When looking to enhance the skills and performance of your sales team, it is essential to understand the various factors that influence the overall investment. By considering these factors, you can make an informed decision and choose a training experience that aligns with your budget and organizational goals.
Here are some key elements that impact the overall cost of B2B sales training.
The depth and breadth of the training content impacts the cost of training. This content reflects the training provider’s intellectual property and requires a licensing fee (typically paid per participant.
Key Terms:At IMPAX, we refer to the cost of content access as a “participant licensing fee”.
The customization of content can also affect the cost. Off-the-shelf training programs tend to be more affordable and accessible. While off-the-shelf training should align to a majority of your needs, it may not be able to address every single one. On the other hand, customized training content tailored to your industry, products, and processes will require more effort from the training provider, significantly increasing the cost. Many customers end up somewhere in the middle of these two options through appropriate tailoring prior to implementation.
Key Terms:At IMPAX, we refer to the cost of customization as “tailoring”.
The mode of training delivery plays a role in determining the overall cost. Training can be held online, virtually, or in-person (learn more here). Regardless of how you choose to train your team, if you are leveraging a facilitator there will be a cost for their time. Traditional in-person training tends to be more expensive due to travel expenses, venue costs, food and beverage fees, hotel accommodations, etc. in addition to the actual training and facilitation fees. Virtual training is typically more cost-effective as it eliminates travel and accommodation expenses; the investment in virtual training consists of participant licenses and facilitation fees.
Key Terms: At IMPAX, we refer to the cost of facilitation as “facilitator fees”. We also require reasonable expense reimbursement from the client for any travel expenses related to an in-person training program.
Whether in-person or virtual, the length of the training program will impact the cost. At IMPAX, in-person training is typically between 1-3 days, and virtual training is typically around 5 virtual sessions (depending on the program). Customers should weigh the benefits of time in the classroom vs. time out of the field. Shorter programs typically cost less in terms of facilitation fees, but they may not cover all the necessary topics in sufficient detail. Longer programs allow for a more comprehensive learning experience but can come at a higher price due to increased trainer time and resource allocation.
The number of participants involved in the training program will impact the cost. A smaller group of participants means fewer participant fee costs; however, the facilitation rates will remain the same even with a small group. Having a larger group disperses the cost of facilitation fees across a broader number of people, reducing the ultimate investment per person. However, training groups that grow too large may require additional trainers or resources.
Key Notes:At IMPAX, we average a 1:6 facilitator-to-student ratio when training virtually and 1:14 facilitator-to-student ratio when training in-person.
Additional Implementation Support
Many customers elect to invest in post-training support and reinforcement. This may include things like coaching, reinforcement meetings, access to support tools and videos, sales meeting involvement, consulting, and more. These additional services can contribute to the overall cost but can also provide ongoing value, adoption, and return-on-investment in your development spend.
Quality of Training Partner
The experience and expertise of your training partner can influence the cost. Established and reputable training companies often charge higher fees due to their industry recognition, expertise, sophistication, and proven track record of delivering effective B2B sales training. While opting for a well-regarded provider can be more expensive, it can provide assurance of high-quality training outcomes.
As you consider the cost of developing your B2B sales team, it is critical to evaluate these factors in the context of your specific needs, goals, and budget. Balancing the investment required with the expected outcomes and long-term benefits is crucial in making a well-informed decision.
A good training partner will collaborate with you in this process and help determine the optimal scope and investment given your unique situation. Remember, your investment in sales training is also an investment in sales performance and revenue generation.