Strategies for Sales Sustainment

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Sales

  Regardless of how good your sales force training is, your sales reps and managers will lose between 70% and 100% of what they learn or acquire within three months. The investment necessary to develop your teams and win business in this competitive market is significant, and every sales leader must ensure the intended benefit of this investment is realized. Effective sustainment strategies have become essential to achieving the desired outcomes. In this session, Richardson’s President and CEO, David DiStefano will discuss how to sustain the impact of your salesforce development efforts through a combination of performance support, coaching, technology and mobile reinforcement tools. These reinforcement strategies will help extend learning from weeks to years, leverage mobile and social gaming to drive adoption and motivation, and help maximize the return on your training investment.
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  • 1. © 2014 Richardson. All Rights Reserved. Sustainment Strategies Ensure Sales Training Delivers Results David DiStefano PresidentandCEO Sustainment Strategies Ensure Sales Training Delivers Results
  • 2. © 2014 Richardson. All Rights Reserved. Today’s Sales Effectiveness Challenge 1 U.S. companies spend $5bil The average sales rep forgets 87% With sales process alone, sales reps make quota <50% >90% With sales process, technology, and coaching, of sales reps make quota
  • 3. © 2014 Richardson. All Rights Reserved. Effective Sales Training Matters 2 © 2014 Richardson. All Rights Reserved. Aberdeen Group reported that “effective” sales training significant improves performance
  • 4. © 2014 Richardson. All Rights Reserved. The Key to Sales Effectiveness 3 © 2014 Richardson. All Rights Reserved. (Forrester Research) (Sirius Decisions) Best in Class Strategies to Sustain Sales Training Impact
  • 5. © 2014 Richardson. All Rights Reserved. Most Struggle to Sustain Impact Very Effective 9% Effective 23% Ineffective 24% Somewhat Effective 44% Percentage of Respondents, N = 182 Effective Ineffective 68% are not effective
  • 6. © 2014 Richardson. All Rights Reserved. The Duration of Impact Varies Almost 50% of companies sustain the impact of training for 90 days or less 30 to 90 days 48% 91 to 180 days 26% 181 to 365 days 6% More than 1 year 20% Percentage of Respondents, N = 184
  • 7. © 2014 Richardson. All Rights Reserved. Failure to Plan is a Plan for Failure 6 • Attained 129 quota • Increased client satisfaction scores • Increased pipeline 195% for coached accounts vs. non-coached accounts • First year ROI of $23.7MM on $1.4MM spend with Richardson in first year • Moved from #5 to #1 in Net Promoter Sustained training 63% longer (100 days) • Score among Canadian Banks • 12% increase in unit sales (wallet share) Ineffective Effective
  • 8. © 2014 Richardson. All Rights Reserved. more likely to establish post-development plans and prepare leaders to lead change Planning Involves “Expectation Setting” 7 7% 25% 11% 21% 44% 31% 38% 48% 58% 41% 0% 33% 35% 53% 63% 65% 67% 68% 70% 70% 0% 20% 40% 60% 80% None of the above Inform cross-functional leaders of the initiative Create excitement through videos promoting the training Prepare leaders to lead change Make participants aware of how they’ll be evaluated Establish post-training developmental plans Establish and communicate key performance indicators… Have managers communicate expectations for training… Communicate strategic importance of training to… Prepare sales managers to reinforce change Percentage of Effective Group, N = 57 2x
  • 9. © 2014 Richardson. All Rights Reserved. more likely to use sales management optimization 8 Sales Managers are Difference Makers © 2014 Richardson. All Rights Reserved. 18% 20% 11% 28% 21% 33% 35% 47% 2% 33% 35% 44% 44% 46% 51% 65% 0% 20% 40% 60% 80% None of the above Sales process or skill development embedded… Sales management process optimization Pre-training sales behavior or personality… Sales process optimization Pre-training sales skills assessment Learning Management System Sales playbooks, guides, and tools Percentage of Effective Group, N = 57 Percentage of Ineffective Group, N = 123  Establish CADENCE of activity  COACH on regular basis  INSPECT Verifiable Outcomes  USE “High-impact” QUESTIONS 3x
  • 10. © 2014 Richardson. All Rights Reserved. Technology Drives Sustained Behavior Change 9 *Source: Trainingindustry.com Research  Embed methodology  Guide selling activities  Make learning mobile
  • 11. © 2014 Richardson. All Rights Reserved. Strategies to Reinforce/Transfer 10 13% 9% 17% 22% 30% 31% 33% 36% 38% 48% 31% 5% 18% 35% 35% 38% 38% 56% 56% 58% 58% 60% 0% 10% 20% 30% 40% 50% 60% 70% None of the above Utilize gamification Assess training adoption on an individual level Communicate individual KPIs Provide just-in-time coaching Publicize individual/team sales performance levels Provide opportunities for shadowing and on-the-job… Provide regular/ongoing coaching sessions Provide opportunities to learn from peer experiences Provide refresher training in core concepts Provide individual feedback on skill assessments Percentage of Effective Group, N = 55
  • 12. © 2014 Richardson. All Rights Reserved. 11 Takeaways  Invest  Establish post-training developmental plans up front  Utilize “gamification”  Introduce mobile/tablet solutions  Evaluate, Coach and provide individual feedback
  • 13. © 2014 Richardson. All Rights Reserved. 12 © 2014 Richardson. All Rights Reserved. Best in Class Case Study
