Penny research unpacks how to reduce seller churn
VANCOUVER, BC — Churn rates are rising in social selling organizations yet most companies have blind spots when it comes to seller happiness and wellbeing, according to research from social sales enablement platform, Penny AI.
People choose social selling because they need additional income sources, but they stay for the community. As 2023 brings rising costs and increased economic pressures, social selling companies need to prioritize the well-being of their sellers and influencers. This starts with effective onboarding and continues with the ability to track the seller’s experience not just from a sales perspective but a wellness perspective.
According to Penny’s research, 58% of sellers recommend new sellers don’t start with corporate onboarding programs. And corporate respondees agreed with 46% of corporate believing the field is unsatisfied with current onboarding programs. To effectively measure happiness, first corporate will need to improve the onboarding experience so that they can track seller behaviour and initiate nurturing win-back campaigns.
Based on these findings, seller well-being and proactive prevention of burnout can quickly become a strategic advantage for organizations. Driving purpose and a sense of accomplishment, including wellness practices and self-care into training routines, are just the beginning that can make a world of a difference to burnout-driven churn rates, but even more so in someone’s life.
Only 50% of organizations have both high visibility on their sellers’ sales metrics and high visibility on their sellers’ well-being. This gap in data leaves organizations vulnerable to involuntary churn.
Churn impact in numbers:
- 72% of sellers say converting connections into customers is their biggest challenge
- 46% of sellers say Consistency is the most important skill
- 44% of sellers say Relationship Building is the most important skill
- 36% of corporate say Field Retention is their top priority for 2023
- Top 2 reasons sellers quit in first 30 days: not knowing what to do & haven’t made a sale
In Penny’s research, 15% of sellers say they aren’t happy. Combining the 15% unhappiness rate with the industry’s high churn rate, it’s imperative that organizations incorporate well-being and happiness tracking to deliver win-back campaigns to nurture those who need it most.