The Key to Consistent Coaching (Part 2 of 3: The Benefits)
Last week, we discussed why coaching consistently is important (you can read about it here in case you missed it), but what about the tangible benefits? What results can you expect to see by introducing a coaching culture to your organisation?
Well, we can confirm that coaching your sales team on an ongoing basis definitely has its rewards. We’ve dug into the research to identify the top benefits of sales coaching consistency, which includes key outcomes such as:
- Improved learning and retention
- Reps always perform at the top of their game
- Improved productivity
- Financial gains and improvements
Let’s take a closer look at the specifics and really pinpoint what the differences are between a company that embraces consistent coaching vs. a company that doesn't.
Increased ROI of sales training
If you’re going to invest in coaching your sales team, you need to do it on a regular basis. Especially since reps are likely to forget 90% of what they learned within a week’s time. Following up training with continuous coaching reinforces what was taught by providing feedback and guidance related to new knowledge and skills.
The bottom line is that coaching encourages reps to apply what they’ve learned in a hands-on way that enables continuous improvement.
Reps at their best
The ever-changing sales landscape means there are always new things to learn. Consistent sales coaching means adapting more rapidly to market and buyer-preference changes, resulting in a more agile and responsive team. This also means your reps can perform at their best on every customer call and interaction, increasing the likeliness of prospects becoming paying customers.
Your salespeople will always be armed and ready to tailor the best solution to each customer’s needs and requirements (which, by the way, is exactly what buyers want from your reps)
Higher win rates
On that note, it’s been proven that companies which provide their sales reps with consistent sales coaching achieve 32% higher win rates. This is a result of ongoing reinforcement and feedback leading to continuous rep performance improvements, so this isn’t surprising.
Better overall quota attainment
Providing consistent coaching as opposed to a random approach leads to a 27.9% improvement in quota attainment. This happens because coaching helps reps focus on the desired behaviours to stay on track with their deals, always knowing what to do, when to do it and how to proceed. Never dropping the ball can make a huge difference when it comes to hitting tough targets.
Increased sales rep retention
A whopping 94% of employees would stay at a company longer if it invested in their career. Consistent sales coaching is not only an investment in essential skill-building, but also their personal growth and career development. So ultimately, what you spend on coaching software you’ll save in reduced recruiting and onboarding new talent because of a lower sales rep turnover. Reps that receive regular coaching make for happy reps, and that will reflect in their performance, the company’s culture and will even impact revenue.
Shorter ramp time
Speaking of recruiting and onboarding, minimising rep turnover doesn’t mean you won’t have new sales team members to onboard. As your business grows and you expand your sales team, you’ll need to onboard new reps.
There’s so much for reps to learn (and quickly) when joining a new company. Preventing them from getting overwhelmed or forgetting what they’ve learned is another big benefit of ongoing coaching. You’ll be reinforcing the right behaviours and correcting incorrect performances before they become bad habits. Plus, they’ll become more confident faster and ramp to hitting their targets more rapidly. This minimises the dip in revenue that’s often experienced during onboarding.
Greater revenue growth
Higher win rates and better quota attainment, with less rep turnover (plus the reduced recruiting and onboarding costs), can only mean one thing. When you provide consistent sales call coaching to your reps, it stands to reason that you’ll experience greater revenue growth as well. And what company doesn’t want to see more cash?
Competitive advantage that's meaningful
Only 40% of sellers report that their company has a well-established coaching culture. So by developing a coaching culture within your business, you gain competitive advantage over other companies in the marketplace. As a result, you can expect that top talent will want to work for your organisation, your reps will be more productive and you’ll be more profitable.
Hopefully, all these benefits have inspired you to embrace consistent coaching.
If you’re finding it challenging to get started, you’ll want to stay tuned for next week’s blog where we’ll be providing tips and tricks that help you incorporate sales coaching in your day-to-day routine, helping you create great coaching habits and engrain them into a corporate culture that grows and wins together.
Interested in finding an easier way to provide consistent call coaching to your team? Book a demo with a member of our team to see how Jiminny can help you get at least 25% coaching time.