increase revenue

Why is Sales Coaching Important for Growing Revenue?

How much money did your business make last month?

In the last quarter?

Last year?

We all know that money matters when it comes to running a successful company. Although the topic of money seems cold and uncomfortable for some people, we can all agree that pursuing profits is the goal of any business.

Making money results from a pulsating passion for helping others, offering a life-changing product or service, or simply making life a little more enjoyable and easier.

Whether your numbers are on an upward trajectory, dipping slightly, or remaining stagnant, there are always new and improved sales methods to boost profits.

One of the most underrated yet effective ways to increase your company’s revenue is sales coaching.

Since we are talking numbers, let’s look at a few statistics that prove sales coaching effectiveness.

  • According to the Harvard Business Review, companies that combined sales training with sales coaching experienced an 88% increase in productivity.
  • Brainshark reports that companies that implement a dynamic sales coaching program (integrated with technology) achieve 28% higher win rates.
  • Revenue growth rates of nearly 17% were found in companies that received quality coaching by Chorus.

Money talks, and it’s telling you that sales coaching is the way to go!

Believe it or not, we provide world-class sales coaching. Contact us to set up a free, no-obligation consultation.

But wait, isn’t sales coaching the same thing as sales training?

Before we tell you exactly how sales coaching leads to rising revenue, let’s quickly touch on the differences between sales coaching and sales training.

Sales Coaching vs. Sales Training

Do you know how to swim?

If so, you have probably attended swimming lessons. These group lessons provide students with the foundations of swimming, including breathing under water, coordinating arms and legs to propel the body forward or backwards, and general water safety skills and guidelines.

Now, what if you wanted to win a swimming competition?

You can’t dismiss the benefits of swim classes, but you would seek the services of a swim coach as your first step towards training. Think about why that is.

A sales coach is much like a swim coach, and sales training is comparable to a swim class. Here are five key differences.

Sales Coach Sales Trainer
Assesses the individual Addresses the group
Develops personalized plans Teaches processes.
Helps refine particular skills Provides a framework for general, sales-related topics
Incredibly effective for instructing individual representatives Extremely efficient for educating large groups of people
Involves ongoing sessions Occurs once or twice

It goes without saying that sales training will give a nice boost to your bottom line. However, if your aim is to beat out the competition, your best bet is sales coaching.

Still not sure which route is best for your business? We can help you make a decision that aligns with your goals. Here at Dynamo, we offer both sales training and sales coaching. Give us a quick call or send a short message.

As a leader, you are faced with two options: 1) Keep your business afloat by doing the same thing you’ve been doing or 2) Blow your competition out of the water and watch your revenue explode.

How Sales Coaching Increases Revenue

Now let’s get to the meat of our topic.

Simply put, sales coaching provides way too many financial benefits to list here. We have done the heavy lifting for you as we collected, considered, and calculated the top ten ways sales coaching leads to climbing revenue.

  1. A sales coach will help your team understand the value of your product or service. When the value is communicated to prospects, sales skyrocket. We know all about creating value; read more about it here.
  2. Effective sales coaching is guaranteed to raise team morale. When people feel supported and valued, they are more likely to achieve business targets, thus increasing revenue.
  3. Your team will be coached on how to win bigger, better clients. This strategy is a key method of raking in high profits.
  4. Close one lucrative deal after another. Each one of your sales representatives will be given an arsenal of tools to seal the deal.
  5. Sales coaches create a culture of accountability. An accountable person is much more likely to be productive, meet deadlines, and reach set financial goals.
  6. What does an educated and motivated team do? Generate revenue. Sales coaches provide the type of insight into the sales process that informs and inspires.
  7. Sales coaching transforms an average seller into a star performer. Having a team of top performers is a surefire way to become a top dollar business.
  8. By providing a fresh set of eyes, sales coaches can identify areas in your business model that need improvement or skills that your people are lacking. Stop letting money slip through the cracks; allow a sales coach to help you collect revenue you may be missing out on.
  9. In today’s competitive market, you need a way to stand out and win clients. Sales coaching is an excellent way to gain a competitive edge and convince prospects to spend their money on your business.
  10. Leaders drive sales by embodying the company’s vision. But if your view of the future is foggy, a sales coach can help you define goals and give direction to meet and exceed monetary objectives.

