E-learning is not only convenient and engaging, but it can also contribute to your cost savings. Here’s why it’s worth considering taking up online learning for your sales team.
Improves Time and Cost Effectiveness of Training
Lost productivity results in potential profit slipping through the cracks. This is because deals take longer to close, and more money is spent in the process. Online sales training helps to put a plug on productive time to maximize every working hour.
With in-person training, managers lose valuable time handling tasks such as scheduling sessions. All the time spent on this organizational work could be spent on more fruitful efforts such as coaching reps.
Employees also spend a sizeable amount of time away from work while training. This results in a loss of potential deals. Picture it this way. Say each rep brings in $100 in sales per hour. Pulling them out of the field for in-person training for 20 hours each year means losing $2000 per employee every year. Over longer periods, this can snowball.
Online training allows your reps the flexibility to take the course at less defined times. This means your salespeople can take a few minutes in the day to learn without major disruption to productive time.
You won’t have to pull employees from their daily routines and sit them in class. Instead, you can let reps figure out schedules that work for them. This allows your team to get the training they need while keeping their eyes on the prize: their sales targets.
Makes Onboarding More Efficient
New employees spend an average of 10 weeks in training and only become fully productive after 11 months, according to statistics compiled by Brainshark. This time-consuming process of ramping up recruits uses plenty of resources.
For starters, human resources such as HR staff, administrative teams, and senior employees must set aside time for organizing and training. Secondly, the long training periods are a drain on finances.
Using an online learning option can help slash the time and cost of getting your employees on top of things. E-learning allows you to create videos and handbooks that can unpack standard information such as company policies and sales processes.
All the material for training is created once and then used for all incoming reps, saving both time and resources. Mentors’ and supervisors’ time can be better used for high-impact roles such as serving as one-on-one coaching.
According to Gallup Research, employee job disengagement rates are as high as 70%. With such alarming rates of switched-off employees, it’s no wonder companies face stacks of challenges such as:
- Lost customers.
- Poor customer experience.
- High error rates.
- Damage to the brand’s image.
- Top performers leaving the company.
With online training, you can mix it up and spark the desire to learn and boost performance. For instance, you can incorporate different learning methods. This allows you to capture the attention of auditory, visual, and kinesthetic learners so no one is left out.
Psychology author Peter Gray Ph.D. also says that people are more inclined to enjoy learning and complete the course when they have more freedom and comfort.
In addition, your platform can include gamified lessons, interactive tasks, and simulations that can keep employees hooked. As employees enjoy their training, they are more likely to grasp what they learn and stay fired up to hit their sales quotas.
Reduces Course Related Costs
Small companies will likely rent out a location. Even the bigger companies that own venues have to deal with the additional costs of keeping the training areas up to scratch.
Online learning helps companies to drop these add-on costs. There will be no need for a physical venue or travel-related expenses. The expert sales trainer will be available on demand in digital form whenever reps need to learn or refresh their minds. This amounts to savings for the company.
Online Training: A Case in Point
Netstar’s story clearly shows the power of online learning in cost saving. The company, which deals with vehicle tracking and stolen vehicle recovery, was reliant on in-person training. Approximately 500 employees were involved in these training sessions. This resulted in ballooning costs and disruption of work.
When the company shifted learning to online platforms, employees were more willing and eager to learn. As a result, the company no longer had to entice workers with lunch, tea, and biscuits to get them to complete training. Netstar also reported a significant jump in outcomes, including:
- 7,450 learning hours recorded.
- 820 active users owning their learning.
- Improved employee engagement scores.
The icing on the cake was a massive 40% savings in the company’s learning and development budget.
When all is said and done, e-learning can prove to be a key ingredient to enhancing your training outcomes. So, consider taking a closer look at online courses to boost your sales while hemming costs in.