Designing an effective SPIFF can ignite your team’s performance and help you reach sales targets. Let’s look at the key steps you should take to implement a program:
1. Define your objectives
What do you want to achieve with your SPIFF? A clear goal is the basis of your incentive plan, but you must also know how to get there. Make sure to include who can participate, key milestones, and a deadline. Define exactly how many products your reps need to sell, give an explicit timeframe, and communicate the program to your team.
You can integrate your SPIFF objectives into your CRM platform, so afghanistan phone number list your team has the information at their fingertips. When you combine your CRM with sales incentive compensation management software, teams can use dynamic dashboards to easily view progress against goals and potential earnings.
2. Choose enticing rewards
Incentives only work when they provide value to your team. Cash is king, but you might consider offering other high-value incentives like flight vouchers and PTO for vacations. Tailor the rewards to your team’s preferences for maximum impact. Survey your sales reps and ask for their award preferences.