Over the years, I have often addressed the power of knowledge when it comes to understanding and meeting each customer's unique needs. Just as critical is a complete understanding of our own business - recognizing those investments and actions that are already contributing to our organizational success, as well as those that remain untapped resources.
The Aberdeen Group just released its most recent sales training study: Sales Training 2011: Uncovering How the Best-in-Class Sustain, Reinforce and Leverage Best Selling Practices. I am pleased to offer Carew blog readers a complimentary download of the report (valued at $399).This latest Aberdeen Group report provides rare and objective insights on the impact and viability of various training modalities, methods and content. Here are some compelling facts included in the new Aberdeen Group research (October 2011):
- Sales training is directly associated with year-over-year growth or decline of corporate sales quota attainment.
- 87% of Best-in-Class sales reps achieved quota in the last year, compared with 49% among Industry Average and 4% among Laggard companies.
- Best-in-Class companies realized a 9.5% YOY improvement in average deal size or annual contract value, versus 2.2% for Industry Average and a 1.8% reduction among Laggards.
- 96% of Best-in-Class organizations indicate that sales training is a "must-have."
- The majority of Best-in-Class (58%) use sales training as a strategy to "Create more meaningful sales conversations that address buyer's overall business needs."
- Although companies continue to express doubt in the economic recovery, they continue to enhance their spending on sales training regardless of budget cuts or travel restrictions.
Aberdeen's 2011 sales training report contains more pertinent information than I can summarize here. Take a few minutes to read the entire report. I am confident you will find the insights interesting and informative.