  • 14. © 2014 Richardson. All Rights Reserved.© 2014 Richardson. All Rights Reserved. Richardson’s Sales Effectiveness System™ 13 Define Develop Drive Train Key Selling Skills  Using the New Sales Process  Opportunity pursuit  Strategic Account development  Strategic Questioning Skills  Differentiating and Adding Value  Leveraging the Team  Positioning Insights/New Ideas Train Key Coaching Skills  Coaching to the Sales Process using Verifiable Outcomes  Coaching to Key Selling Skills  Using the Manager Toolkit•Configure Systems  CRM and Sales Tools  Marketing automation • Lead Change  Leaders leading change workshop •Assess Talent & Skills  Evaluate talent against sales strategy  Benchmark current skills •Develop Processes & Practices  Best and next practices • Align Systems  SAVO Sales Process Pro™  Marketing-sales alignment •Apply Skills  Coaching to diagnostic results  Manager Toolkit  Coach-the-coach training • Retain Knowledge  QuickCheck: Mastery  Topical webinars  Good-to-great video • Set Expectations  Personalized Passport  Change Story • Prevent Relapse  Coaching communication reminders  Adoption questions •Define Meaningful Metrics  Business metrics  Evaluation strategy
  • 15. © 2014 Richardson. All Rights Reserved.© 2014 Richardson. All Rights Reserved. 14
  • 16. © 2014 Richardson. All Rights Reserved.© 2014 Richardson. All Rights Reserved. 15
  • 17. © 2014 Richardson. All Rights Reserved. 16 Sustainment Sponsorship Roadmap © 2014 Richardson. All Rights Reserved. Skill Diagnostic – SkillGauge™ Knowledge Mastery – QuickCheck™ Learning Refresh – Manager’s Toolkit• Align Systems  Marketing-sales alignment  SAVO Sales Process Pro™  Product profiles •Apply Skills  Coaching to diagnostic results  Manager toolkits  Coach-the-coach training • Retain Knowledge  QuickCheck: e-mail-a-day learning reinforcement  Special topic webinars  Good to Great Videos • Set Expectations  Next step webinar*  Personalized passport  Change story • Prevent Relapse  Adoption questions  Coaching communication reminders • Sales Executives: Positioning Change Story before Training • Sales Managers: Positioning Change Story after Training • L&D Lead: Facilitate Next Steps Webinar & Provide Passport • Sales Executives: Kick-off QuickCheck Competition • Sales Managers: Play QuickCheck and Attend Webinars with Team • L&D Lead: Monitor QuickCheck & Host Special Topic Webinars • Sales Executives: Attend Coaching-the-coach Training • Sales Managers: Coaching and Using Toolkits with Sales Teams • L&D Lead: Facilitate the Coaching-the-coach Training • Sales Executives: Foster Agreement Between Sales & Marketing • Sales Managers: Sponsor the Use of Tools in CRM • L&D Lead: Facilitate Webinars on Tools in CRM & Product Profiles • Sales Executives: Asking Adoption Questions • Sales Managers: Asking and Answering Adoption Questions • L&D Lead: Positioning Coaching Communication Reminders
  • 18. © 2014 Richardson. All Rights Reserved. 17 © 2014 Richardson. All Rights Reserved. Specific Tools
  • 19. © 2014 Richardson. All Rights Reserved. 18 Richardson QuickCheck™ Mobile Sales Enablement and Analytics Sales reps master what was learned in the classroom Developed at Harvard Medical School Extends knowledge retention by 70% Supports sustainment of behavior change Typical Learning and Forgetting Curves Spaced Learning Reminders Improve Retention
  • 20. © 2014 Richardson. All Rights Reserved. 19 © 2014 Richardson. All Rights Reserved. Skill Diagnostic – SkillGauge™ Richardson QuickCheck™ Mobile Sales Enablement and Analytics Question Answer Response Explanation
  • 21. © 2014 Richardson. All Rights Reserved. 20 © 2014 Richardson. All Rights Reserved. *Source: Aberdeen Research Sales Leader’s Dashboard 0 20 40 60 80 100 Percentage 61% 34% Group Performance Baseline Mastery Leaderboard Richardson QuickCheck™ Mobile Sales Enablement and Analytics
  • 22. © 2014 Richardson. All Rights Reserved. 21 © 2014 Richardson. All Rights Reserved. SAVO’s Sales Process Pro (for Richardson)  Reflects Richardson’s sales methodology  Prescribes the right content, messaging, experts and coaching  Keeps deals on track
  • 23. © 2014 Richardson. All Rights Reserved.© 2014 Richardson. All Rights Reserved.
  • 24. © 2014 Richardson. All Rights Reserved.© 2014 Richardson. All Rights Reserved. 23  Automated relationship and value mapping  Aggregated social intelligence  Embedded collaboration space enables team selling  Automated document creation and customization  Mobile-first, intuitive design SAVO’s Sales Process Pro (for Richardson)
  • 25. © 2014 Richardson. All Rights Reserved. High Engagement – Interactive – Learn by doing – Challenging for all levels – Individualized coaching – Redirect 24 Expert Facilitation – Experience – Carry the bag – Industry – Global
  • 26. © 2014 Richardson. All Rights Reserved. 25 © 2014 Richardson. All Rights Reserved. Skill Diagnostic – SkillGauge™ Knowledge Mastery – QuickCheck™ Learning Refresh – Manager’s Toolkit  Verifiable outcomes tracked  Deal Quality Index objectively measures overall deal health and trajectory  Insights Dashboard gauges seller adherence to best practices  Solution integrates fully with SFDC SAVO’s Sales Process Pro (for Richardson)
  • 27. © 2014 Richardson. All Rights Reserved. 26 Measurement is Central to Sustainment
  • 28. © 2014 Richardson. All Rights Reserved. 27 business results on-the-job behaviors knowledge retention training satisfaction
  • 29. © 2014 Richardson. All Rights Reserved. Thank You
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