The Value of Sales Training: Why it’s Worth the Investment

This blog discusses the importance of sales training for business leaders and salespeople. It highlights the benefits of sales training, the consequences of not investing in it.

Introduction

Business leaders from the young and the hungry to the mature and experienced should never shy away from the need to be trained. By keeping a thirst for knowledge, newness and remaining open minded they are setting themselves up to achieve their own version of success.

At Firestarter, we found that salespeople often find themselves struggling to identify the difference between selling and getting ready to sell. We also find that experienced salespeople who have been using the same methods for a long time eventually find that their methods are stagnating resulting in a decline in sales.

Through the process of sales training, salespeople can improve their sales skills, deepen knowledge, and taking on vital attributes to drive behavioural change to maximise sales success.

Why sales training is important?

It is important to view sales training as a long-term investment for your business, the simplest way to look at sales training is if you’re not converting with each opportunity that comes across your desk then there is always room for improvement.

With proper training, you can develop the skills and knowledge needed to sell more effectively, handle objections, and close deals. This, in turn, leads to increased sales, higher profit margins, and better customer satisfaction.

Sales training as a business investment is just as important as any other investment in your business. For example, R&D investments lead to the development of innovative products or services for your business, the outcome is that this investment can generate revenue and increase your business’s competitive edge. However, without effective sales skills those products or services may never reach their full potential.

How sales training can be effective for your business

We’ve discussed the importance of sales training and why salespeople should always find the time to improve their sales skills but what are the benefits to business from sales training?

Improving sales performance – perhaps the most obvious outcome of sales training is that it will help to improve your business’s overall sales performance. Through training, your team will be able to navigate through leads more efficiently, negotiate deals better and close deals.

Enhance customer relationships – By improving your ability to communicate clearly with your customer base you can help strengthen existing relationships, which, in turn, can increase the likelihood of brand loyalty, contract renewals, and successful conversions.

Build confidence and improve employee retention – Sales training can not only improve the confidence and performance of sales reps but also help build a culture of learning and development, which can improve employee retention. When sales reps feel confident in their abilities and are equipped with the skills and knowledge needed to succeed, they are more likely to be engaged and satisfied in their work. This can lead to increased employee retention rates and a more productive workforce.

Ability to keep up with industry changes – A plateaued salesperson is commonplace within a team that has received little to no training. By training your teams to stay up to date with industry changes and trends, new technologies and customer behaviours, you can ensure that they’ll be equipped to achieve their goals in a rapidly evolving marketplace.

The cost of not investing in sales training

By not investing in sales training, businesses run the risk of falling behind and becoming stagnant. Without the right investment in sales training businesses can find themselves facing the following consequences:

Missing sales opportunities and revenue – When sales teams are not trained on the latest sales techniques and customer behaviours, they can miss opportunities for lead generation, deal closing or failing to get a client to renew a contract. Failing to deliver the company’s unique value proposition or the products and services offered can result in a significant impact on the company’s revenue, growth, and profitability.

Customer satisfaction and negative brand image – Customers expect sales teams to have a deep understanding of their needs and to be capable of providing personalised solutions that address their pain points. Without proper training, salespeople may not be able to effectively listen to customer needs or provide tailored solutions, leading to frustrated and dissatisfied customers. Poor customer experience leads to negative reviews whether that be online or through word-of-mouth, it can lead to a negative brand image.

Higher employee turnover and recruitment costs – If employees feel they aren’t getting enough or the right kind of training they may begin to feel disengaged which can result in unproductive employees. A survey conducted by the Society for Human Resource Management (SHRM) found that one of the top reasons employees leave a company is due to a lack of development and training opportunities. Investing in employee training and development can be a powerful way to retain top talent and improve overall business performance.

How much does sales training cost?

The cost of sales training can vary depending on various factors such as the size and industry of the company, the specific training program, and the location. On average, sales training costs can range from a few hundred to several thousand pounds per employee.

With many salespeople now working remotely, it’s becoming more common for sales training to be purchased at a cheaper rate through virtual/online training. This saves money for both the trainers and trainees as it cuts out the need for travel and accommodation and allows scalability options for large or geographically dispersed teams.

Firestarter Sales Training Academy

At Firestarter, we provide training courses for business leaders who are looking to invest in the long-term success of their companies. With our team of experienced sales professionals, we have created a fully featured suite of training programmes that are designed to get your team selling more of whatever it is they sell. By combining our love of playing a role in developing sales talent with our real-world experience in generating sales for clients and leading successful sales teams, we ensure that all our training programmes are tailored to meet the needs of your business.

Our business training courses are designed to help you improve your skills, gain valuable knowledge, and learn useful strategies that will keep you ahead of your competition. Contact us today and let us help you achieve your sales goals.