In today’s business climate, businesses need two things to get ahead: great (quality) products or services and a knowledgeable, motivated sales force to promote them. To be honest, those things haven’t changed since the dawn of business, but today they are more important than ever.
Many companies have neglected the sales force in favor of lowering costs by promoting product development and letting sales depend on the product rather than the salesman. Recently, with tighter budgets and a more competitive market because of the economic troubles our world is seeing, this perspective has changed. Sales training is a fast-growing industry – and for good reason. Having a knowledgeable, motivated sales force that has the skills and tools necessary to succeed in selling a great product puts a business well ahead of the competition.
Here are some trends in the sales training arena that could affect your insurance firm.
The Market is Growing – sales training products and services have grown about 12% since 2010 following a similar growth from 2009 to 2010 after a major dip for the decade before. This means that your competition is probably engaging in or considering engaging in sales force training programs.
Solution Selling – aka “Consultative Selling” is one of the fastest-growing trends in non-IT sales today. Previously, this sort of “find a solution for the customer, then present the client with the solution and implement it” approach was limited to technology in business to business (B2B) sales. Today, it’s spreading into many other markets and one of the largest of those markets.. insurance. Whether it be customized life, health, or property insurance for individuals, businesses, or groups, it’s a growing trend in the industry that you would be remiss to ignore.
Technology-enabled Learning – this trend is the growth in using technology like interactive computer training, digital audio or video training tools, etc. to teach new and existing sales staff new strategies, concepts or tactics. Often called Virtual Training, this employs using the Internet or computers to train rather than the traditional sales conference or retreat. It’s simpler, cheaper, and often more effective than mass meetings and gatherings at resorts or hotels. Many large insurance companies are issuing regular Virtual Training sessions to sales staff in disparate geographic locations to keep their staff up to date without spending heavily on airfare or accommodations. This allows up-to-the-minute updating of staff in mediums that are often more retentive than simple memos or emails can be.
Retention Sales – more sales training is aiming towards retaining existing clientele, which many in insurance are finding is becoming a challenge in today’s more connected, cost-centric world. Clients have the ability to easily shop around, but will only do so if they feel they are not being served with their current provider. Retention training is all about keeping customers happy so they don’t go shopping with your competition.
These trends are building fast in the insurance industry sales training arena right now. Staying on top of them can mean staying ahead.