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Sales reps and can build up the company’s frequent flyer points.Experiences: Offering experiences helps your team step out of their comfort zone and enjoy life more. For example, you could offer a fun road trip on a rented RV. A camper rental can be a unique experience for a sales rep who always travels by plane.Extra time off: If you’re on a tight budget and can’t secure the cash for an incentive, a clever option is to offer time off. It won’t be free (e.g., it can cost you lost revenue), but it won’t mean paying for the incentive upfront.Smart ways to utilize sales SPIFF cash rewardsOne of the key advantages of receiving a SPIFF incentive is the opportunity to manage this extra income in ways that can improve financial well-being. Cash incentives offer flexibility, allowing employees to allocate funds toward meaningful goals such as paying off a mortgage, repaying student loans, or even making smart investments. Employees may also use this additional income to open a bank account, contributing to their long-term financial health and stability. When managed wisely, SPIFF rewards can serve as a financial boost that empowers employees to meet immediate and future financial obligations.Benefits of sales SPIFFsMany companies need help with their sales force. According to research by Finances Online, the average turnover rate in sales is 30.7% (the average across industries is 20%).Another report by Monster showed that over a third of employees left their current roles as a result of low morale.A successful SPIFF program helps tackle these challenges:Sales SPIFFs improve morale and motivation by making your team feel appreciated and valued for their work.Improved morale and feeling valued through increased employee engagement can lead to higher job satisfaction and lower turnover rates.Additional benefits include:Increased sales volume by providing a special incentive or extra push to close more deals.Enhanced focus by tying SPIFFs to specific sales objectives.Healthy competition between sales representatives.Types of sales SPIFFs to motivate your teamBesides offering different payout structures, sales SPIFFs come in various flavors. Let’s explore some common types of SPIFF incentive programs that can supercharge your B2B sales team:Product-specific sales SPIFFsProduct-specific SPIFFs incentivize the sales of a particular product or service. They’re particularly effective for:Strategic focus to prioritize key or high-margin products.New product launches.Slow-moving inventory.Example: Offer an extra percentage of sales for every new enterprise customer who signs up for the company’s latest premium SaaS subscription plan.Performance-based sales SPIFFsPerformance-based
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SPIFFs reward sales staff based on achieving specific performance metrics or KPIs, such as:Upselling or cross-selling.Customer acquisition.A rep’s sales quota.Example: Award a weekend getaway for the sales rep who closes the most deals in a typically slow quarter.Time-based sales SPIFFsTime-based SPIFFs create a sense of urgency by offering rewards for sales made within a specific time frame. They’re ideal for:End-of-quarter pushes.Seasonal promotions.Limited time offers.Example: Offer a double sales commission on all sales closed during the last week before Christmas.Channel-specific sales SPIFFsChannel-specific SPIFFs reward sales made through specific channels or partners, such as:Online or digital sales channels.Specific sales territories.Partner referrals.Example: Offer a bonus for every B2B lead generated through LinkedIn that turns into a sale.Ensuring your team meets your sales SPIFFOne way to measure an effective SPIFF program’s success is through the number of sales reps that meet the requirements to earn its reward. Ensuring your team meets those goals hinges on careful planning and execution, requiring:Clear communication.Comprehensive training.Ongoing support and motivation.Real-time tracking and feedback.Celebrating successes and recognizing top performers.Seeking feedback from your team.If you get this right, you’ll have a motivated sales team working hard to meet the requirements for every SPIFF you launch.How to start a successful sales SPIFFWhile SPIFFs can work great sometimes, they’re not always a home run. A LinkedIn survey by Jason Lemkin, the founder of SaaStr, revealed that only 30% of sales pros are confident SPIFFs are effective. Almost half of them are sort of ‘meh’ about them, and the rest don’t believe in SPIFFs at all.Launching a successful sales SPIFF program involves careful planning and execution. Here’s a step-by-step guide to help you get started:Secure buy-in: Get approval and support from key stakeholders, including sales managers, finance, and HR.Set clear goals: Define specific, measurable goals for your SPIFF program, aligning them with your overall sales objectives.Choose the right type of SPIFF: Consider your target audience, sales goals, and desired behaviors when selecting the type of SPIFF that will be most effective.Determine rewards: Secure a budget for your SPIFF and choose rewards that appeal to and motivate your sales team.Communicate clearly: Use multiple channels to communicate the SPIFF program rules, eligibility criteria, and rewards to your team.Track and measure: Implement a real-time system to track your SPIFF’s KPIs and results to adjust as needed.Evaluate and refine: After the SPIFF period ends, gather feedback from your team and analyze the results. Use this information to improve
