10 Key Statistics About Onboarding Sales Talent
Sales onboarding is essential for the success of any sales team.
CEOs and revenue leaders in B2B Software-as-a-Service (SaaS) companies face several challenges while onboarding new sales talent. Onboarding and training are critical aspects to ensure the success of your sales team.
Luckily, a growing number of sales teams and businesses make an investment in proper onboarding - and it's very much required.
A strong onboarding process increases the likelihood that sales reps hit their quota and will be successful.
Investing in a stellar sales onboarding program might be time and cost-intensive, but not investing is definitely more expensive, I guarantee you. Good onboarding accelerates sales reps productivity which in the end increases your bottom line.
We've put together some great sales statistics about onboarding that prove why it is important to invest in content and technology to onboard your sales reps better.
According to the SMA, via Sales & Marketing Management, 62% of organizations feel their sales onboarding programs are ineffective.
The average tenure of a B2B Account Executive is 2.6 years. On average, it takes them 4.9 months to ramp up. They spend almost 20% of their time within a company with onboarding according to The Periodic Table of B2B Sales Metrics from the Bridge Group.
Effective onboarding services can improve quota attainment by 16.2%. This was found by research from CSO Insights.
One of the latest Sales Enablement Reports found that 21% of organizations indicate that one of their top three sales challenges is onboarding new hires.
The average new sales hire only becomes productive after 11.2 months. reported by the SMA.
Organizations with standard onboarding processes have 50% greater new hire retention than those that don't. Provided by UrbanBound.
It costs almost $115,000 to replace a sales rep after a bad hire according to research from DePaul University.
G2 found out that Sales reps that go through the best sales onboarding programs are productive 3.4 months sooner, on average than those who are onboarded at organizations with weaker programs.
84% of sales training is forgotten within the first three months, according to Xerox.
Nearly half (49%) of high-performing sales reps indicate that whether or not a company provides onboarding is a very important factor when considering a new position. Provided by SiriusDecisions research via Hirebox.
In addition, here are some further common challenges sales leaders may face in this area and how to address them:
Time and Resource Constraints: Onboarding and training new sales team members can be time-consuming and resource-intensive, especially in a growing company. To address this challenge, develop a structured onboarding program that includes both self-paced learning modules and interactive training sessions. Leverage technology tools and platforms to provide on-demand training resources, such as video tutorials, documentation, and knowledge bases, to enable new hires to learn at their own pace.
Scalability: As your company grows, ensuring the scalability of your onboarding and training processes becomes crucial. Implement a standardized onboarding program that covers essential product knowledge, sales techniques, objection handling, and CRM usage. Consider creating a mentorship program where experienced sales representatives can guide and support new hires, allowing for knowledge transfer and faster integration into the team.
Product Knowledge: A comprehensive understanding of your product is essential for sales success. Providing effective product training can be a challenge, especially if your SaaS solution is complex or constantly evolving. Develop a robust product training curriculum that covers key features, use cases, competitive differentiators, and value propositions. Consider involving subject matter experts, such as product managers or engineers, in the training process to provide in-depth insights and answer technical questions.
Continuous Learning and Skill Development: Sales is a dynamic field, and ongoing learning and skill development are crucial for sales team effectiveness. Create a culture of continuous learning by offering regular training sessions, workshops, and access to industry resources. Encourage sales team members to attend conferences, webinars, and industry events to stay updated on market trends, best practices, and new sales techniques. Emphasize the importance of personal growth and provide opportunities for career development within the organization.
Reinforcement and Coaching: It's not enough to provide initial training; reinforcement and coaching are key to solidifying knowledge and improving performance. Implement a structured coaching program that includes regular check-ins, role-playing exercises, and performance feedback sessions. Provide ongoing support to address specific challenges or skill gaps identified during the onboarding process. Encourage peer-to-peer coaching and knowledge sharing to foster a collaborative learning environment within the sales team.
Metrics and Performance Measurement: Establishing clear performance metrics and tracking progress is essential to evaluate the effectiveness of your onboarding and training efforts. Define key performance indicators (KPIs) aligned with your sales goals and track them regularly. Utilize CRM systems and other analytics tools to gather data on sales activities, conversion rates, and revenue generated by the sales team. Use this data to identify areas for improvement and adjust your training programs accordingly.
Overall, sales onboarding & training is essential for every company to ensure revenue growth and employee satisfaction as well as sales rep motivation and productivity.
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