Spiff programs are a type of sales incentive program designed to motivate sales representatives to sell more products or services. Spiff stands for “Special Performance Incentive Fund.” In a spiff program, a company sets up a bonus system that rewards sales representatives for meeting specific sales goals or targets. These rewards can come in the form of cash bonuses, gift cards, or other incentives.

Spiff programs are commonly used in industries where sales reps are paid on commission, such as retail, real estate, or insurance. By offering additional incentives beyond commission, spiff programs can help boost sales and motivate sales reps to perform at their best.

To set up a spiff program, a company typically establishes specific sales goals or targets, such as selling a certain number of products, hitting a certain revenue threshold, or closing a specific number of deals. The company then determines the amount of the bonus or incentive that will be offered for achieving these goals.

Spiff programs can be an effective way to motivate sales teams and drive revenue growth. By offering tangible rewards for meeting sales targets, companies can boost morale and create a culture of healthy competition among sales reps. If you’re a B2B buyer looking to incentivize sales performance, consider implementing a spiff program as part of your sales strategy.