Do you still have concerns about sales coaching? We are here to answer any questions or concerns. Get in touch with us today.

One and Done? The Importance of Continuous Sales Coaching

A major differentiating factor of sales training is that it’s typically a one-time event. Of course, training sessions provide a wealth of sales knowledge. But is it enough? Science says no.

The Ebbinghaus forgetting curve, which has been confirmed by multiple studies, shows a sharp decline in memory retention 24 hours after learning something new. We continue to forget if we don’t actively review and apply what we learned.

Imagine investing a big chunk of change and company time in a sales training program only to have your team mentally discard its content within a few days.

Sales coaching reinforces new information and skills taught during training, and it also elevates valuable techniques to a whole new level.

Simply put, sales training will have a limited effect on revenue unless it is accompanied by sales coaching.

The Bottom Line

Let’s be frank here; your financial bottom line is the business’ lifeline.

Once you leap out of the comfort zone (we’ve also got a blog post for that) and embrace new sales tactics, your profits are set to soar.

Give your team the gift of wings. Provide them with great sales coaching so that they take flight as they unleash the confident rockstar within.

Moreover, your customers will thank you for it! Remember, no customers, no cash.

Making the decision to employ the services of a professional sales coach is an important one. Let us help you choose a plan that aligns with your business needs. Contact us now!

sales training

How Do You Measure the Effectiveness of Sales Training Within Your Organisation?

Conducting sales training for your team is one of the best business decisions you can make. Effective sales training has a host of benefits. However, researching, choosing, organising, and conducting follow-up can be time-consuming and costly. Sales training is ultimately a significant investment, and like all other investments, there is an element of risk. Spending valuable time on sales training that isn’t compatible with your goals is counter-effective, unnecessary, and completely preventable.

Take the guesswork out of your organisation’s sales training process and let a professional lead the way! You can rest assured that we won’t give you a copy-and-paste program. Here at Dynamo, we provide exceptional, research-based training tailored to the unique needs of your business.

A commitment-free consultation is one call or click away.

The most important factor to consider when it comes to sales training is effectiveness. Think about it as a fitness regime. We measure the effectiveness of a diet and exercise plan by measuring fat, calculating weight gain or loss, comparing new changes in food with old eating habits, assessing physical changes, identifying and recognising various emotions, and becoming more aware of future health benefits.

What did you notice about this list?

We can measure the effectiveness of a program either through measurable numbers or personal experience. Both ways are valid and should be given equal consideration when assessing the usefulness of a fitness program. The same concept applies to a sales training program.

In both fitness and sales training, you’d want to adjust elements of your program or consider a new plan altogether if you don’t see any noteworthy changes or outstanding results.

Our years of experience in the industry has given us unparalleled insight into the science of sales training in Melbourne and beyond. Over the years, we have gathered a multitude of proven ways to gauge the effectiveness of your training program.

Measure the Effectiveness of a Sales Training Program Using Mathematical Metrics

You can’t argue with numbers.

According to Accenture, a professional services company, for every dollar a company invested in training, they received $4.53 in return. That translates into a 353% ROI (Return on Investment)!

But does that apply to any run-of-the-mill program? Probably not.

For a sales training plan to yield a high ROI, it must be effective.

Get ready to crunch some numbers as we give you the top three methods of calculating the effectiveness of a sales training program in your organisation.

1. Standardised tests

The mere mention of tests can take you back to your desk at school. Put aside any negative memories you may have associated with tests as a student and prepare to alter your view of assessments as a leader.

We recommend written tests and assessments because it provides a clear picture of areas in your training program that are in desperate need of improvement or adjustment. Keep in mind that all team members must receive the same exam that measures the same concepts present in the training program.

Tests are further divided into two categories: two pre-training and post-training assessments and a single post-training assessment.

