In 2013, spending on corporate training in the US grew by 15%, the fastest growth rate in seven years. Corporate spending on training slowed down during the 2008-2010 recession, but in 2011 it started picking back up again. The 2013 increase shows that companies today are really feeling the results of skills gaps that developed during the recession and are now ready to address them and move forward.
Spending on corporate learning is expected to keep increasing, particularly where training delivers on its promises and helps professionals understand today’s evolving customer base. How can directors of sales training ensure their pharmaceutical or biotech sales reps receive training that delivers value? One way is by investing in customized training that uses new technologies to enhance the learning experience while still meeting the specialized needs of the pharmaceutical, biotech, or life sciences sector.
Customized Corporate Learning Is Increasingly Important
So-called “face time” of sales reps with physicians has decreased, and that means pharmaceutical sales training has to acknowledge and work with a smaller window of opportunity in which sales reps can impart value. But pharmaceutical sales training isn’t like training for other sales professionals. Product knowledge, customer focus, and insight into medical businesses are critical to the success of pharmaceutical and biotech sales reps. Additionally, organizations are increasingly emphasizing teamwork, and specific, tailored pharmaceutical sales training in teamwork is essential. Pharmaceutical and biotech sales reps need customized training that addresses the specific needs of the profession.
Technology Can Revolutionize Corporate Learning
Technology not only revolutionizes how work is accomplished (both by sales reps and by the people who run medical facilities), it also revolutionizes how pharmaceutical sales training is delivered. Formal classroom training is not as common as it used to be, as virtual training technologies like video, interactive online training, and other learning modes prove their worth. The value of apps, videos, and other tech-driven modalities is increasing all the time, due to their effectiveness, flexibility, and cost-efficiency.
Customized Learning Sharpens the Competitive Edge and Increases Productivity
An organization’s sales reps are not only a chief asset but an asset that needs continuing investment. Sales reps need to retain valuable skills and develop new ones to deal with changing technology and a changing marketplace. Fortunately, the increased productivity that results from high quality, custom corporate learning shows a clear return on investment, regardless of industry. As just one example of impressive ROI, Android and Bluetooth maker Motorola calculated that every dollar spent on training brought about productivity gains of approximately 30%. They also found that investment in a great training program significantly cut costs and increased profits.
Customized Corporate Learning Pays Off
Companies with the most impressive performance spend more on training than other companies, and they wouldn’t make that investment if it didn’t pay off. Effective pharmaceutical sales training is customized to individual organizational needs, with innovative solutions that fit the training budget and mesh well with the corporate culture. General training programs aren’t designed to improve specific metrics, but customized learning programs are, through instructional design specifically created to address important behaviors and metrics. The relationship with a provider of customized corporate learning shouldn’t end when training materials are delivered but should continue in order to ensure the training is actually accomplishing its objectives.
Customized corporate learning in the pharmaceutical and biotech sector is increasingly recognized as a key to success, and as companies boost training budgets, they’re also demanding training that delivers measurable value. CLD is a leading provider of pharmaceutical sales training that is customized to focus on the specific needs of this specialized industry. Rather than training based on mass-produced, standard sales pitches that may or may not be effective, CLD puts together proven training scenarios in custom training packages designed exclusively for the pharmaceutical or biotech sales rep.
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