I wish sales coaching was a class I could have taken in college. Even better I wish sales was a topic that was taught in college in the first place.
It should be a required class regardless of degree, just listen to why.
After eight years in sales, covering everything from sales development, to account executive, account management, enablement, leadership, and everything in between I can say beyond any doubt that a fundamental understanding of sales included in my college education would have done wonders for my learning curve in tech sales.
Nothing happens in business until someone sells something, one of my first VPs of Sales said that to me. It has kind of stuck with me since.
Let us recognize that one out of every five college degrees is a business degree. Why is more emphasis not placed on sales coaching and sales methodologies in college? Acknowledging that 20% of all degrees are in business, add in some commonly referenced statistical points surrounding business’. For instance the likelihood of success and then we can easily see why sales skills are so important.
- 20% of all companies fail within their first two years
- 45% fail within their first five years
- 65% fail within a 10-year period
- 25% of companies make it to year 15
Why Businesses Fail?
We aren’t going to dive into all of the reasons why a business can fail; socio-political, economic, market, competitive, etc., it can get dizzying.
Most of those are outside the control of the business owner, but what is in their sphere of control?
Their ability to successfully find a way to generate revenue via a sales motion likely has roots grounded in successful sales coaching methodologies that have been crafted to drive results.
Revenue and sales can help overcome a lot of problems. Focusing on the variables that any business owner or sales representative has direct control over brings clarity and a lack of excuses.
Statistically speaking the simple justification to invest in sales coaching early in one’s career is evident.
Sales Coaching Should Be Taught Early
Let’s dive into the things that are solved, or at least positively influenced either directly or indirectly by any business that correctly deploys a successful sales coaching program. Keep in mind, that the size of the team doesn’t matter. It could be a founder of a young start-up doing all the selling or a SDR that’s part of an Enterprise-level company.
First off, new sales help to bring cash in the door and extend the runway of your company.
Every dollar that is sold can be reinvested into sustaining the length of the business venture which increases its likelihood of success. Sometimes, just having enough time to figure out the perfect tweak to hone product market fit can make or break your company’s success.
Revenue in the door buys you time, plain and simple.
Second, new sales, either generated via cold calling strategies and campaigns or through inbound leads prove to potential investors that your product or service is something worth paying for.
Sure, your pricing model might need some work, or maybe the product isn’t perfect at delivery. However, a sale is a proof point that there might just be enough people in the market looking for what you have to offer which helps to attract investment, and extends the runway. Hence why sales coaching is one of the top sales skills to have.
Any new sale can be used to replicate the next one.
Investing in Sales Development Software
Companies who have successfully invested in sales coaching or even other sales development tools have recognized the benefit of a repeatable motion that drives an expected outcome, usually top-line revenue growth.
Something that all companies could benefit from. If sales coaching could be taught as a part of business school or really as an elective course, it would allow those who are savvy and want to learn the top sales skills to take advantage of that.
What software is your team investing in to help fill this gap of a lack of sales coaching? What tools can you bring in to make your SDR team even better?
Take a look at our recommended sales tech stack and see if you’re currently using any of our top picks.