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BOOST YOUR SALES & PROFITS WITH AN ENHANCED DATA-DRIVEN SPIFF PROGRAM FROM LIFT & SHIFT
SPIFF program meaning
SPIFF programs, also known as sales performance incentive fund programs, have been used for decades by companies to incentivize and motivate sales reps (either in-house or channel partners) by offering bonuses or commissions for achieving specific sales goals. They are the forerunners to today's more complex data-driven and analytics-based B2B reward programs.
The program typically sets a target for salespeople, such as selling a particular product, meeting a specific sales quota, or generating new leads in a specified period. If the salesperson meets or exceeds the target, they receive a SPIFF, which is typically a one-time bonus payment and is usually paid weekly or even daily.
Because these programs are well-established, some companies are reluctant to migrate to anything new – but reluctance to change will often result in a SPIFF program that isn’t as effective as modern customer or channel reward programs that employ historical sales data to guide program focus and sales optimization.
3-steps to improve your SPIFF program:
1. Data analytics unlocks opportunities
An enhanced data-driven SPIFF program from Lift & Shift marries the simplicity of the traditional SPIFF program with state-of-the-art data analytics and personalized participant communications that feature dynamic content and motivating program reward tier levels.
By leveraging your sales data, our upgraded SPIFF programs provide personalized and targeted offers to program participants based on their previous sales or purchase history with your company, as well as on your desired sales objectives.
2. Personalized offers create engagement
We offer an industry-leading dynamic content platform that guarantees personalized reward offers to all participants in your SPIFF program. These tailored offers align with your strategic sales objectives and drive both sales retention and growth for your business.
Our proprietary reward "rules engine" enables us to manage an unlimited number of program rules and participant-specific offers while keeping participants informed of their program status, upcoming earning milestones, and other crucial engagement metrics.
3. Enhance your reward offering
While most SPIFF programs employ the mentality that “cash is king” and only feature cash payments as an option, recent industry research indicates that non-cash rewards are about three times more cost-effective in driving comparable levels of sales or purchasing activity. Our SPIFF program offers literally thousands of non-cash reward options. While cash-based rewards can certainly be incorporated into the program, we believe that including diverse reward options will ultimately benefit the program's effectiveness and overall success.
Learn how Lift & Shift can help you meet your strategic goals
Give yourself an advantage over the competition
Three key steps that enhanced SPIFF Programs from Lift & Shift offer compared to traditional programs:
- Make use of your historical sales data to guide, measure and reward changes in purchasing or sales by your various audiences
- Employ dynamic content for highly personalized offers and communications for each program participant
- Leverage a wide array of attractive reward options vs. cash only programs that have limited appeal and tend to cost three times as much to move the needle.
Consider all of your business goals
Most SPIFF programs tend to focus on short term sales objectives – sell a certain amount, get a SPIFF of a certain value.
But you likely have other business goals as well and an enhanced SPIFF program from Lift & Shift Loyalty can easily incorporate these other important corporate objectives into your program as well:
- Introduce and promote new brands, products or categories
- Stimulate cross-sell and enhanced product mix
- Increase order frequency and/or size
- Promote product knowledge and training
- Reverse sales or purchasing declines
- Drive more sales activity online
Three Steps to Success
1. Set goals
What do you want to achieve in terms of sales, products, geography, seasonality, channels etc.? The solution must address your business objectives, goals and challenges. That’s where we start.
2. Design and build the program
Together we’ll design and build the right solution for your business - in sync with your historical sales data and your sales objectives, challenges and opportunities. The resulting program is unique and specific to your needs and those of your customers, sales team and/or channel partners.
3. Gather program results and use that learning to optimize your program’s ROI
Program data is a valuable asset that we use to monitor program performance and understand what best motivates your customers, sales team and/or channel partners. Together, we use your program data to fine-tune your program and constantly optimize its sales impact and ROI.
SPIFF Program FAQs
Lift & Shift loyalty programs suit all types of companies
We’re experts in B2B loyalty programs. That includes development of SPIFF, rebate and reward programs for our B2B clients. We work with all types of companies, with all differing sales support organizations.
Lift & Shift Services
Let us show you how Lift & Shift can help you improve your sales future
Here’s why you should work with Lift & Shift
Lift & Shift is a full-service program provider
We specialize in designing and executing motivational programs for our B2B clients, drawing on our extensive expertise and years of experience in the field. By partnering with Lift & Shift, you gain access to a team of seasoned professionals who will collaborate with you to understand your strategic direction and achieve rapid results. We eliminate the need for you to seek, hire, and compensate internal experts, and instead, work closely with you to develop a comprehensive plan that delivers increasingly effective outcomes over time.
Your program is customized to you, your business goals, and your stakeholders
Lift & Shift builds custom programs to meet the unique needs of your business, your sales network and your end-users. Your program can be personalized to address the different needs and value of each of these stakeholders - so there’s no ‘one size fits all’ approach.
Contact us now for a free strategy session
Let us show you how our programs can improve your bottom line.