Looking for forecasting techniques to improve ROI for sales training? (Or, return on sales training investment ?)
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 sales training isn't documented, existing and new employees cannot understand or utilize your best practices. So, provide your team with an easy-to-update Sales PlayBook to solve this problem.
Since adoption is important, we recommend tracking the number of visits or updates to the PlayBook. This will help to determine whether your employees are adopting to methods learned from the sales training.
2. Financial Principles
Professional sales trainings should teach good financial principles. These apply to proposals, fees, leasing terms, and equipment depreciation.
Track the number of times salespeople ask for assistance in this area. I suggest that you ask salespeople to do mock presentations containing financial information on your product. 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 applied to your salesperson's sales process. Such tools can include specific spreadsheet templates or apps. Ask for feedback to determine how useful these tools are.
3. Competitive Positioning
Another indicator to track is your salesperson's knowledge about the industry and competition.
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 or existing customer profiles. Is a particular type of customer actively innovating their business? Develop new buyer personas based on updated 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.