There’s no disputing that the key to any successful SPIFF lies in its incentives! As you begin planning your program, be sure to give special consideration to reward types and amounts. What will motivate your sales team to perform at their very best?
Speaking with your team members or even conducting a short survey is a great way to get an idea of the most effective rewards. Also, don’t be afraid to mix it up if you believe there’s a place for additional types of incentives. If your program is easy to understand and attractive for your salespeople, it will be far easier to hit your targets!
With that said, here are some common SPIFF rewards and their advantages.
- Cash
You can’t go wrong with cash! There’s nothing more satisfying for reps than receiving bills they can spend however they choose. - Gift Cards
Gift cards to popular retailers are also a great reward option. Do an informal poll to find out your team’s favorite stores and restaurants, then put in an order! - Entertainment and Travel
While cash and cards are wonderful, sometimes it’s motivating to give someone the option to go someplace brand new. - Memberships and Subscriptions
Subscriptions add up on our monthly bill, and yet it’s hard to get by without them! Take some of the burden off your team by rewarding them with subscriptions to their favorite music or streaming services. - Recognition
Not all rewards have to be monetary! Publicly recognizing someone’s hard work can fuel high performance.
To get your SPIFF rewards program started off strong, be sure to choose an experienced and proven administration partner! Since 2001, MarketNet Associates has provided major industry players with their expertise in the management of large SPIFF programs. 99.8% of MarketNet’s clients were thrilled with the high-value service they received! Learn more about SPIFFs and the best strategy for your business by giving MarketNet a call today at 847-358-6884!