SPIFF, abbreviated as Sales Performance Incentive Fund, is a type of inducement which a sales individual receives for achieving their assigned goals and objectives. Meanwhile, since SPIFFs are considered as immediate incentives, they pursue or lead employees to reach their respective goals.
Although SPIFFs are a bit tough to receive, they are a great way to reward and appreciate a marketing individual’s hard work.
What is a Sales Spiff?
As soon as an individual gets introduced to the marketing jobs, he comes across the word, SPIFF. However, many need clarification about what sale spiffs stand for and what it implies on their pay scale. Worry not, as in this article we have briefly stated the sales spiff definition and its profit.
SPIFF in sales have similar metrics and are rewarded for sales executives for reaching the assigned target. Additionally, SPIFFs are usually awarded by a team or sales manager to an individual or a sales team of an organisation.
Also Read – A Lifesaving Guide to Revolutionize Your Chatbot Marketing Game
Sales Spiff Examples
The growth of a marketing company is always directly proportional to their employee’s hard work. So, it is crucial to motivate and celebrate them for their hard work and success. Meanwhile, SPIFs can be the best bait to accelerate the company’s growth with employees’ work. There are two types of Sales SPIFF programs,
Cash SPIFFs
Rewarding cash/money as an incentive or SPIFF can be perfect for many individuals. Many employees are motivated by money because it allows them to choose or buy whatever they want. Along with them, a fixed amount such as SPIFF should be declared, which should also be transparent to other employees, as it will motivate them to do better.
Moreover, rewarding employees with cash is appealing and something worth putting your mind on. Not only this but this will always influence them to curate innovative ideas for achieving their respective goals, hence leading to SPIFFs.
Usually, they are set to a fixed amount. For instance, $2000 is an incentive for breaking a deal in the financial year. Hence, this will only be effective if your team has already acquired the ability to secure the deal.
Non-cash SPIFFs
Although cash can be a convenient way of giving SPIFFs, it won’t always appeal. Now imagine giving a holiday trip as an incentive. The employee will be thankful each time he enjoys the gifted trip. Hence, non-cash SPIFFs can be more effective and are also used by 85% of US companies.
Moving on with the examples of non-cash incentives, they are endless. That could be anything, from a useful present to a dinner in a lavish restaurant.
Nevertheless, the rewards depend upon the nature of the working individuals. What kind of honours would they like to receive?
Meanwhile, here are a few best sale SPIFFs ideas,
- Dine out with the family at a premier restaurant
- Entertainment tickets for top seats of a Broadway show or FIFA World Cup. [For instance, Brittania sent its top sales performers for an all-expense-paid trip to the ICC World Cup.]
- Airbnb, Steelhouse, BambooHR, and many more have vacations to foreign places.
- Weekend stay at a 5-star hotel with family
Sale Spiffs Template
Meanwhile, it is essential to draft and represent the ideation as well as the benefit of achieving SPIFF. Hence, it is important to craft your company’s SPIFF scheme creatively and engagingly. With a suitable sales spiff template, you can elaborate the incentive scheme in brief. Moreover, click here to check the sales spiff template and slides for your work.
Also Read – Explaining RTB Marketing: How Real-Time Bidding is Empowering Modern Marketing
Car Sales Spiff Ideas
If you are a car dealer, you must be aware of the fact that how much employees are important for the work. As a result, it is your responsibility to motivate them to reach the maximum sales target. Hence here are the ideas for engagingly distributing SPIFFs,
Cash In Hand: This could be one of the best ideas to motivate your employees. Rewarding cash also opens the opportunity for an employee to get whatever they want.
Rewards of Unspeakable Value Change: If you’ve already got the employee who has reached the goal of the month, you call their family or spouse to ask what they want as a present. Hence, this will also establish friendly relationships between the company and its employees.
Conclusion
Whether you’re running a small startup or a big marketing organisation, SPIFFs will be beneficial. With it, they also open the way to boost employee morale, teamwork, and performance.
Hence, with several ways of rewarding SPIFF, you can bond with the employees while they promise to bring more beneficiaries to the company.
