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Introduction
Why Did They Choose an e-Learning Solution?
A sales force is a major investment for most companies, and to grow the business requires that this sales force focus on market opportunities, be knowledgeable about the products, and skilled in selling to customers. During the high-growth 1990s many sales people could simply take orders, without expending much effort or becoming expert in product knowledge and sales techniques. Now, the twenty-first century reality is a highly competitive sales environment, and most sales people are challenged in this context to acquire new sales and attract new customers. Companies who during the past decade neglected to keep sales skills current are finding that they must quickly energize and train their sales force to move them out of their former order-taking mode.However, this sales training must include more than learning about the sales cycle and selling skills because increasing gross revenue is only half the battle. Unless costs are simultaneously controlled or reduced, the sales effort may produce fewer profits than before. Managing the average cost-of-sale should be a major objective for every sales organization. An additional concern is the need to increase the number of transactions and the value of each transaction. Value selling models, such as building the customer relationship using a consultative approach, are now the state-ofthe-art for the sales process. The sales force must be able to handle customers quickly and efficiently in less time, while ensuring that the value and profitability of each transaction is maximized. An e-learning solution assists skill development for the sales force, while keeping an eye on the cost-of-sales bottom-line by:
Distributing product information and learning in a cost-effective and timely way
Engaging subject matter experts in focused learning, thus freeing up their time to be engaged with customers
Ensuring accreditation of specific sales force groups, such as agents
Equipping the sales force to engage customers in deeper, broader relationships with additional products and services
The three companies in this chapter utilized e-learning approaches to ensure that their sales force had adequate product knowledge and customer opportunity focus to increase the level and value of sales. They include: The Iams Company, a producer of premium dog and cat food and pet care products; JPMorgan Chase, a major financial services company; and Liberty Group, a financial services company based in South Africa.
Using e-Learning to Support Timely, Cost-Effective Sales Training
Knowing the product and being able to describe its benefits and value to customers is a critical capability in the sales force. The individuals who know the most about the product and how to convey its importance to potential and existing customers are the top sales performers themselves. Taking these subject matter experts out of the field to deliver training has serious opportunity costs that few companies can support over the long-term. Thus, it is critical to leverage subject matter expert knowledge without negatively impacting their ability to be active in current sales. The Iams Company recognized this need and found that an e-learning blended model solution provided important, accurate, product information to their sales force, while efficiently utilizing the time of the veterinarians who were needed in the field.
Initially, the Iams’ veterinarians delivered classroom training for the three required sales courses, but now this foundational training on pet nutrition, label reading, and product knowledge has been reorganized into self-paced e-learning. This is followed by live e-learning workshops conducted by the veterinarians and research nutritionists, focused on applied nutrition. This content can be rapidly changed to accommodate changes in the market and new product information, ensuring that the content is always timely and relevant. Finally, the blended model includes self- paced e-learning available to the customers and consumers who buy Iams’ products, extending the sales impact of e-learning beyond the sales force into the marketplace.
Ensuring the Sales Transaction Value Through Product Knowledge
JPMorgan Chase and Liberty Group both provide financial services products and realize that each customer is a potential source for new business. However, the sales force training challenges that they chose to meet with an e-learning solution were quite different. JPMorgan Chase has 17 unique financial businesses, which they needed to serve with up-to-date product knowledge and training. Especially important to JPMorgan Chase were their consumer bankers, who are responsible for 80 to 90 percent of the customers who enter the Chase network. To ensure that the information customers received at the point of entry was adequate and accurate, and to foster additional sales to these customers was of critical importance. With subject matter expert input, Chase developed seven individual product-specific assessments tied to self-paced, product e-learning modules. Every two to three weeks a new assessment and module were rolled-out to the consumer bankers. Within a few months, this Product Knowledge Assessment Process was launched to more than 1,000 bankers in 500 branches. Chase soon found that customer satisfaction in the targeted market area increased from 75 to 80 percent.Liberty Group also experienced a need to disseminate accurate product knowledge to their internal sales force of 2,500, but also needed to reach an extended sales force of 2,000 contracted individuals and 6,000 brokers. Using a blended model, within 6 months almost all of the 2,500 Liberty agents had completed the accreditation examinations, and an additional 250 are completing the program each month. Results they are realizing include increased market share and new business.These organizations recognized that sales training on product features, benefits, and value would increase sales, the efficiency of each transaction, and the potential value of each customer. All organizations successfully implemented an e-learning solution to achieve these goals.
