2012 by Bob Hill
Posted in: In this week's e-newsletter - Sales & Marketing, Industry Spotlight - Sales & Marketing, Latest News & Views - Sales & Marketing, training
A new study by the Sales Benchmark Index reveals a fatal flaw in the average training and development process.
Sixty-six percent of salespeople believe their performance would improve over the next 12 months if management devoted more time to coaching and developing individual reps.
The underlying problem, according to new research by the Sales Benchmark Index, isn’t so much that managers are neglecting their duties as it is a lack of proper resources. In other words, companies are investing in training options that simply do not have a proven impact.
An unrelated study reveals that seminar and conference attendees retain less than 20% of what they learn at
these annual events. And yet, these types of event-based training are where the average sales organization is spending more than half of its annual development budget. The best way to avoid this type of lose-lose is by preparing an audit of training methods versus outcomes.
Here’s how it works:
- Make a list of all the training resources and motivational events your salespeople take part in every year, adding in the overall cost of each of these events.
- Go back and compare sales metrics across the board during the week (or month) after each event.
- Note where there are spikes or dips in performance, and be sure to take into account any other market conditions that may have had an impact during those weeks.
- Determine which sales events are providing a clear, sustainable ROI against those that are actually having no impact on results at all.
- Allocate your budget accordingly going forward.