Is Your Sales SPIFF Program Stale?
Filed under: Channel Incentives, Consumer Promotions, Employee Incentives, Prepaid Resources
- Image by Giuliagas via Flickr
How’s your SPIFF’s? Performing or stale? SPIFF’s are the mainstream program used by manufacturers and companies to incent a salesperson to sell a specific product…hence the name. Sales Performance Incentive Fund – SPIFF (not sure why there is a second F).
Companies that wish to push a certain product through their sales network, retail and distributor channels will offer a set dollar amount for each unit sold in an effort to incent the salesperson to drive that specific product. Currently, companies will cut a check or add money to the payroll of the salesperson. This can be effective, but many times, especially for distributor sales people that participate in multiple manufacturer SPIFF programs, the value gets lost and sometimes they are not even sure what they did to receive the extra money.
Why not make your SPIFF program stand out? After all, the only reason you’re running one is to move your specific products, so the more you pay out, the more product you move. Pretty simple. The key to making this successful is to make your SPIFF program stand out and to communicate the program so it is first and foremost on the sales staff’s minds. A great way to do this is to use a Custom Branded - Reloadable - Prepaid Debit Card. Co-brand a Visa or MasterCard with your logo and give one to all sales people in your program. As they qualify for the SPIFF, simply electronically load the dollar amount onto their card. Set up program messaging so that an email or text is sent immediately upon a new load that reinforces your program. “Hey Bob, excellent job this month selling the Widget 3000. $500 has just been loaded onto your Widget, Inc prepaid card. Keep up the good work.” Now that would turn a stale incentive program into a vibrant winner.
Benefits to using a Prepaid Debit Card for your SPIFF program?
- Brand Awareness… put your brand, not your competitors, in the pockets and minds of your sales channels.
- Save Money…no need to write, distribute and mail checks.
- Save Time…no need to hassle with payroll or sales people calling in asking if they received their SPIFF.
- Immediate Recognition…electronically load the cards for immediate delivery of funds. Salespeople absolutely love this.
Please let me know if you have any questions or would like more information about using Prepaid Debit cards in your SPIFF programs.
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Program Messaging: Make Your Next Promotion A Huge Success
Filed under: Prepaid Definitions, Prepaid Resources, Uncategorized
Incentive, reward, and loyalty programs utilizing prepaid debit cards are about creating and reinforcing behavior. But one of the most overlooked aspects of what makes a program successful is Program Messaging. The more you reinforce your message to your participants, the more likely they are to continue the desired behavior. Studies have shown that effective communication reinforcing the desired behavior increases the likelihood that the positive behavior will be repeated.
“Incentive programs that deliver a lasting impact utilize the right message that is delivered at just the right instant and delivered multiple times. As simple as this concept is, it is rarely achieved” — Tim Sloane, industry expert, Mercator Advisory Group
“Effective employee communication is a leading indicator of financial performance…. Firms that communicate effectively are four times as likely to report high levels of employee engagement as firms that communicate less effectively.” — Watson Wyatt 07/08 Communication ROI Study
So, what is Program Messaging? Basically, it’s the ability to contact your recipients multiple times in an effort to reinforce the desired behavior and promote your program. You can build a multi-touch prepaid program by sending personalized online, phone and text messages to your card holders. When card holders check their card activity or balance by phone or online or receive a reload on their prepaid card, they can receive a personalized message from you that will greatly reinforce your program and will make sure the employee or customer understands why they are receiving the incentive.
Make sure your prepaid debit card vendor has the following options for Program Messaging for your next incentive campaign:
- Automated Email and Text Messaging
- Ability to customize the Card Holder IVR
- Ability to customize the Card Holder Website
- Ability to customize the Live Operator experience.
For more on Program Messaging and how it can help your next promotion be successful, please contact me direct at dave.cook@springbokservices.com.
Springbok and National Jewish Health Partner
National Jewish Pays Participants in Weight-Management Program
National Jewish Health is adding an incentive – money – for people who are trying to shed the pounds through its successful weight-management program, FitLogix®–. And they don’t even need to lose weight to get the prepaid cards. Beginning in early January, FitLogix® participants who continue participating in the 12-month program will receive $10 prepaid cards after 6, 15, 25 and 47 weeks of participation in the program. Denver-based Springbok Services, Inc. will supply and service the debit cards.
“Our data clearly show that the longer people stay in the program, the more weight they lose. So, we decided to pay them to stay in the program.,” said David Tinkelman, Vice President of Health Initiatives at National Jewish Health. “Previous research has shown that financial incentives can significantly increase quit rates. It is more than the actual cash, however; it is the immediate recognition and reward for doing the right thing.”
The National Jewish Health-Springbok partnership reflects a growing trend among companies that are trying to reduce healthcare costs by offering positive rewards for healthy behaviors.
FitLogix® relies on customized personal coaching, Internet education and support and accountability through activity monitors and scales wirelessly connected to computers to help people lose weight. Since its inception, participants have lost an average of 7.5 pounds. Those who stay with the program the full 12 months lose an average of 12 pounds. These results have translated into health benefits as well. Healthcare claims for 1.500 FitLogix® participants dropped more than 13 percent from the previous year.
Companies, health plans and individuals can all sign up for the FitLogix®. For more information visit the FitLogix® Web site at http://www.nationaljewish.org/programs/prevention/fitlogix/fitlogix.aspx or call 1-800-934-4834.
Watch the News Report: National Jewish Health Pays You To Lose Weight
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