The ROI of Retail Sales Trainingby John Rouse
Too many companies see retail sales training as a cost instead of seeing continued learning as a source of competitive advantage. And with this education comes so much more than technical knowledge—it is learning how to engage, build trust, and sell to a stranger. For any potential learning program to be successful, you need to start by looking at the benefits you expect to receive and create a scorecard of what success looks like.
Key performance indicators should include the number of items per transaction, average sales, and average sales per employee per hour of work. You should also expect to see a drop in your turnover rate. But the best metric is going to be increased sales.
A great example is Walmart’s training efforts over the past year. They know that to compete with Amazon, they have to improve their service scores and help their employees grow. They’ve already started to see things turn around in their stores this year and are anticipating better numbers as time goes on.
This year, our client training events with 25 or more attendees have seen a 57 percent increase in year-over-year sales by June. As a baseline comparison, stores with at least one live event attendee saw an increase in year-over-year sales by 18 percent. Simply put, the educated employee drives sales numbers and the more attendees, the better the store does in the long run.
Whether you’re launching a new program or just refreshing skills, here’s how to get the most out of your retail sales training investment.
Sometimes you just need to get out of the store for a corporate event and help build relationships with your employees. A 30-minute training session leaves employees with a lasting impression of brands and products and it’s paired with a fun, morale-boosting activity.
Mobile apps and augmented reality are the latest and greatest for videos and in-store training sessions. These can be used by store associates to download and share data sheets. For an added bonus, reward employees for continued use of the apps.
Lunch and Learns
These are a great way to foster community, shared understanding, and ongoing growth in your organization. A more casual alternative to formal training and seminars, the best lunch and learns are interactive and offer practical tips and tools. They become an integral part of the culture and a nice perk everyone looks forward to.
Hire Training and Brand Advocacy Experts
You need people who understand the current challenges employees face. The most effective training happens with experts who can tell a compelling story and explain how it benefits the employee.
In the end, investing in improved sales and marketing training helps retailers improve in-store advocacy and grow their profits. Let MarketSource help you. Contact us today.