Gone are the days of pouring into employees and expecting a lifelong commitment to evangelizing your product. One of the reasons for employee turnover is that other companies promise big revenue shares to attract top talent. Employees are easily tempted by the next best thing, whether it's new technology or better terms. Another reason you lose your best members is that you operate an outdated model that ignores how mobile today’s sales teams are.
No sales director wants to plan for turnover, but with short stays a growing trend, you need to know how to retain valuable sales information when your best salespeople move on.
High Turnover Rates: Where Did You Go Wrong?
If you’ve noticed that your sales team members stay on for a year or less, it’s not all your fault, it’s partly the way the industry is headed. Turnover is especially fast in competitive spaces like FinTech and motivated salespeople are at the top of that turnover frequency list.
Technology and retail rank with the highest turnover rates--around 13 percent each--and highly-competitive workplaces like Amazon have a turnover frequency of around 1.1 years. So, about every year you can expect an entirely new sales team.
Here’s where you can learn from past mistakes: your salespeople left with your best information because you didn’t have a centralized location for communication, a method to attend to sales team feedback in real-time, or a way to deliver your frontline sales team the marketing tools they need to access remotely. You can unite sales and marketing and increase your ROI by taking the time to store your most important, updated docs in one place and deliver the tools your sales team is asking for.
Gain perspective and leverage accumulated knowledge by focusing on your sales management system instead of the natural cycle of turnover within your team.
Steps to Recoup Lost Industry Knowledge
1. Assess what you have
Unless your top salespeople have left malware to infiltrate all of your sales files and undermine your data on their way out the door, you’ve still got a lot to work with.
Take stock of your product specs, customer data, and sales enablement tools for a prepared sales team and well-trained new hires. Critical sales preparedness questions include:
- Are all of your product data sheets current?
- Do you have a single location for critical sales files?
- Is your sales team consistently updating your CRM with the most current prospect and customer information?
- Do your hunters have the product information they need at their fingertips?
- Are marketing, product development, and sales communicating critical customer feedback, product updates, and marketing content with each other?
Your first line of defense is understanding your sales arsenal. The next step is rebuilding what industry knowledge your top sales players took with them.
2. Build your cache of sales knowledge
When your top performing salesperson leaves and takes the majority of your best insights with her, you don’t have personnel problems, you’ve got a data storage issue.
Start with a unified sales management system. Preempt your top sales leaders from being the only holding space for customer insights and sales success methodologies. Make data sharing one of your sales enablement tools.
- Gather all pertinent marketing collateral, product updates, sales data, and customer feedback
- Store your new cache of information in a platform anyone on your team can access from anywhere on a mobile device
- Encourage collaboration among your sales, marketing, and product development teams through sharing insights and updates
Some sales leaders use cloud storage platforms like Google Drive or Office 365 as their sales management app. While these platforms offer universal access to sales content, they don’t ensure your sales team operates from a single document or that new sales team members get consistent and updated product knowledge. Unlike an app with local storage, cloud-based storage platforms require a stable connection for salespeople in the field to showcase content to clients, and an internet connection is not a given.
Sales enablement tools can create a single hub for the topline trifecta of sales, product development, and marketing teams.
3. Make your sales data and resources accessible
Easily accessible sales management apps enable your team to stay mobile and close sales with the confidence that everything they need is organized and available at the touch of a screen.
Here are a few of the benefits of using a mobile app designed for your team:
1. New hires get up to speed on product information and industry best practices quickly
No need to keep your newest and most energized salespeople cooped up in your office or burden more experienced sales teammates with arduous training. When all of your critical product and customer information is housed in a single sales enablement tool, your team is free to roam and feel empowered to deliver product knowledge to anyone.
2. Your product marketing team can send critical updates to your entire team instantly
Marketing and sales are perplexingly at odds in many offices. Show both teams how they work best together. Provide a platform for frontline sales teammates to share customer insights with marketing. Allow marketing and product development to give sales the most current information in a single update. Give both teams a bird’s eye view and a system that fuses their insights for improved sales figures.
3. Sales approaches can be tracked and quantified into actionable data insights
Infuse your sales management system with big data collected by your team. One of the most profitable aspects to a sales app is that it turns your successes into visible trends for you to use. Dive into the data of success stories by conducting behavioral analysis for prospect micro-segmentation and smart sales enablement.
- Which modes of contact that are most successful for each prospect demographic?
- How often did the sales team follow up?
- Are there nuanced patterns in prospect behavior that indicate interest?
- What doesn’t work or which product features is the least exciting to your target audience?
Sales enablement tools allow a mobile salesforce to confidently communicate with prospects and upsell customers by knowing the newest features, keeping track of contacts, and managing it all from a single pane of glass.
Keep growing: Develop your team and gain an advantage over competition
Don’t let a few key players hold the secrets to success. Create an environment of collaboration and build enthusiasm through smart sales tools that grow with you:
- Let your top hunters share their wins and light a fire under new or stalled sales team members
- Create an environment of learning and growth for every team member
- Instill expectations of increasing product competence
- Learn what works with clients and what works with your sales team to motivate sales, to motivate learning, and to develop leaders
Work with our team for a simple and transparent process of building you a sales enablement app to house industry knowledge in a single location.