Sales leaders are usually very aware of the benefits of sales training and coaching in general. However, it’s tempting for them to cut costs wherever possible in times of economic uncertainty. Sales leaders should not sacrifice the Sales Training & Coaching budget. Maintaining or increasing your investment in coaching and training during a downturn can pay dividends. For some programs like those we offer at MEDDIC Academy, companies may observe the payback of their training investments in the same quarter.
Here are a few reasons why cutting back on coaching and training is a bad idea:
Skills are more important than ever
During a downturn, sales teams are under pressure to perform at a higher level than ever before. To meet these expectations, it’s crucial that salespeople have the skills and knowledge they need to succeed. They need to analyze their opportunities. Sales teams need to figure out the exact customer’s pain points more comprehensively. They must qualify better, develop champions, and understand the client’s decision criteria and processes. Sellers need to do a better job connecting with the Economic Buyers, setting the ground rules for the technical proofs, and closing. By investing in coaching and training, you equip your team with the tools they need to thrive.
Coaching and training can improve morale.
Coaching and training are a must to increase employee retention rates in a high-growth era. How about a context when half of a team has been laid off or during a downturn? It’s easy for salespeople to become discouraged and lose motivation even if they have not been laid off. You commit to your team’s success by investing in coaching and training. You show them you’re willing to invest in them despite tough times. This can help boost morale and motivate your team to perform at a high level.
Investing in coaching and training can help you stay ahead of the competition.
During a downturn, many businesses cut back on their training and coaching budgets, which can put them at a disadvantage for the reasons explained here. By investing in coaching and training, you can stay ahead of the competition and position your business for long-term success.
MEDDIC Academy Sales Training has a very high ROI
During a downturn, companies are more sensitive to the ROI of their investments. The shorter the payback period, the higher the priority of the investment. A MEDDIC or MEDDPICC training program usually pays for itself within weeks. Sellers who master MEDDIC sign bigger deals faster. They increase the average deal size and the revenue as a consequence. They also increase revenue by signing more deals in the same quarter because they spend less time per deal. Check out what MEDDIC Academy’s customers say about their gains.
Coaching and training improve sales productivity.
During a downturn, hiring additional salespeople to increase your sales team’s productivity may not be feasible. However, by investing in coaching and training, you can improve the productivity of your existing team. This can lead to increased sales and revenue without hiring additional staff, which can be costly and time-consuming. By improving your sales team’s skills and knowledge, you can help them work more efficiently and effectively, maximizing the potential of your sales team during a challenging economic period.
What do sales teams think about this?
I was wondering if my thoughts are shared with many people. So I polled the question on Linkedin. Since most of my LinkedIn connections and followers are in leadership and sales, this could be a good indicator, right? I’m glad that sales training and coaching are considered the one investment that should NOT be cut.
The above Linkedin poll may still be active as you read this article. Check it out here.
In conclusion, while cutting back on coaching and training during an economic downturn may be tempting, doing so is short-sighted and can have negative long-term consequences. By investing in coaching and training, you can equip your team with the skills they need to succeed, boost morale, stay ahead of the competition, and achieve a higher ROI on your training budget.