It doesn’t matter how strong your top line growth is when your bottom line expenses, like your medical sales training budget, are too high. As such, most sales teams keep their training expenses low - but at what cost? You still want top line growth, and training keeps the sword sharp for even your most experienced and knowledgeable sales professionals.
The solution seems so easy in theory: close the gap between your top and bottom line by delivering cost effective corporate sales training that positively impacts your top line growth. But “cost effective” needs to address both the cost of the training itself, and the amount of time your reps spend in training - so that it doesn’t cut into “selling time”?
E-Learning claimed to be the cheaper option by providing “one-size-fits-all” learning at scale at a better cost. But e-learning falls short. While it may provide a lower operational cost for your business, e-learning still takes too long to improve sales performance and doesn’t guarantee that the training will positively impact the business. So in the end it costs your business more due to increased training time and re-training on learning objectives that were never mastered in the first place.
To provide truly effective sales training with lower operational costs, you need Adaptive Learning.
How Adaptive Learning Closes the Gap on Your Top and Bottom Line
For corporate sales training to be impactful to your business, especially in the medical field, it must do two things:
- Train faster: medical sales teams need to be able to sell; training that takes them away from that will have a drastic effect on your bottom line.
- Increase gross revenue: sales training that doesn’t help you improve sales revenue is pointless.
Adaptive Learning delivers both. Here’s how:
- Adaptive Learning trains faster: Adaptive Learning does what other e-learning cannot. It provides personalized learning at scale. For medical sales pros, training can take a lot more time than most other sales people. Reps need to be able to speak expertly on complex medical topics to be able to sell to doctors and other medical professionals. With Adaptive Learning your sales reps train faster so they can get back to selling sooner.
Teaching by asking questions - and the learner’s self-assessment of those questions - allows the adaptive engine to understand a sales rep’s learning needs, knowledge base, and confidence level in real time. The constant adjustments of the adaptive engine to learners’ answers is what allows Adaptive Learning to train up to 50% faster than other training methods: learners are only exposed to the learning content they need to know to master the course. They don’t have to waste their time with learning objectives they already have a true understanding of.
- Adaptive Learning increases gross revenue: Adaptive Learning guarantees learner mastery. Other e-learning methods emphasize course completion as a way to measure learning success, but Adaptive Learning emphasizes true understanding of the learning content. Again, the adaptive engine is able to do this (faster) by pinpointing a learner’s knowledge gaps and misconceptions, and by providing learners with repeated exposures to specific learning objectives throughout the course to turn learning content into true memorization. In other words, sales reps learn it right the first time so that more time and money isn’t wasted on taking the training again.
- Adaptive Learning saves medical sales reps from unconscious incompetence: All sales reps suffer from unconscious incompetence, or not knowing what they don’t know, and it’s a hidden cost to your sales team. Area9 data shows that unconscious incompetence occurs in all learners for 15-40% of critical competencies. When a sales rep thinks they know something about a medical product but they really don’t, how much money is lost on potential sales because of those mistakes? Adaptive Learning uncovers and corrects those instances of unconscious incompetence so that you won’t sacrifice your top line growth to lost sales.
Adaptive Learning has benefits for your employees and it has benefits for your business. Another way Adaptive Learning helps your top and bottom line meet in the middle and reduce operational costs: you don’t have to overhaul your current learning management system (LMS), which keeps your CLO happy. Adaptive Learning integrates with any LMS or acts as a standalone.
E-Learning can close your top and bottom line gaps, as long as that e-learning is adaptive. Learn about the other benefits Adaptive Learning has on your top and bottom line: download this ebook.