Sales training gives companies a 57% advantage over their competitors, according to statistics compiled by Value Core. So, it pays to choose a training provider that covers the key concepts that can give your sales reps an edge. This article runs through three of the main topics taught in the best sales training courses.
Preserving Value in Sales
With the pressure of trying to hit quotas, it may be tempting for salespeople to rely on giving out freebies and slashing prices to drive sales. The best sales training companies include techniques in their courses to preserve the value of each sale. Here are some of the methods for holding on to value:
- Leveraging the anchoring effect to open with ambitious offers and push prices as high as possible. Studies show that cognitive bias called “anchoring” skews decisions toward the starting point. In the context of sales, the first offer is what creates the anchor. The final price typically won’t fall far from this spot.
- Mastering how to counter the buyer’s anchor. If the buyer beats the seller to the first offer, there’s still hope of re-anchoring. For example, the rep can tactfully shelve the anchor and focus on defining the value. Once the buyer begins to see the product as the best solution to their pain point, the salesperson can set up a new anchor.
- Setting clear walkaway points to prevent compromises. Entering price negotiations with a well-defined endpoint can help to prevent reps from going overboard when pressed by buyers. Training teaches reps to know when to move on to other pursuits if the deal is no longer worthwhile.
- Maintaining price integrity as much as possible to make more money per deal. Reps can learn to promote their products or services based on value to avoid offering lower prices.
More Effective Use of Resources
When reps achieve more with fewer resources, business performance can shoot up. This means seeing higher win rates with better margins while reducing the time it takes to conclude a deal.
Training programs can teach reps how to better grasp customers’ needs and wants. Once reps figure out what their customers are looking for, they can deliver more value. When customers see how much they are getting out of a deal, there is less need to offer discounts. In addition, it takes less time to convince customers to complete the purchase.
The best training companies teach reps to be thoroughly prepared and improve effectiveness by:
- Having a crystal-clear picture of the ideal buyer so they can reach out to quality prospects.
- Conducting a deep dive into customers so they can prepare solid sales pitches.
- Using an exhaustive analysis of Strengths, Weaknesses, Opportunities and Threats (SWOT) to prepare a sales plan and gauge the most likely areas to exchange value.
Customers don’t always jump at an offer right away. They often express objections such as:
- “It’s too expensive.”
- “We are happy with company XYZ.”
- “We’ll buy later.”
Training helps salespeople to master how to handle these objections and convince buyers to take the offer. Sellers can learn skills such as:
- Reframing. This involves shifting the customer’s perspective from problems to solutions. For example, say a buyer says a product is too expensive. The rep can respond by dwelling on the value of the product to appeal to the buyer’s original need for a solution.
- Reversing. In this instance, the seller probes the buyer with questions to keep the conversation going instead of directly addressing the objection. This gives the rep more time to present a strong value proposition to sway the buyer. It also allows them to dig for the root of the objection. For example, if the buyer says they are not ready to buy yet. The rep can pose strategic questions to uncover the reasons why. This opens the door for more time to pitch without being pushy.
Overall, sales training can give your reps a decisive edge over competitor companies to bolster your business.