Sales. It’s the engine that powers businesses throughout the world. According to the Bureau of Labor Statistics, full-time sales positions account for one in eight US jobs. Sales play a role in every single business there is and ever was. Some businesses have huge sales teams while others have smaller ones, but one thing rings true: without sales, there would be no business.
Training All the Salespeople
Success in the workplace is contingent on successful sales teams, so it should come as no surprise that sales is the number one biggest expenditure for many businesses when it comes to training. Organizations spend an average of $954,070 on sales training every year (source). And what do they get for that million-dollar investment? Not much, it turns out. Let’s break it down.
Fact #1: Indirect training costs—which include travel, training facilities, in-house training development, and equipment—increased 70% between 2016 and 2017 (source). Moving salespeople around the country and the globe to gather for traditional classroom-style training is massively expensive.
Fact #2: Research shows that without ongoing reinforcement, 75% of learned information is forgotten within days and participants ultimately retain just 10% of what they learned.
Now, let’s combine that with some data that can help us do a better job training our sales reps and get a much higher return on that training spend.
Fact #3: Forrester Research found that 75% of employees prefer watching video over reading. This makes sense given that Mind Tools found 65% of people are visual learners, compared to only 30% auditory and 5% kinesthetic (carrying out physical activities).
Fact #4: The American Society for Training and Development reports that continuous training yields 50% higher net sales per employee.
Fact #5: Microlearning can increase both adoption and retention significantly. In fact, when Lenovo started using microlearning for its sales force in combination with video sales coaching (see fact #3), training completion rates went up 50% and knowledge retention improved (source).
Visual. Continuous. On demand. All the things that old-school training isn’t. But there is some good news. You don’t have to throw out all of your sales training investments.
Better Training, Lower Cost
With Retrieve, you can deliver sales training that overcomes the challenges and puts visual, continuous, and on-demand training resources in the palms of your sales reps’ hands. Instead of taking your reps out of the field for days of training that may or may not stick, you can deliver what they need to learn directly to them, no matter where they are. The knowledge they require is easy to retrieve and easy to consume in the moment they need it.