Practice Makes Perfect
Estimated reading time: 3 minutes, 50 seconds.
How to Increase the Return on Training Dollars Invested through Knowledge Retention and Learning Sustainment (ROI Matters!)
Since corporate training began, Learning and Development professionals have struggled to determine the return on investment (ROI) on training programs. While the REACTION level (Kirkpatrick, Evaluating Training Programs, 3rd Edition) or “smile sheets” administered during or post program are often very positive, the next three levels (ACTUAL LEARNING, BEHAVIOR CHANGE AND BUSINESS RESULTS) are traditionally more difficult to measure. The reinforcement and coaching of what is taught in a training program is frequently left to overworked managers so the sustainment and ROI of the training is often low. While good internal coaching definitely has a positive impact on changing behaviors and business results, the consistency of follow up coaching is what is being examined around the training world.
So if coaching is the key to sustainment and internal coaching is often hit or miss, what is the solution?
Practica Learning has been successfully reinforcing training programs for 21 years for major corporations around the globe using professional actors who are also certified roleplay coaches. The key requirement that our clients have in common is a desire to gauge the results of their training, both quantitatively and qualitatively.
Let’s talk about quantitative results first. Return on Training Dollars Invested (ROTDI) can be measured in a multiple of ways and our clients have used almost every conceivable metric to do it. Quantitative measurements can be divided into two types: financial-based and skills-based. For example, increased sales can be considered a financial-based metric while improvement in coaching direct reports is a skills-based metric. It can become a grey area if you consider that a sales manager coaching a sales professional on overcoming a common sales objection (a sales skill) may actually increase sales. However, the distinction we make is financial-based metrics are measured before and after the Practica Learning program (giving the learners the chance to execute/practice what they have learned before being measured) while skills-based metrics are measured during the Practica Learning course (from the first role play call through to the last!).
“I really didn’t want to do this training because I really dislike roleplaying. What a surprise! This is the best training I have ever had. It really let me practice in a safe, non-judgmental place. Thank you!"
Some examples of financial-based metrics include an increase in:
appointments booked
sales revenues
wallet share (number of products sold per customer)
customer satisfaction and experience index
outbound sales calls
reduced number of call backs (call center)
referrals from satisfied clients
the retention of upset customers
and many more!
Some examples of skills-based metrics include an improvement in:
call reluctance
objection handling
closing
coaching direct reports
demonstrated empathy
questioning and discovery
answering the client’s concerns
delivering an effective value statement and value proposition
and many more!
“This training was really beneficial. Sometimes we shoot more for the numbers of calls – where I’m going now is for quality of calls that result in appointments. "
To conclude, the ageless question of “how will I know if the training stuck?” can be answered in an efficient, cost effective and fun way at Practica Learning! And it is all customized to the training programs on which you have spent your L&D budget. Why not make Practica Learning your knowledge retention and learning sustainment partner!
If you’d like to learn more, please Contact Us, or call us at:
Toronto: 416.366.6296
Toll-Free: 1.866.945.0648
We’re here to help your teams master the virtual business communication skills they need to build sales.
