Sales training is essential in any industry, especially in car dealerships where salespeople are dealing with a high priced product. However, even with the importance of sales training, not all dealerships invest in it. According to statisticbrain.com, only 10% of salespeople receive formal sales training. One reason for this could be the lack of understanding of how sales training can affect a dealership. In this blog post, we’ll dive into some must-know statistics about sales training for car dealerships and why it’s essential.
1) Training Improves Sales Conversion Rate
According to a recent survey by HubSpot, companies that provide training for sales reps see a 17% increase in the conversion rate of the sales team compared to those who don’t. Training allows salespeople to modify their approach and messaging, leading to more effective sales conversations.
2) Salespeople Retain Only 10% of Sales Training Lessons
Based on research by the Association for Talent Development, salespeople typically forget 87% of what they’ve learned within a month of the training. The only way to combat this is through repetition and reinforcement of the learned concepts. Dealerships who provide continuous training through ongoing courses, mentorship programs, or coaching can help increase retention rates among salespeople.
3) ROI of Sales Training
According to Training Industry, there is a 10-50% increase in sales when a dealership invests in training its sales team. In comparison, the minimal cost of investing in sales training can deliver a significant return on investment (ROI).
4) Training Leads to Improved Employee Retention
Research has shown that well-trained salespeople tend to be happy at their jobs and are more likely to stay in a company longer than their untrained counterparts. It’s reported that when companies invest in training, employee retention rates increased by 70%.
5) Improved Customer Loyalty
Car buyers often have a negative perception of car salespeople, rating them among the least trusted professionals. Proper sales training can help change this perception by teaching salespeople to use consultative selling techniques that focus on helping customers find the right car for them. This approach results in creating a better customer experience, resulting in customer loyalty.
As the above statistics suggest, sales training should not be overlooked by car dealerships. Those that invest in sales training see an improvement in conversion rates, a positive ROI, higher employee retention rates, and improved customer loyalty. These benefits alone are enough to prove that the investment in sales training for car dealerships is an important one.
At Wranx, our team create microlearning courses that take your staff just 2 minutes per day and can be on any topic you like. We take your current training materials, like a car manual or vehicle model document, and create fun and engaging quiz style questions that your learners will love. Click here for more info on our sales training features.