It’s a no-brainer: The better trained sales professionals are, the more likely their lenders will be successful. But every day, managers are pouring time, energy and precious training dollars into sales initiatives that don’t work.
Here’s what does:
• Live sales training – Many programs use previously recorded video content that does not enable students to ask questions. Mortgage origination is complex and students need to be able to get answers to their questions in real time.
• Active learning – A “learning by doing” component increases retention of new skills dramatically. Training that relies on lectures, reading and watching videos has a low retention rate of only 5-20%. When students practice new skills in class, the retention rate rose to 75%. (Bloom’s Taxonomy and Learning Pyramid, National Training Laboratories Institute)
• Practice new skills – Students who practice new skills and receive feedback on their performance in a classroom environment are able to implement training material faster and more effectively for optimum results.
For additional details, read my blog post, “What Defines Good Sales Training?”