A big part of sales is learning. Your team is on a constant quest to gather useful information they can use to close deals. From information about individual prospects to the efficiency of their sales strategies, it all makes a difference. Even the most seasoned salesperson has tons to learn on the floor.
But what do you do with all that information? Hopefully, you put it to good use — but what then? Does it get lost to the ether, never to be used again? If so, it might be time to create a lessons learned database.
A lessons learned database is a form of knowledge management. The concept comes from project management, and many project management software platforms have the means to build databases.
Simply put, these databases are repositories of knowledge about sales strategies, prospects, techniques, and more. The goal is to hold on to winning moments, avoid repeating mistakes, and push your team’s capabilities to a new level.
What Are Lessons Learned?
Lessons learned refers to knowledge your team obtains through experience. Your sales force can study traditional sales techniques all day long, but the best wisdom comes from real-world experience.
Your team will learn more than they realize about sales strategies throughout their work ventures. They figure out what works and what doesn’t and how various clients have specific needs you must address. Every bit of information is crucial.
The last thing you want is for your team to make the same mistakes repeatedly. But it happens! With how fast-paced sales are, it’s easy to forget lessons learned when entering a new sales situation.
That’s where the lessons learned database comes in. It’s a chance for your team to log their knowledge, share their experiences, and constantly improve. Not only does it help avoid repeat mistakes, but it can also replicate wins, identify strengths, and help individuals make positive changes that lead to tremendous success.
What Is a Lessons Learned Template?
Having a database of lessons learned is excellent, but you need a way to share that information. A lessons learned template is enablement content that details positive and negative sales experiences. By definition, it’s a template your reps can follow to replicate wins and steer clear of losses.
In project management, it’s a way to apply experiential knowledge to future projects. But it works in sales, too!
Think of it as a knowledge briefing. For some of your team, it’s a refresher of real-world experiences they can use for future reference. But for your new reps, it’s a way to stand on the shoulder of giants. These templates can provide relevant information to every sales situation, allowing your team to share their knowledge.
It strengthens the team, prepares them for the challenges ahead, and helps them adopt winning techniques right from the jump.
Examples of How Sales Teams Use Lessons Learned Databases
Not convinced that your company needs to use a lessons learned database? You’d be surprised by how effective this knowledge management can be. Your team will use it in many ways, ultimately leading to better performance across the board.
Here are just a few examples of lessons learned databases in action.
Capture New Ideas, Obstacles, and Opportunities
Have you ever struggled with figuring out a solution to a problem only to find it when all the information is in front of you? With a lessons learned template, your sales force can experience the same thing — only this time, it’s with information that could boost your company’s bottom line.
Seeing that information in graph databases and documents makes generating new ideas and opportunities easy. You get an eagle-eye view of what you know, paving the way to spot openings that could boost productivity even more.
On the other side, you might find the root cause of your team’s current issues. Identify those obstacles and use your team’s knowledge to develop a solution!
Turn New Insights Into Codified Strategies
New insights can come at any time. Putting them into your lessons learned database lets you put them to good use.
Your reps can use that newfound knowledge to develop winning strategies that pay off time and time again. Codify those techniques, and they can be a go-to that helps your team replicate positive results as often as possible.
Share Sales Knowledge Among Teams
Of course, the best part of lessons learned databases is what it does to facilitate knowledge sharing. Despite how it seems from the outside looking in, successful sales teams need to work together. It’s a collaborative effort, with everyone working toward the same shared goal.
A single experience can turn into a winning strategy for all. These databases let those ideas and insights flourish, benefiting the entire sales floor.
Generate Training Materials for New Reps
With shared knowledge comes the opportunity to instill new skills. New reps can take a while to ramp up and get on the same level as their peers. But when you use a lessons learned template, you can pass that knowledge down through training and coaching.
It becomes one of the most valuable tools in your training arsenal. Use those databases to create training materials that stick.
Prevent Knowledge Loss Due to Employee Turnover
It’s never easy dealing with turnover. Not only do you have to invest in new hires and training, but you can also lose indispensable sources of knowledge and experience — unless you have a lessons learned database.
The entire point of this concept is to preserve the knowledge your team takes in throughout their time selling for your company. Keeping the most relevant information in one place ensures you can continue benefiting from it even as your sales force changes.
Create a Forum for Peer-to-Peer Learning
Last but not least, these knowledge management systems facilitate peer-to-peer learning. Once again, collaboration can make all the difference.
Sharing knowledge and coaching others should be easy for your team. Lessons learned databases do that and more, spreading the informational wealth so everyone can win.
Equip Your Team With Top Enablement Tools
Don’t let all that valuable knowledge go to waste! Check out Flockjay and create your own lessons learned database. Flockjay is a powerful sales enablement tool that can equip your team with everything they need to become superstar sellers.
Capture winning moments, share knowledge throughout the floor, learn from past mistakes, and use your team’s experience to recreate successes whenever possible. With Flockjay, you can do all that and more!
