Premier Pharmaceutical Companies Maximize the Value of Sales Training
June 19, 2008
New study asserts the importance of sales training technology
—Edited by Jonathan Tannenbaum
It's no wonder corporations are beginning to take more stock in their sales training programs these days: salespeople who demonstrate initial success frequently go on to perform better than their counterparts, which is especially tempting to hear in a slow economy. But, with the average yearly expenditure on training having reached around $10,500 for each new sales professional, companies need to be sure they're getting the most training bang for their buck. Coming to their aid, Best Practices, LLC, a leading consulting firm based in North Carolina, recently released the results of its sales training for high-level pharmaceutical, biotechnology and medical devices companies.
The report, entitled "Pharmaceutical Sales Training: Best Practices and Priorities," draws upon surveys from 24 top sales training leaders and analyses their training departments, varied in geography, product specialty and volume of new sales reps. Describing their chief concerns, respondents note four main focus areas today: utilizing technology to track, design and implement sales training; developing sound management strategies for evaluating a program's effectiveness; expanding program content; and making sure training corresponds with the strategic goals affirmed by stakeholders.
In regards to the most critical component-the utilization of technology-respondents note the value of rapid e-learning authoring tools, like Breeze, to deliver faster content, as well as implementing a Learning Management System (LMS) to track all training activities within the company. Additionally, training leaders recognize and encourage technology’s capacity for taking knowledge-learning out of the classroom, so trainees can spend more time on improving skills.
The study elaborates on other essential categories, hitting home key points for management strategies and content improvement. The research highlights the imperative for routinely assessing sales reps' knowledge, in order to address areas where they lack expertise, and advises companies to "integrate the 'real world' environment into the sales curricula through field observations days."
Overall, respondents cite the need for better assessment of key metrics in all areas of training. Here, they rank seven commonly used metrics, citing "skill application/productivity" as the most important, while "before and after testing" comes in at a close second.
Sales & Marketing Management Magazine
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