Sales Training – Investment or Cost?

Tuesday, August 9 2016
Invest In Yourself

What do you consider a good return on investment? In the market, 5% looks pretty attractive right now and we are skeptical of financial planners who claim they can do much better. So a claim that you could double your money in 12 months and continue that return for years to come might be regarded as wishful thinking or unrealistic. But, investing in yourself, your talents and abilities, is one of the best lifetime investments you can make.

If you invested $5,000 in sales training, what ROI could you expect? Let’s double what the market might give you and say 10% or $500 over 12 months. How many more sales do you need to generate that return?

Here is another way to look at it:

  • Your annual income is $75,000 based on performance.
  • Professional sales training enables you to achieve a 5% increase.
  • This modest growth translates to a $3,500 additional yearly income.
  • If you continue to apply what you’ve learned you’ll get that and more every year.

Five percent is a no-brainer. Many of those salespeople, who are serious enough about their career to invest in a good sales development program and practice what they’ve learned, will increase their sales by 10-25%. Do the math.

What’s the cost of not investing in sales training? The salesperson and their employer experience:

-Lost sales
-Lost reputation
-Lost confidence

One morning at the gym an acquaintance shared that he had just lost a $60,000 sale because he didn’t know how to handle a prospect’s objection. My response? “That’s pretty expensive sales training!”

Good sales training demystifies the sales process and helps you gain control over your results and income. For some individuals, sales training is the key to survival, enabling them to do well in a career that is fun and rewarding rather than failing and returning to a job they hate.

I learned a long time ago that I should put my money where my mouth is. Over the years I’ve invested between $6,000 and $13,000 a year toward my own professional development. It’s that important. Not just to increase my income, but also to increase the value I can bring to my clients. As a salesperson or advisor, what’s going on between my ears is the added value that makes it worthwhile for my clients to deal with me.

Investing in professional sales training and becoming an expert in your business increases the value you bring to your clients, your employer and to yourself. Everyone wins.