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“Life's battles don't always go to
the stronger or faster man. But sooner or later the man who
wins, is the man who thinks he can.” -- Vincent Lombardi |
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TRAINING FAQ
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TRAINING CENTER
Is training necessary?
That one question has been asked by more than one
corporate manager or owner. The question is not is
training necessary, but how much training! It has
been reported (Ford and Weissbein 1997) that American
companies spend more than $100 billion annually.
What do these companies know that you don't? They
know that knowledge is neither static nor limited.
They know that the money they spend on training will
result in three specific results:
1) higher employee moral,
which translates into lower turnover,
2) higher customer
satisfaction, which results in repeat business and
3) higher sales performance,
due to clarity and consistency of the sales process.
When it is estimated that
employee turnover costs the business 1.5 times the cost
of the lost employee's salary, the cost of training can
be one of the cheapest ways to make more money.
If your average Loan Officer makes $50,000, that would
translate in to a loss/cost of $75,000 each time you
lose one. To calculate what it costs your
company, here is an
Employee Turnover Cost Calculator and
Sample Employee Turnover Cost Calculator.
Successful businesses have stable sales forces.
Over time, salespeople should become increasingly more
and more effective, more skilled, more knowledgeable and
a more valuable asset to your business. A salesperson
leaving (whether he quits or is fired) is rarely the
fault of the salesperson, and almost always the fault of
his employer, specifically the sales manager. I
recall a sales manager telling me he was not
upset about a Loan Officer who had recently left because
he “was a colossal jerk” “Then why did you hire him,” I
asked.
Some
businesses still use the practice of hiring essentially
anyone for a sales position and figuring that
they will sink or swim. If a sales hire does not
work out, they will just hire some more sales force
tryouts, and if they hire enough
experimental-salesperson-maybes, then maybe, just maybe,
some of them will work out. Research has shown this
practice to be very time consuming, extremely expensive,
disruptive to the rest of the organization, poor for
employee morale, and it dramatically reduces repeat
business from the existing customer base. If sales
force turnover is increasing, or it is too high,
providing effective sales training is one way to bring
it down. Additionally, a sales manager that is managing
and leading the sales force, and not constantly
replacing salespeople who have left, is far more
productive and effective.
Loan Officers
cannot sell in a void. They need to be aware of what
their customers do with the products they buy,
especially if their customers are repeats. One can
easily imagine what a homeowner thinks about Adjustable
Rate Mortgages, but what if the homeowner should be not
in a ARM but should be in a Fixed product? That insight
is invaluable to successfully selling the right product
to the customer.
In
addition to knowing Loan Officers are selling,
salespeople need to learn (and, very often, re-learn)
selling skills. Many people come to selling with
misconceptions, and even experienced salespeople get
into bad habits or forget to go back to the basics when
they are in trouble.
Consistent training
programs = More profits for the shareholder!
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