Video Training Is A Great Cash Flow Strategy

by Doug Smith, President, The Woodhaven Group

I was on the debate team at Purdue University and thought I was really good.  That is until they decided to videotape a practice debate prior to the National Championship.  It was ugly.  No one had to say anything to me.  My introduction was bad, my counter arguments were bad, my conclusion wasn’t much of a conclusion.  My debate partner was not much better.  To make a long story short, we immersed ourselves into  practicing and changing our approach.  More video taping followed.  In the end we finished as National runner-up.

What did I learn from that experience?  Two important things:  1.) training is critical to achieving your goals, and 2.) using video can be the difference between success and failure.

As CEOs, owners, and senior managers we must drive more productivity into the selling process.

With video training sales people can critique themselves in role-playing situations.  You can be there to coach them.  They can make mistakes in practice without losing a sale.  I have successfully used video to train sales associates selling furs in department stores as well as in home salesmen pitching replacement windows.  In every case the employee was their own worst critic.  In every case they appreciated the opportunity to use technology to improve their performance.

There are many benefits to effectively using video training.  Here are just a few:

  1. The sales person can make more money and become more self-confident.  Having seen what they look like in a presentation removes a great deal of doubt in their mind.
  2. If you have successful people then you have less turnover in your sales force.  That translates into less cash spent on recruiting replacements.  More time can be invested taking the sales staff to the next level instead of training new candidates.
  3. When you do hire new sales staff (as you grow) personalized video training can be an added value that differentiates your company from the competition.  Top performers are always wanting to improve.  Finding a company with the tools in place to do that for them gives you a hiring advantage.
  4. Consistency in the execution of a successful selling methodology is important to closing sales.  You can put your #1 sales person on video, the trainee can watch and then record themselves and compare.  It will be obvious to them where they need extra work.
  5. You can have a more motivated sales team as a group since more members will be successful, sales will be increasing, and they feel good that the company is committed to their success as a team.
  6. Video training can identify a potential underperformer early on.  You don’t have to waste valuable leads to find out that maybe you made a bad hire.
  7. When a top sales person goes into a slump, they can record their presentation and compare against an earlier video of themselves. It will be apparent to them what needs worked on.
  8. Video training can be used in customer service for those employees who come face to face with upset customers.  Different situations can be role played on video.
  9. Training and, in my opinion, video training separates top companies from those who can’t succeed.  You can end up taking their marketshare.
  10. This type of training is not only effective but also inexpensive.  No need to invest big dollars in elaborate systems. Take a video camera and just start recording.  Put the results on CD or a thumb drive and play it back.
  11. Finally,  properly executed video training can increase sales, decrease % marketing cost,  increase gross margin, and increase average sale. 

What does video training have to do with cash?

All of the above combined improves the cash flow of the business.

Cash is a competitive weapon!

When it is invested in video training it becomes a great business strategy.

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