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The training of an organization's sales force -- particularly in the pharmaceutical sector -- is one of the critical steps companies must take to succeed in a competitive marketplace. Due to the effect they have on the overall operations of a sales training group, the budget and structure of a company's sales training organization have a significant impact on the effectiveness of the group.
This Best Practices, LLC, report delivers performance benchmarks for the size, cost, scope, content, delivery channels, lessons learned, and success drivers of leading Sales Training organizations across the pharmaceutical industry. The study identifies successful training venues, technologies, organizational structures, delivery approaches, performance measurement processes, and resource levels that drive effectiveness in high-performing Sales Training organizations.
Sales Training leaders can use the metrics and insights in this study to evaluate and compare the performance of their Sales Training organizations.
Key Findings
Virtual Classrooms Present Tech & Cost Challenges: Interviewed training leaders see potential in transitioning more learning from in-person to virtual classrooms. Some are providing as much as 60% of training virtually. Others are holding off until they are sure they can measure and justify the return on investment.
36% of Budget Goes to New Hires: Benchmark participants spent an average of 36% of their budgets for new hire training in the most recently completed fiscal year. On average, new hires receive about 32 days of training during their first year on the job, compared with about 10 days of training per year for existing, or experienced, reps.
Sales Training’s Relationship with IT Varies Widely: Across the benchmark class, companies have a wide spectrum of different relationships with their Information Technology partners. While some compete with other departments for attention, others have IT support inside the Sales Training function. Still others work primarily with vendors to deploy initiatives while partnering with IT for oversight.