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Refine training and onboarding with sales analytics

By July 24, 2014June 11th, 2024No Comments

Refining the onboarding and training process for sales staff may be one of the most difficult challenges managers face. Although this process may be relatively short compared to the overall time workers spend with the company, the knowledge, skills and experience new workers gain during onboarding will impact their professional development in the future. To help make crafting the onboarding and training process smoother, companies may want to invest in sales analytics that could effective in measuring the success of their training.

Business2Community suggests companies track metrics that may give employers insight into managing their sales representatives. There are certain qualities and achievements that make sales staff a cut above the rest. For example, top salespeople are able to convert leads into sales. After their sales staff leave the training pool, employers may want to monitor key metrics like how many conversations they are having per day and how many of these conversations result in closed deals.

As sales calls and conversations are not enough, employers should also keep an eye on the quality of the discussions their sales staff are creating, according to Business2Community. Companies may also want to track feedback percentage, which is the amount of leads passed divided by the number of leads that go through the next step of the sales process. Measuring this metric allows companies to determine whether their sales staff are able to reach out to prospects and make the connection necessary to get them down the sales funnel.

These metrics could help companies determine whether their current onboarding and sales training generates the results they are looking for when molding workers into star performers.

Invest in more practice for workers
In addition to measuring whether employees are successful after training, companies may want to see whether they need to incorporate more practice into their training process.

While sales managers often think teaching their sales representatives the sales process is enough during training, scheduling practice sessions is key to making sure employees truly understand the lessons they are being taught, according to Inc. magazine.

Companies can benefit by having employees practice techniques through simulating customer interactions, but many employers may not be investing enough time in this important part of training. By preparing employees for real customer interactions, companies can make sure workers understand what they need to do and how to approach situations to reach their sales quotas.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.