If you’re thinking of starting a SPIFF program for your company, congratulations! SPIFFs have the potential to be highly rewarding both in terms of revenue and sales culture. Since every company is unique, each SPIFF program will look a bit different.
Learning what works best for your business and sales team is an ongoing process. But there are several missteps that can be avoided to increase your program’s chances of success. With that in mind, here are some common SPIFF pitfalls and what you can do to steer clear of them.
To best motivate your salespeople, it’s important to clearly communicate the time limits and reward structure of your program. Letting it go on for too long, or implementing rules that are confusing or overly complex will make team members see SPIFFs as a burden instead of an opportunity.
SPIFFs can be a highly effective sales tool, but they shouldn’t make up the bulk of your strategy. To control spending, keep your program targeted. Determine what inventory you need to move, and the most plausible time frame for making the sales. From there, you can decide what budget makes the most sense.
The importance of feedback from front line salespeople on program reward structure, ease of use, and showroom culture can’t be overstated. Sometimes, small tweaks can make all the difference! Collect data and opinions throughout the first run of your program. Once your first SPIFF is complete, review all feedback and decide if there are ways you can further optimize rules and incentives for next time.
You want your investment to be successful the first time, so it’s important to plan wisely and choose a great program administrator! Since 2001, MarketNet Associates has provided major industry players with their expertise in the management of large SPIFF programs. MarketNet’s 99.8% satisfaction rate from longtime clients speaks to the value of their services. Learn more about SPIFFs and how your business can benefit by giving MarketNet a call today at 847-358-6884!
