Imagine it’s the beginning of Q4. You’re meeting with your company leadership to go over year-end targets. Your sales team is close to meeting their quota. Your reps just need a push to stay motivated. Now is the time to reveal the ace up your sleeve — sales SPIFFs.
Sales SPIFFs, or incentives for reps, are an excellent resource to help your team achieve their full potential. Below, you’ll learn why businesses choose SPIFFs to enable sales and how to create an effective SPIFF program using incentive compensation management software.
What you’ll learn:
What are the different types of sales SPIFFs?
Benefits of SPIFFs and when to use them
Potential problems with SPIFFs and solutions
How to implement a SPIFF program
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What is a SPIFF in sales?
SPIFFs, or Sales Performance Incentive Funds, are short-term sales incentives used to motivate salespeople to achieve goals or sales targets within a set timeframe.
For example, you might tell your sales team they can earn a bonus on top of their salary and commission,Opens in a new window for selling [X] products above sales quotas by the end of the month or for booking [X] demos in a quarter that lead to a sale.