Why Is Technical Sales Training So Important?
Sales training directly correlates to revenue. Research shows that businesses that invest in training are 57% more effective than competitors and likely to grow twice as fast. The technology and medical industries are no exception, making it important to understand the benefits of implementing sales training amongst your team.
Leads to Return on Investment
The first reason technical sales training is important is because it leads to a higher return on investment. It’s not uncommon for business owners to see over a 300% return on investment from sales training. This means that for every $1 you invest into training, you will receive $3 in revenue. Doesn’t that seem like a great investment decision?
Promotes Business Growth
More revenue equals more business growth. Opening new revenue streams or replacing outdated technology and medical equipment is capital-intensive. The additional return on investment from sales training can be allocated towards expanding operations. Growing your business is extremely difficult without growing the people in your business. When your salespeople aren’t properly trained, they may have difficulty selling your product or service. It is vital to have a trained sales engineer that knows the product and knows the sales process.
Builds Brand Loyalty
A common strategy for generating sales is to connect with your customers on a personal level. This not only strengthens your business’s credibility, but can also boost you into an industry leadership position. Businesses that are able to effectively diagnose the problem of their clients will create a positive customer experience, turning new customers into repeat business. A majority of sales decisions are based on how much the customer trusts your business and salespeople. A doctor at a top 10 hospital will work with medical sales representatives to ensure that they are using the latest in technology and equipment.
Reduces Costly Mistakes
Proper sales training is able to reduce costly mistakes, such as underquoting a job or failing to follow up with a customer. Making the same mistakes over the course of a year or a few years can lead to significant decreases in revenue. When your salespeople don’t understand the mistakes they are making, they are more likely to continue these patterns. Even worse, is when untrained salespeople act as mentors to newcomers in your business. Optimizing sales procedures and policies across your organization can be achieved with regular sales training.
Improves Leadership Skills
Sales training promotes effective communication and develops strategic thinking, which remain top leadership skills. Knowledge is power. Frequent sales training instills confidence on all levels, from communicating with customers to conversing with other team members. These leadership skills are often hard to obtain without the necessary training.
SaaS sales is a complex step-by-step process of selling your cloud product. Your sales team is more likely to navigate through tough situations when they have the proper sales training. From customers who aren’t happy with the technology services provided to clients who are dealing with faulty medical equipment, understanding how to proceed in these situations improves customer experience and safeguards your business from negative feedback. Many salespeople take the loss personally, which kills confidence and can force successful individuals out of the industry, making sales training important.
Get Started Becoming a Technical Sales Expert
Does it sound like you can use sales training? Whether you are looking to grow your tech startup or increase your return on investment in your bio / software as a service (SaaS) business, sales training should remain at the top of your priority list. For more information or to schedule a consultation, reach out today.