Posted by Nick in Corporate Sales Training | 0 Comments
Sales Training Budget Advice From Nick Moreno
Sales training budgets are the most abused budgets in any sales organization. Funds are allocated to items that have nothing to do with sales training and sales training budgets are the first to be cut during hard times. Here is some advice about sales training budgets and what you need to know.
The typical sales training budget allocates funds for,
- Sales Meetings
- Product Training
- Training On New Procedures
- New Hire Training
So where are the funds for ongoing training to improve sales skills in these sales training budgets? There’s no money left to purchase a single sales training CD!!! What good is a sales training budget void of sales training?
Reduced Sales Training Budgets
Too many sales organizations feel that because they hire experienced salespeople, they can afford to maintain a tight sales training budget. Then take a look at the issues these sales organizations struggle to overcome…
High Forced Employee Turnover
Poor Forecast Accuracy
Inadequate Sales Funnels
Low Sales Attainment
Low Close Rate (If they even track it)
Many of these issues could be minimized by a properly funded sales training budget. For example, every sales organization could benefit from having more qualified prospects but very little of their sales training budget is spent on improving sales prospecting skills. A well funded sales training budget will generate more sales by improving sales skills.
The assumption that you can hire sales skills is wrong. These sales organizations are not actively recruiting or even attracting the “best of the best” from the competition. They are not hiring sales skills. Besides, even the most experienced sales rep can benefit from solid sales training programs. Sales training budgets must be used as a tool to promote sales success.
Increased Sales Training Budgets
If these organizations want to assume anything, they should assume that the competition is getting stronger day. Failure to react to this assumption in their sales training budgets will soon put their sales organization in second place. Need they be reminded that there is no second place in sales? Some sales organizations better get serious about their sales training budgets before it’s too late. Employee development must be a top priority and this must be reflected in every sales training budget.
Part of the problem is that you never see, “We were outsold”, on any Lost Order Report. Fact is, every time you’ve lost an order, you were outsold. You failed to overcome something. Every Lost Order Report should start with, “We were outsold because we failed to overcome the following,”. See how fast sales training budgets get properly funded when you link lost orders to being outsold.
Sales Training Budgets As A Priority
Walk around most sales organizations and you’ll hear very little chatter about sales skills or sales strategies. Sales organizations need to firmly place sales skills and strategies at the center of their sales team’s business culture. You do that by properly funding sales training budgets.
Too many organizations feel they can save on their sales training budgets by just getting their salespeople to work harder. What good is working harder at things that aren’t working in the first place?
Often, sales training budgets reflect an organizations attitude about sales training. Here is a funny video clip to help with that point.
Sales Training Budgets And Attitude
Having the best product at the best price will never guarantee sales success. Sales success will always go to the team with the best sales skills and strategies. Good things happen when you get serious about your sales training budget.
Sales Training Budgets That Produce Results
Very few sales offices maintain a library of professional sales training DVDs, CDs or books. Millions are spent on glossy posters but not a dime is spent on further developing the skills required for sales success.
So, what’s your plan to increase sales productivity? That plan must include some solid sales training. I hope you’ll remember this the next time you consider revising your sales training budget.
So, that’s my thought for today and I wish you overwhelming sales success.
National Sales Center, Sales Training Company