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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