What Makes A Great SPIFF?
Unbeknownst to most a sales contest award or SPIFF actually stands for Sales Person Incentive Fund. Designed to be a way to motivate your sales team to help them get through performance targets by offering something special typically outside of a sales rep's comp plan.
While SPIFFS shouldn't be a crutch for motivation, they can be helpful and a fun way to build a sales culture that your team feeds off energy from and uses when things seem particularly tough or close to the finish line.
Sales motivation is a tough beast. Some days are better than others, and sometimes it feels like the rough patch has no end insight. And when things are going good and the targets in reach, a SPIFF can help generate breakthrough sales performance and quota-achieving activity.
So what makes a good SPIFF? We asked a few reps and came to the following conclusions:
1. The SPIFF should be made known with enough time to reasonably achieve it.
Most salespeople appreciate SPIFFS, but they want to make sure they have enough time to accomplish it and the goal put in front of them is attainable.
2. The SPIFF should be individual based, with a team component.
Motivate each individual to do their part, and encourage teamwork to achieve an overarching goal so that if both are achieved an even more significant SPIFF is awarded.
3. The SPIFF is personal to the recipient.
Think about what motivates each person. It's not always money. Perhaps they love volunteering at the local animal shelter. If they achieve their goals, why not give them a Friday afternoon off to visit the shelter and pet some pups?
Overall, we think SPIFFS are important in helping your teams push through and add some spontaneity especially for monotonous sales cycles that can hamper morale over time.
If you're looking for creative ideas for SPIFFS, here are three resources with some great ideas: