One of the biggest barriers to going with a training provider is that the perceived the cost to bring in a third party is too high. After all, why would you pay someone else to do something you could do for a fraction of the price, right?
...Read on.
Platform ≠ Solution
A person can sign up to use a learning management system LMS for a fraction of the price compared to full service training suppliers and immediately feel like they’re getting a better deal.
All that’s left is to build the training. Can’t be too hard, right?
Well, the Association for Talent Development have done a lot of useful research into the time it actually takes to create training and the numbers are surprising!
To create just one hour of soft-skills training, it can take a person anywhere between 320 and 731 hours. Let’s look at that in a little more detail.
Now let’s compare that to what you get if you were to buy a customisable sales training solution from somewhere that specialises in sales training for retailer's (ahem...RedSeed).
How did we come to these figures?
To keep things simple, we went for the middle of the road in terms of average time to create one hour of training internally. So, we based these figures on 535.5 hours to create 1 hour of training.
Next we compared this to our full sales program which is roughly 20 hours worth of training.
And finally, based the estimated figures off 500 trainees, which is the maximum number leading LMS Litmos document pricing.
More bang for your buck?
We’ve unsurfaced some of the hidden costs of creating training in-house. But then we decided to delve a little deeper into what it is that you actually get with a straight-out-of-the-box LMS versus a full service alternative.
Strategy vs. product support
When a company signs up to an LMS they’re provided with user support, most of the time in the form of online or via phone. This is great for any technical questions users might have about using the platform. Keep in mind though, that this is where support often begins and ends; with the product.
Having a team who understand how to use a platform is great, but not very useful if they’re not actively engaged in the training.
With RedSeed each client given full user support, but more importantly they also have a dedicated account manager whose role it is to make the training a success. They work alongside client to strategise the best way to drive engagement in the business.
Speed to market
Our core training programmes are what we call ‘COTS’ which means they’re customisable, off-the-shelf. So, where it would take person over a year to develop a comparable product, with RedSeed they can implement training within a matter of months, or even weeks! Meaning they can get on the road to making more money, faster!
Industry benchmarking
As part of our commitment to excellence, clients can also opt to take part in the benchmarking initiative, which gives them access to industry insights for training engagement and ROI.
We look at a wide range of retail KPI’s to help out clients gauge their return on investment, and when a business becomes part of this ecosystem, we’ll feedback anonymous data from all of our clients so they can see how they stack-up!
