If you’re a sales manager, you can fund your next office party and have lots left over. To find those savings, jump bravely into using phone video recording and cloud video sharing to modernize your salesperson on boarding process. We’ll come up with about $20,000 in savings for you – plenty of money to spend on a great office party, with lots left over. Of course, you’ll probably spend it more responsibly, but that’s up to you.
Not only can you save thousands out of your budget but you’ll free up your own time to pursue bigger deals if you onboard sales people more efficiently.
Let’s talk about how we came up with this idea of serious savings and much more time for you. There’s a simple answer: Less hand-holding. Some sales organizations have the budget to do this with a full-scale learning management system for sales onboarding, like Brainshark. It’s an amazing product that includes a video coaching component, but you can get the benefits of video much more affordably with more basic video platforms.
Consider a sales department in a small to mid sized firm. A 30/60/90 day onboarding program for new sales people is standard industry practice, as Brian Groth details here. Some of that onboarding requires trainer and trainee to be in the same place at the same time. Organizing those meetings and sitting through them can be really painful. And expensive. So some sales teams have brought video into the equation.
But all this watching is pretty passive. How do managers know that the new people are actually learning from this. There’s research out there that says passively watching video doesn’t do much for learning. People need to engage cognitively with it to learn from it and they need to practice the stuff they’re supposed to be able to do; your new salespeople are no exception. You need sales mastery, so your people need to watch briefly, engage with the video content through dialogue, and then practice repeatedly.
If your new recruit is watching a YouTube video and has a question or five, they’ll have to note it and wait until your precious meeting time to bring it up. Now imagine on-boarding five question-having, video-watching recruits at the same time!
Let’s do some math. We assume your trainees have two questions per video, and you’re simultaneously on-boarding 5 trainees.
We just calculated 25 hours of your manager’s time just due to inefficiency. Let’s think of that 25 hours in terms of money.
The average salary of regional sales manager in the USA is $79,847. Assuming your manager has a 40 hour work week and 48 working weeks (2 weeks vacation, 2 weeks sick), that’s $79,847/ year = $1,663.10 / week = $41.58 / hr.
So without enabling dialogue right within the video delivery platform you’d be spending $1039.67 on the manager’s hourly pay unnecessarily. But obviously, if you free up the manager to be productive for those 25 hours, that’s worth a lot more. An experienced sales manager working on deals might bring in about $10,000 on average in 25 hours.
So over $1000 of base savings. And then $10,000 more in sales revenue.
But there are more savings to be found. The improved flow of feedback due to fewer in person meetings means that the onboarding period itself can become shorter. Sales people will be trained better and get working faster.
How much money would you save if a good video solutoin decreased your onboarding time by just 5%? Let’s do some math.
What if the efficiency gain from your video solution made your on boarding process take 5% less time? So as opposed to 90 days, training would take 85 days. When your new people are working full time for those extra five days, they’ll bring in close to $20,000.
That’s just from using technology more effectively as the new hires watch and engage with the video.
But you may still wonder how much they retain long-term and how they’ll react in real situations with customers and clients. It would be better to SEE them perform and react, right?
Many companies use simulations to see the new sales team member perform in a more realistic setting. But typically, sales simulations are done in-person with trainer and trainee. That’s also a logistical challenge, and WOW is it expensive.
There is. Here’s what you’d do:
What’s great about this process is that no-one has to be in the same place at the same time to do it. It’s not video AS a meeting, it’s video to REPLACE meetings and training sessions.
With a two-way asynchronous (not in real time) video platform for discussion and practice, your team will learn and practice the skills they need when it’s convenient. Distributed teams can do this anywhere. Using WeVu to store and organize your team’s self-recorded video, you and other managers can really coach them. The magic of smartphone video is that you don’t have to be in the same place at the same time.