If you are yet to be convinced that training your leads, customers, partners, associates and internal staff is a worthwhile investment, here are eight quantifiable ways that training will directly impact your business metrics and will help you build a bullet-proof case for implementing an academy.
It’s a given that most leading organisations — regardless their field of expertise and area of business — invest in providing their key stakeholders with relevant learning opportunities. At bugle, we are used to seeing educational content as an effective means to help your company grow: we understand that people want to learn, especially when we make learning activities engaging and simple for them.
Before we go ahead to the list, remember that you need to create robust training goals that are anchored in real business metrics and strategic business objectives. And that training can be leveraged throughout the entire customer journey.
8 measurable ways training impacts business metrics
1. Attract and convert more (and higher-quality) leads
In order to get good leads to find you, you need to make great educational content available online. If your training is relevant, it will attract the right people — those that have an actual interest in your product. If your content is interesting and rich, it will also help conversion: you can ask your leads to log in to your academy and continue the conversation from there. In this first stage of the customer journey, a Customer Academy means an increase in lead generation, a visible improvement in lead quality, and brand awareness.
2. Shorter sales cycle
An academy will give your sales reps a great head start, because your leads will be able to move up the sales funnel independently and at their own pace. By the time your leads reach the sales team, they already know what they need and how to leverage it for their business.
This means a shorter sales cycle and extra time for sales reps, which they can use to reach more leads.
3. Sales team Performance
Sales training is key to keep your sales reps informed, motivated and confident. With the right mix of product training, sales skills training, and company and processes training, your team will have the tools they need to do their jobs better. And you know what that means: more sales.
4. Decrease in customer support costs
If you integrate all your training activities in a central platform, you will be able to reduce onboarding time for newcomers — both new staff and new clients —, while also reducing the number of queries your customer support team will need to respond to. Investing in self-sufficiency and self-help will result in less time and money spent reactively.
5. Increase in retention
If your customers know how to use your product, and understand how it benefits their business, they are more likely to stick around, and happier with the outcome of using your product. This means an increase in product usage as well as feature adoption, reduced churn and longer customer lifetime.
6. Stronger up- and cross-selling
A properly trained customer will understand and be eager to use all the features and services that can help them be successful. And what does this translate to? Increased profit!
7. Increase in partner-generated revenue
Training your partners will help them better understand your product or service and become more efficient in using or delivering it. When your partners know how to represent your brand according to your standards, how to sell your product correctly, the best way to assemble it, or do better at what your partners do for your company, it will increase their efficiency, their focus and, by consequence, increase partner-generated revenue.
8. Reducing growth costs (and pains)
With an online academy you can reach more people with a lower budget and take advantage of the repeatability effect: once you set up your academy, it can be used by everyone without extra costs. This means a reduction on travel costs, venues, repeated session, and other in-person training expenses.
Also, with an online academy you can be more efficient in your growth and scalability efforts, reducing growth costs (and some growth pains) and that is the ultimate goal and reason to make online training available to your key stakeholders: helping you grow your company sustainably.
Any company can leverage the power of training to boost their thought leadership, encourage their key stakeholders to learn and offer a deeper level of knowledge, trust and commitment in the relationship with their associates, both internal and external. These eight reasons are only a few measurable benefits. Get in touch today and get you bugle on!
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