Most salespeople lack the skill they need to strike home and reel in the sales, according to the Objective Management Group. A HubSpot survey reveals that over half of salespeople have stagnant closing rates.
One of the best ways to get on top of the worrying situation with your sales reps is by sharpening their skills through training. Here’s more on why a regular sales training program is the best investment your company can make.
Improve your close rates
According to PointClear, the average seller closes approximately 20% of their deals. Most salespeople slip up and bungle the close. Some throw in the towel too soon. Others go in too hard to push the sale and end up driving the customer away.
A well-structured sales training program can guide your team step-by-step through the recipe for closing deals. Your team can pick up techniques such as reading customers and understanding their needs. Reps can also learn how to pull buyers in without being pushy and also how to spot the signals of a deal that’s about to go south. Armed with training skills, your team’s close rate is better placed to shoot up, improving your bottom line. Studies by CSO Insights show that a 5% increase in close rates can lead to a staggering 95% improvement in profitability.
Build stronger relationships with customers
Growing strong relationships with customers can pack a punch when it comes to boosting your business. Statistics compiled by Think Impact show that keeping your existing customers can fire up your profits by between 25% and a whopping 95%.
Happy customers are more likely to dish out referrals. Additionally, when customers are satisfied, they are more likely to talk their legs off about your products, creating the right kind of buzz for your business.
Programs for training can equip your sales team with the skills they need to resonate better with customers and ramp up trust.
Reduce employee turnover
The tough sales arena has salespeople dropping out of the race with brutal intensity. According to Factor 8, the average lifespan of a sales rep is just 14 months. Training programs can help you attract and retain top-tier talent. A survey by People Management found that 86% of companies that offer ongoing training had a marked reduction in employee turnover.
Training can also help you attract the cream of salespeople. Research by Gallup showed that professional development and growth opportunities are the biggest concerns for millennials when job hunting. A survey by the ExecuSearch Group also revealed that more than 80% of professionals would switch jobs at the drop of a hat if offered more opportunities for professional development.
Strike it big with sales training
With a solid sales training program, you can improve your company’s outlook and turn it into a glowing success. Equipped with the right skills, you can supercharge your reps’ abilities to close deals. Your company will also be in a better position to cultivate stronger customer relationships, leading to referrals and repeat business. Plus, training programs can help you attract and retain top talent.