LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global product-based sales training market is expected to grow at a CAGR of close to 13% during the forecast period.
This research report titled ‘Global Product-based Sales Training Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global product-based sales training market into three major segments based on learning method. They are:
- Blended training
- Online training
- Instructor-led training
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Blended training
Blended training for product-based sales training is a mix of conventional face-to-face classroom training with digital or computer-based modules. Various organizations offering different products to customers have realized that online training or instructor-led training alone does not create a considerable impact when compared with effective training of sales professionals with a combination of the two in a blended training approach. Hence, conventional instructor-led sessions that were once conducted in a traditional classroom setting are now being supplemented by resources and online materials, such as games, scenarios, simulations, and power point presentations.
According to Jhansi Mary, a lead analyst at Technavio for education technology research, “Blended learning enables sales professionals to practice their skills by implementing the concepts on the field. They also get the liberty to access information using their mobile learning devices, including laptops, phones, and others. Blended learning not only helps sales professionals reinforce product knowledge but also includes continuous assessments conducted by instructors in a traditional setup.”
Online training
The online learning methodology for offering product-based sales training is likely to witness the fastest growth during the forecast period, owing to the continuously increasing penetration of digital devices and smartphones across the globe. Many companies in different industries, including automotive, BFSI, consumer goods, and others are opting for e-learning sales training courses and solutions to cut down the training expenses.
Online training offers flexibility to newly hired professionals and existing professionals opting for continuous professional development. Furthermore, online courses can be localized in different languages, which helps sales representatives communicate effectively with the customers while selling the products. With continuous innovations and developments with respect to products, sales professionals also need to be updated on a regular basis. This can be achieved with online programs and sales training courses.
“Online training often takes place in bite-sized modules, helping sales professionals reinforce their product knowledge before meeting the potential clients. This easy accessibility is increasing the popularity of online training and will make it the fastest growing market segment in terms of learning methodology during the forecast period,” says Jhansi.
Instructor-led training
Instructor-led training (ILT) for product-based sales is anticipated to witness a gradual growth during the forecast period owing to the continuous need for demonstration and simulations of training done by instructors in a classroom setting. This type of training allows instructors and learners to communicate, interact, and discuss the sales training courses in a one-to-one or group setting.
Instructor-led training in a group setup also enables learners to work in teams and gain insights on interpersonal skills, including team spirit and group bonding, in turn leading to better sales. Organizations offering product knowledge or product-based sales training using the ILT consider conventional classroom training to be efficient, especially in cases when the learner cannot learn the concepts on their own or when face-to-face interactions and real-time discussions are extremely important for certain subject areas or concepts.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- ASLAN Training and Development
- DoubleDigit Sales
- GP Strategies
- Miller Heiman Group
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