Looking for forecasting techniques to improve ROI for sales training? (Or return on sales training investment, aka ROSTI.)
This is something we’ve been talking about quite a bit on the blog lately. And for good reason. CEOs and Sales VPs understand that forecasting sales is crucial to growth. The key to success isn’t dependent on execution alone—it also requires calculated planning.
5 Forecasting Techniques to Improve ROI for Sales Training
So, let’s dive into five forecasting techniques that will help you improve ROI for sales training.
1. Sales PlayBook
If professional sales training is not documented, then existing and new employees cannot understand newly developed best practices. So, provide an easy to update, cloud-based Sales PlayBook to solve this problem.
Since adoption is important, we recommend tracking the number of visits and updates to the PlayBook. This will help to determine the level of adoption of the professional sales training.
2. Financial Principles
Professional sales training should encompass teaching good financial principles. These are applied to the financial component of proposals, such as fees, leasing terms, and equipment depreciation.
Track the number of times salespeople ask for assistance in this area. I suggest you ask salespeople to do mock presentations containing financial information. This way, you can measure how well they are putting what they learned into practice.
Another indicator of good ROSTI is how well financial tools are being applied in the field. Tools can include specific spreadsheets or apps that provide guidance to those who need it. Ask for feedback to determine how useful these tools are.
3. Competitive Positioning
Other indicators to track include knowledge about industry and competition.
This can be part of outsourced or in-house professional sales training. Determine your ROSTI by observing how well salespeople understand your competition in ad-hoc discussions, formal presentations, and staff meetings.
4. Customer Profiles
Track changes to new and existing customer profiles. Is a particular type of customer adding more innovation to their business? Are they consuming content from your company in a different way? And what about their professional and personal backgrounds? Develop new buyer personas as you update this information.
Professional sales training can also give you a heads up on new buying trends in your industry.
5. Sales Person Efficiency
Finally, track a salesperson’s income efficiency. This might vary by level of salesperson, but the formula is the same. Here is an example:
- Profit divided by the Salesperson’s Income plus Expenses = Sales Efficiency
- Example: $1.5MM Sales at 20% Gross Margin = $300K.
- Salesperson Salary = $80K, plus Benefits & Expenses = $100K.
- Efficiency = 3x (3 x $100K = $300K)
Want more forecasting techniques? Check out our free eBook: How to Track Return on Sales Training Investment for Superior Performance.