Do you wish to motivate your sales representatives while boosting sales at the same time? Best sales SPIFF ideas are a great way to accomplish this and you’re in the right place to find out more about how to implement this!
When organized and communicated clearly, sales SPIFFs can be highly effective in rewarding sales representatives and the key is to create enough motivation for your people to drive the sales in the first place.
This article will look at examples of the various types of sales SPIFFs that exist and offer ways that you can implement them into your business.
Before we do that though, it’s important to understand the different types of SPIFFs that exist.
SPIFF refers to sales performance incentive funds. There are two main categories of SPIFFs, cash-based and non-cash-based. Read below for examples of both!
Cash-based SPIFFs are usually very successful as they promise instant gratification upon delivery of the desired results and are typically paid out more quickly than the existing sales commissions.
It’s also relatively simple to integrate a cash-based SPIFF into your sales environment through easily reloadable cash cards that can be reused consistently for different SPIFFs.
Non-cash-based SPIFFs require a bit more planning but can keep your sales team even more motivated.
Although monetary rewards are highly appreciated, they can also become an expectation and lose the emotional value that comes with being acknowledged. You can take things up a notch with exciting SPIFF ideas such as including various prizes and rewards that your sales team would appreciate.
It’s important to note that for this strategy to work, you need to understand your unique team and the type of rewards they will value.
While some may respond to physical prizes, others may appreciate services. Others may even feel appreciated with having a light shined on their name.
There are numerous types of non-cash-based SPIFFs, but the most common types are:
Any salesperson who feels that their efforts are consistently acknowledged will clearly strive to perform better. However, it can take more than a mention of their excellent work to accomplish this feeling.
A straightforward and cost-effective way to implement this is to use leadership boards that celebrate the current best salesperson or sales team and have them available for all members of the team to see.
It does not have to be a physical form of this board as well and it can take place on the sales team's communication platform, or even through an announcement of their achievement at the weekly staff meeting.
Similar to recognizing efforts, you can implement status rewards to motivate your team and ignite that friendly competitive spark. For this strategy to work, the reward needs to be highly desirable and effective in peaking your team’s interest.
These status rewards can differ from one SPIFF campaign to the next and a few examples include offering a reserved parking spot or a personalized laptop bag/briefcase.
The possibilities are limitless and you need to know your team to understand what they’ll appreciate as a status symbol.
Non-cash-based SPIFFs can take the form of memberships and subscriptions to gyms, sports facilities, golf lessons, or any number of hobbies or leisure pursuits.
Offering these types of prizes as a part of your SPIFF will motivate your sales team to sell more products but will also encourage them to place value on leading a healthy lifestyle.
Ultimately, having a team of healthy, fit and happy salespeople can lead to increased job satisfaction and productivity!
A similar type of non-cash-based SPIFF is the use of gift cards and vouchers that can be exchanged for lifestyle products, top brand name items, and tech.
Survey your employees for sales SPIFF ideas that your team would like so you can use this to guide you when choosing specific gift cards and vouchers.
It makes sense to take your sales team’s interests into account and offer rewards you know they love. In general, most employees will be content to be rewarded with gift cards they can spend on high-end tech or household items.
An effective way to drum up relevant sales SPIFF ideas is to get to know your team.
This can be done as a mini-survey to find out what kind of SPIFFs they would like to see in the company; you can ask them to choose from various listed options, describe their ideal SPIFF or do both.
If employees are involved from the planning stage and their sales SPIFF ideas are used, they will understand that their opinions are valued. This is a big motivator and should not be overlooked when planning to introduce SPIFFs into your company.
Turning your sales SPIFF into a contest will keep it exciting and challenging.
Members of the team can compete against each other or work as teams so different sales divisions compete against one another. Perhaps the entire sales division could be in a contest against the sales department of a rival company.
The possibilities are endless. Always tailor your contest to meet your current sales goals and targets and decide if prizes will be awarded for individual or team efforts.
The goals for winning a prize can be time-sensitive, for example, for those who make the most sales in a specific period. Alternatively, they can be product-oriented such as the most sales of a specific product.
Whatever the goals you want to be reached, this system can be adapted to that purpose.
This is a common incentive used in companies across the board and is a way to recognize the performance of an individual or team that will be visible to their peers.
Whether you opt for a physical leadership board, a digital form, or a combination of the two, it is simple and cost-effective.
You could combine this approach with another reward. For example, any individual or team that achieves this honor twice in a row gets a prize. The prize can be in the form of cash or a gift card. In this way, you will be motivating them to meet specific targets and excel in general.
You could offer something like a “be the boss for the day” prize if your company dynamic allows it.
This can be very rewarding for both employee and employer as the winner will learn what it takes to run a productive sales team effectively and will help develop their leadership skills.
Any problems with inter-office communication may also be highlighted, which will give you the chance to resolve these issues.
Another popular sales SPIFF idea is a system of time-based rewards. These can include getting off work early for the day, enjoying an extended lunch hour, or an extra day of paid leave.
This reward is very easily implemented, and most employees will respond favorably to having some extra free time. If you are looking for perks in smaller SPIFF campaigns with little to no cost, this is the way to go.
Nothing says “winner” like a trophy does. This is a relatively small investment to make and can be reused in different reward campaigns.
This works exceptionally well in rewarding team efforts. For example, the trophy can be inscribed with “best sales team,” and displayed in the winning sales team’s workspace.
Take a photo of the winner holding it high and post it on your company’s social media platform!
What do all contests and competitions have in common? Tiered prize levels, with a selection of two or more lesser prizes and a grand prize for the overall winner or top achiever.
Naturally, this strategy is influenced by the budget that you have to work with. Few sales employees would be able to resist the opportunity of winning a weekend getaway or hamper of luxury items.
We recommend that you institute this only if you can justify it financially. This would be ideal in a longer-term SPIFF campaign or where the sales targets are very high.
The SPIFF aims to give employees an incentive and motivation to sell. Whatever your goal is, you need a team of dedicated and motivated salespeople to make it happen.
Sales SPIFFs alone will do little to motivate a sales team if they are not already a reasonably motivated bunch of high performing employees. You do not want them to excel only when prizes are up for grabs - you want them to always give their best.
Keep them motivated with the following practices:
Promote company spirit and boost morale with various programs. You could provide members of the sales team with branded merchandise, for example. Another idea is to incorporate a daily huddle into the start of every day.
Build up the members of your team, and they will produce results.
Offer leadership programs that will detect and enhance the potential of your top salespeople. People who feel empowered to lead will be motivated to beat the competition.
As the saying goes, there is no “I” in a team. It takes teamwork to make any company a success, and this is especially true for the sales division.
The principles of teamwork can be fostered through regular team-building exercises, such as interoffice sports days or other social activities. Invite employees to suggest team-building activities that they would enjoy.
When employees feel like valued contributors to the company, they work harder and perform better.
With so many fun and rewarding sales SPIFF ideas, you can be assured that you will find the right one for your company. Any of these ideas will motivate your team to meet and exceed your sales targets.
It’s also possible to use some of these ideas in combination with each other. Keep things interesting, see how creative you can be, and you’ll be surprised by the results.