Sales force turnover can be one of the most expensive things an organization deals with. According to data from numerous studies the average turnover cost for one salesperson is 1.5 to 2 times their annual salary. And it’s very difficult to put a number on lost potential revenue of unrealized deals because of a vacant position. So how do you minimize this cost? Below are some of the most effective ways to retain your skilled and talented sales people.
1. Hire the right people
I think most people would agree that it takes a certain kind of person to do well in sales. Successful salespeople have the unique ability to be tenacious and self-motivated while dealing with daily rejection. So the first and best way to minimize the high cost of turnover is to make sure the people you hire are the right people.
- Hire people who already have a history of successful sales experience, demonstrating they have the unique personality traits to be successful.
- Hire new inexperienced salespeople who have taken aptitude or personality assessments that indicate they have the personality, disposition or temperament to be successful in sales.
2. Provide comprehensive, quality training
Have you ever had a job or position where you felt that you were inadequately trained to fulfill the requirements of the job? Feeling like you are not well trained creates frustration, discouragement and a sense of failure. Anyone in this type of scenario won’t stay in that position for long.
- Make sure your salesforce is well trained in the most successful sales techniques and philosophies available.
- Ensure that your salespeople are trained to be experts on every one of your products or services.
- Provide ongoing training and refreshment training on a continual basis.
3. Be a coach, not a boss
Think of the difference between a boss and a coach. For some people, a boss is just someone who is there to make sure they show up for work everyday and do their job correctly. A good coach on the other hand, is someone who is much more engaged.
- Coaches know you. They know your strengths, your weaknesses, and what motivates you.
- Coaches create an environment of high morale by making everyone feel they are part of the team and important.
- Coaches hold everyone accountable in a way that encourages each member and doesn’t demean or tear them down.