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.
Related articles by Zemanta
- Example VAR Commission Payout (slideshare.net)
- Fujitsu perks up reseller sales staff (channelweb.co.uk)
- How To Build A Successful Sales Channel (richardjordan.tumblr.com)
- White Paper Examines Consumer Usage of Prepaid Cards (pindebit.blogspot.com)
- Suzuki re-starts the free gas spiff, extends offer to full model range (autoblog.com)
Benefits of using a Prepaid Payroll Card
Did you know that an estimated 17 Million American adults are unbanked and an additional 21 Million American adults are considered underbanked? These numbers were recently posted in a report by the FDIC and in my opinion they are staggering.
What exactly does this mean? It means many of your employees do not have either a checking or savings account with a financial institution (Unbanked) or they have one but prefer to use alternative financial services (Underbanked). These employees prefer to use non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements, pawn shops and refund anticipation loans. These alternative financial services are much more expensive than traditional services and are costing your employees an exorbitant percentage of their hard earned money.
What can you do to help them keep more of their money? Offer them the option of using a Prepaid Payroll Card. The card is a reloadable Visa® card that is offered as a way to electronically distribute their pay. These cards can be used anywhere Visa debit cards are accepted, making them as good as cash—and better than checks.
How does this help your employee?
- Cost Savings – Eliminates costly check cashing fees. No activation or monthly fees.
- Faster Access to their Pay – Electronically loaded immediately to their card. Eliminates possible costly mail delays.
- Safety – No need to carry large quantities of cash.
- Acceptance – The card is welcome everywhere Visa debit is accepted.
- Protection – Visa’s Zero Liability Policy protects cardholders against unauthorized purchases.
- Pay Anyone – Access to an online bill pay service enables cardholders to pay bills to anyone.
How does this help you?
- Cost Savings – Reduces payroll expenses. The electronic delivery of payroll is Free to you the employer and eliminates the expense of issuing, delivering and reconciling paper checks.
- Optimize Payment Process – Avoids production, handling and distribution of checks; eliminates the time constraints and fees associated with lost and stolen checks. Use your existing payroll system to set up direct deposit to the card account instead of to a checking account.
- Security – Provides safe and efficient electronic delivery of funds.
- Environmental – Enables your company to engage in “Green” initiatives.
I can’t think of a single reason why a company would not have this available to their employees. Please let me know if you would like more information or to see if this type of payroll option is right for your company.
Prepaid News- Pre-Paid Legal Redlands, Prepaid Legal ... - Prepaid Debit Cards February 6, 2012
- Why Celebrities and Prepaid Cards Are a Bad Mix | Credit.com ... February 6, 2012
- Exactly What Are Prepaid Credit Cards Without Fees | Smart Caddy ... February 5, 2012
- Prepaid Credit Card Program February 5, 2012
- Ameircan Express Prepaid Card Review February 3, 2012