In the first group, you give two tests to your team and compare the before-and-after data. Were their scores the same? Did they gain knowledge? Are there certain concepts or skills that your team is struggling with? What kind of training will be beneficial in the near future?

For the second category, only one exam will be given as a follow-up to the training. The numbers will determine whether you need to take a slight detour or go the opposite direction of your current training methods.

You can periodically give the same test or modified versions of the test to measure how much information has been retained.

2. Ratings

If creating, administering, grading, and analysing data from standardised tests seem too daunting, prepare an assessment based on ratings.

These ratings can be in the form of numbers (from 1-10 or 1-5), “excellent, fair, adequate, or inadequate,” or dual smiley/frowny faces.

Here are a few sample questions:

“Rate your ability to resolve conflict on a scale of 1-10.”

“How would you describe your win rate? Excellent, fair, inadequate.”

“I am capable of developing strong relationships with clients. Circle one: 😊 ☹

Like standardised tests, the content must be uniform and based on what the sales training program covers. You can also provide the pre-and post-assessments or just the post-program test. Lastly, you can give the same or modified versions of the rating repeatedly throughout the year.

3. Look at the (dollar) signs

There are two ways to determine the financial outcome of your sales training program:

  1. Individual or team profits
    Compare how much a single team member, or the team as a whole, has generated in profits before and after the sales training program. Has your margin increased, decreased, or stayed the same?
  2. ROI
    To calculate your ROI in terms of percentage, divide the benefits by the costs and multiply it by one hundred. (Benefits ÷ costs) x 100 = ROI%
    Has your ROI increased, decreased, or stayed the same when you compare prior-to and after-training numbers?

Dizzy with decisions? We got your back. Dynamo’s trademark Gap Attack® methodology delves into every small detail of your specific business needs to ensure growth. Contact us today!

Measuring the effectiveness of a sales training program on your organisation cannot be reduced to a simple numbers game. After all, your team isn’t an “input-output” machine. Humans are complex, and so is a business environment filled with competing factors that impact numbers and performance.

While we recommend analysing numerical calculations, we must stress the importance of individual experiences when considering a program’s usefulness.

Measuring the effectiveness of a sales training program on your organisation cannot be reduced to a simple numbers game. After all, your team isn’t an “input-output” machine. Humans are complex, and so is a business environment filled with competing factors that impact numbers and performance.

Measuring the Effectiveness of Sales Training Using Mental Metrics

Remember when we talked about weighing the effectiveness of a diet and fitness plan, we mentioned the number on the scale in addition to how it made you feel? Because if your plan doesn’t improve your health and emotional well-being, is it truly worth it?

The same type of critiques should be applied to your organisation’s sales training program as well.

So far, we’ve discussed numerical and financial benchmarks; now, let’s look at the emotional and psychological components.

Measure the effectiveness of your sales training program by asking your team these questions based on its five benefits:

1. Improve communication skills

  • Do you believe you can conduct a sales demonstration with confidence?
  • Can you prevent or resolve conflict through respectful communication?
  • Are you able to communicate your message clearly through verbal (speaking in-person, on the phone, or video call) or nonverbal channels (email, text, body language)?

2. Bridge knowledge and skills gaps

  • What new techniques did you learn?
  • Are you able to translate the theories into action?
  • Do you feel as though you have gained a great deal of beneficial information?

3. Gain a competitive advantage

  • Do you feel as though we are the best in our industry? Why or why not?
  • Does your skillset make you stand out from the crowd?
  • What skills are needed to stay ahead of the competition?

4. Increased confidence and a boost in morale

  • How do you feel about working for our organisation?
  • Do you feel proud of the work you do?
  • Describe our work environment.

5. Build a vision for the future

  • Where do you see yourself in five years?
  • Was the information you received applicable to today’s market?
  • What do you believe the company’s goals are for the future?

By asking these questions, you accumulate a wealth of data that will help you determine which aspects of a sales training program work for your organisation, what parts need to be tweaked, and if any portion needs to be removed completely.

Still feeling overwhelmed? Stop fretting, and let us take the weight off your shoulders. Let us take care of all your sales training needs. Contact us now!