This blog looks at how incentivized learning can benefit your business and how to implement it effectively.
Incentivized learning brings together online learning with a rewards scheme. Encouraging participation of training to upskill, by improving knowledge, whilst being rewarded from successful training outcomes.
Having highly skilled partners/resellers, fully trained and educated in a vendor/manufacturers brand and services, will help to drive better business performance. Here’s why:
Online, Easy, Accessible and Engaging
Run online, this form of e-learning is easy to deploy and allows you to develop a culture of long-term learning, with staff continually developing skills to enable their ongoing success. It is cost-effective to set-up and run and saves time and money because information can be shared and monitored quickly.
Online training facilitates personalization by utilizing adaptable and customizable content that is relevant to each individual user. Given how familiar most of us are with online interfaces, training delivered in this way is familiar and easy to engage with. It also has the added appeal of being accessible anywhere. Well-trained staff should provide a better service, which can only lead to happier customers. So, any incentive for your channel partners to embrace training can only benefit your business.
Outcomes of Implementing Incentivized Learning
In terms of straightforward business benefits there are a wealth of reasons to introduce incentivized learning. This includes:
- Increased engagement – learning boosts motivation and engagement by 60%, according to the network-based media and publishing company, eLearning Industry.
- Enhanced productivity – companies who use e-learning tools and strategies have the potential to boost productivity by 50%, states Filtered, an online course provider. Filtered.
- Improved customer service – well-informed staff can respond more efficiently to customer inquiries.
- Changed behavior – increased motivation and higher levels of loyalty.
- Driven sales performance – more able to communicate product benefits and upsell.
Incentivized Learning : Business Benefits
When incorporated into an incentive program, incentivized learning can benefit your business in these five key ways:
- Improved knowledge across the network
By expanding knowledge across a vendor/manufacturer’s product and services portfolio, allows more opportunities in Up-Selling, Cross-Selling and On-Selling to Other Products. The sales professional can adapt to any sales scenario, pulling on the information they learned and have been trained on, being flexible with their sales approach.
- Influence the sales cycle
Being equipped with extensive knowledge enables sales and technical primes to personalize the conversation and sales tactics, with recommendations appropriate to the buyer’s journey. This ensures a stronger customer connection and increases the likelihood of converting a sale.
- Enhanced competitor awareness and comparisons
In an often saturated and competitive sales environment, standing out from the competition is key. By educating sales teams on how to position your brand over a competitor and training them on key selling points, will provide value and assist sales for your brand.
- Better brand advocacy
When sales professionals know that they are being provided with desirable rewards for carrying out training, it will enhance relationships, support and advocacy, leading to an increase in favoritism on the products recommended to customers.
- Strong customer loyalty and reputation
When an individual is confident in the product or services they are selling, it increases the level of connection, conversation and conversions of sales. When customers have received a positive experience, they will associate that with the brand, encouraging repeat purchases in the future.
For a demonstration on how incentivized learning can be implemented within your business, as part of the 360insights The Channel Success Platform simply get in touch. By Matt O’Neill, Enterprise Sales Director, 360insights