In essence, a well-informed team is critical for success in today's competitive business landscape. Product knowledge training empowers employees to engage with customers effectively and drive favorable outcomes. It is a strategic investment that provides employees with a profound understanding of the company's offerings. In this blog, we'll explore how to create effective product knowledge training programs.
Creating an effective product knowledge program entails evaluating a host of moving parts and settling on a strategy that guides employees through a well-defined and structured program. Consider the following guidelines when planning your product knowledge training program:
To create effective product knowledge training programs, it is crucial to assess the organization's specific training needs and objectives. In fact, as per a study by the Association for Talent Development, organizations that look to align their training programs with their business objectives enjoy 40% higher revenue per employee.
An analysis outlined that "comprehensive training programs" see a 218% higher revenue per employee, along with a 24% higher profit margin. That said, interactive and diverse training content works to capture learners' attention and facilitates better knowledge retention.
Real-world examples and scenarios help learners understand how product knowledge applies to practical situations. Research from the National Training Laboratories Institute found that learners retain 75% of the information when they practice by doing and solving real-world problems.
Multimedia and technology tools, such as videos, simulations, and virtual reality, can enhance the effectiveness of product knowledge training. They can improve the training experience and increase employee engagement.
By providing ongoing opportunities for learning and reinforcement, such as refresher courses, microlearning modules, quizzes, and performance support tools, organizations can enhance the effectiveness of their training efforts.
By conducting thorough evaluations and measurements, organizations can assess the impact and success of their training initiatives. This involves collecting feedback from participants, analyzing performance data, and assessing knowledge retention levels. This is the aspect that a comprehensive learning management system (LMS) can readily help with.
Below are some of the tools that organizations can use for effective product knowledge training.
According to a report by Global Market Insights, the e-learning market is projected to reach $1 trillion by 2032, up from $399.3 billion in 2022. Much of this growth can be attributed to online learning platforms, such as LMS portals, which have revolutionized product knowledge training by providing a flexible and accessible learning environment.
For example, GyrusAim LMS empowers organizations to develop new learning programs, carry out online assessments, offer certifications, track competencies throughout the learning program, and bolster the overall corporate learning experience. This way, learners can access a wide range of modules, videos, and assessments, allowing them to learn at their own pace and track their progress.
E-books and whitepapers are valuable resources for product knowledge training. Research by the Content Marketing Institute reveals that 70% of B2B buyers prefer content as a source of information.
For instance, companies can create ebooks or whitepapers that provide in-depth knowledge about their products. These resources can cover topics such as features, use cases, and best practices, empowering employees with a comprehensive understanding.
Webinars and podcasts offer interactive and engaging platforms for product knowledge training. Examples include companies hosting live webinars where subject matter experts share insights and answer questions. Podcasts can also feature industry experts discussing product updates, industry trends, and customer success stories.
In-person training remains an effective approach to product knowledge training. Companies can organize workshops, seminars, or conferences where trainers provide hands-on demonstrations and facilitate interactive sessions. This enables direct interaction and immediate feedback, fostering deeper understanding and skill acquisition.
Companies can use multimedia tools to create interactive videos, simulations, and gamified learning experiences. These tools make the training more engaging and effective, enabling employees to practice and apply their knowledge in a realistic setting. Favorably, modern comprehensive LMS solutions like GyrusAim provide organizations with the capabilities to introduce gamification into product or service training. This works well to upskill employees and drive business success.
The following best practices can help organizations design effective product knowledge training programs.
Assessments are critical in product knowledge training as they allow organizations to measure knowledge retention and reinforce key concepts. By regularly assessing learners' understanding of the training material, organizations can identify areas where additional support or reinforcement is needed.
Certifications provide tangible recognition of employees' product knowledge and proficiency. They serve as a form of immediate feedback to learners, validating their understanding of the subject matter.
For instance, companies like Salesforce offer certifications for their products, such as the Salesforce Administrator Certification, which demonstrates expertise in using the Salesforce platform. These certifications not only enhance employees' confidence but also contribute to their professional growth and marketability.
Tracking competency in different skills is essential for product knowledge training. It helps bridge the gap between online training and on-the-job training. Competency rating systems provide a framework to assess employees' skills, knowledge, and competencies, ensuring they have the required capabilities to perform their job effectively. By tracking competencies automatically, organizations can maintain accurate records and identify any skill gaps that need to be addressed.
Providing timely feedback and evaluation is essential for optimizing product knowledge training. By collecting feedback from learners about their learning experience, organizations can identify strengths and areas for improvement in the training content and delivery methods.
Additionally, evaluating the effectiveness of the training program through surveys, assessments, and performance metrics enables organizations to make data-driven decisions to enhance the training experience. For example, feedback from learners about the relevance and clarity of the training material can help refine future training sessions.
Conducting a thorough gap analysis allows organizations to identify the skills gap within their workforce and develop targeted training initiatives to address those gaps. By assessing the difference between desired and current skill levels, organizations can create tailored training programs that meet specific needs.
In a recent study, the Association for Talent Development revealed that 82% of organizations have reported a skills gap. Conducting a gap analysis helps ensure that training efforts are aligned with organizational goals and fill the identified skills gap effectively.
Adopting a professional LMS platform like GyrusAim allows users to effortlessly schedule, monitor, and deliver training. It also enables the management of instructor assignments, logistics, and other essential configurations. By leveraging these features, organizations can implement best practices in product knowledge training, resulting in heightened employee performance, increased customer satisfaction, and overall business prosperity.
With a track record of delivering innovation and customer success, Gyrus is committed to helping businesses achieve their learning and development goals. Get in touch with us today to discover how Gyrus can support your organization's training needs and drive continuous growth and success.