With the world of sales growing more competitive, it’s no wonder that companies are turning to creative incentives to motivate their teams. SPIFF programs have emerged as powerful tools for achieving sales objectives. What makes these programs so successful is their ability to offer direct, short-term rewards for great performance. And guess what – rewards don’t always have to be cash! Whether it’s financial incentives, prizes, vacations, or recognition, choosing the right motivators can make or break your SPIFF program. So how do you choose the most desirable incentives? Here’s what to keep in mind as you drive your team to success.
Know Your Team
The first step in designing an effective SPIFF or loyalty program is understanding your salespeople. Start by getting to know what motivates them. Conduct surveys, focus groups, or informal one-on-one interviews to gain insight into their preferences and aspirations. For example, some might be motivated by career advancement, financial stability, or work-life balance. Others might respond better to personal recognition, prizes, or memorable experiences. Design incentives around what people respond to!
Cash is (Often) King
Financial incentives, such as bonuses, commissions, or cash rewards, are the most popular choice for SPIFF and loyalty programs due to their universal appeal. Receiving an envelope full of cash or a check certainly doesn’t hurt morale! Just remember that when selecting financial incentives, it’s important to ensure that they’re meaningful and aligned with desired behaviors and sales outcomes. Also, transparency and fairness in reward distribution are critical to maintaining the trust of your team.
Exciting Prizes
Prizes offer participants the opportunity to win valuable items or experiences, adding a tangible element of excitement and anticipation. From devices and luxury goods to event tickets, the possibilities are endless! Prizes can appeal to a wide range of interests and preferences, making them a versatile choice for rewarding high-performing employees. When choosing prizes, consider your team’s interests, pastimes, and hobbies. You can even introduce some competition to the rewards process with gamification elements like contests and sweepstakes!
Glorious Getaways
Who doesn’t love an unexpected vacation? Whether it’s a weekend getaway, a luxury cruise, or an exotic destination, vacations offer a welcome respite from the daily grind and serve as a powerful incentive for peak performance. For busy salespeople, vacations can promote work-life balance and reduce stress. Poll your team to find out some of their dream getaways and experiences.
Everyone Loves Recognition
Not all rewards have to be tangible. Sometimes, recognition for a job well done is the most powerful motivator of all. Recent research from Gallup suggests that employees are twice as likely to stick with their company if they feel recognized and appreciated. Whether it’s praise in front of the entire team, an award ceremony, or a personalized thank-you note, recognition signals appreciation and validates the efforts of your salespeople. To introduce recognition to your incentive structure, consider the communication preferences of your employees, and make sure that the gestures are genuine, timely, and meaningful.
Want more advice on how to design incentives that will make your sales skyrocket? Get in touch with MarketNet! Since 2001, MarketNet Associates has provided major industry players with their knowledge and acumen in SPIFF program management. MarketNet’s 99.8% satisfaction rating speaks for itself! Discover how to boost your rewards structure by giving MarketNet a call today at 847-358-6884!
