Sales Channel Incentives and SPIFF Programs
To get products in more hands while minimizing strain on internal sales staff, many manufacturers eventually implement channel sales strategies. With channel sales, your company will work with outside partners to sell your products to consumers.
A channel sales strategy can help you reach new markets, boost sales and establish a positive brand reputation. At the same time, working with other businesses introduces a variety of challenges. For example, how do you convince your collaborators to sell your product over competing options? Sales incentive programs and spiffs could be the answer.
Sales Goals Made Possible With Incentive Insights: Your Partner in Sales Incentives and Spiffs
A channel sales strategy is an opportunity for your business to get its product or service in the hands of the right consumer. With the help of third-party resellers, distributors, value-added providers, and other types of channel partners, you’re able to generate demand and drive sales while at the same time lowering sales, marketing, and distribution costs, scaling effectively and expanding into new markets.
But if you want to be successful with a channel sales strategy in today’s market, a compelling sales incentive program is often necessary. A sales incentive program and/or SPIFF program can be an effective way to change a partner’s behavior and encourage them to perform on your behalf. These programs offer financial incentives for businesses and sales representatives who stock your product and close sales effectively.
When it comes to sales incentive programs, our approach combines the right sales incentives and spiffs to keep your team motivated to sell without discounting your products.
Our Approach to Sales Incentive Programs
At Incentive Insights, we work to understand your business’ needs. Then, we use what we know about your company to identify the right combination of sales incentives to meet your needs. Our flexible, customizable approach to sales incentives means that we can combine specialized sales and spiff programs to complement each other and increase revenue.
Some of the sales incentive programs we can help your business take advantage of include:
- Strategic B2B rebates: These incentives encourage resellers to stock your product and make it available for purchase by offering a discount or partial refund after the purchase is made.
- Motivating spiffs: Sales Program Incentive Funds, also called “spiffs,” inspire salespeople to help you reach your sales goals with a small, immediate bonus for closing a sale.
- Compelling customer rebates: You can push consumers to purchase from your resellers with the right customer rebate.
Incentivizing Sales Representatives: What a Spiff Can Do for You
If you want your channel sales strategy to succeed, it’s important to build and maintain strong relationships with your channel sales partners and their employees.
A spiff is a proven method for incentivizing your partners’ individual sales representatives to perform. At the same time, sales spiff programs add value to your relationship and establish loyalty. A salesperson who receives a reward for pushing your product to consumers will be more likely to sell your product over competing options even after the spiff program ends.
With a spiff program, you can encourage individuals on your partners’ sales teams to promote your products with a performance-based reward. Spiffs allow you to encourage salespeople to strive for a goal without cutting into your bottom line.
Sales Spiff Incentives Management
Although spiff programs come with many benefits for sales representatives and manufacturers alike, managing a spiff program can take time and resources you would prefer to spend on another task.
That’s why Incentive Insights offers a range of spiff and sales incentive management services. Whether you offer occasional incentives for channel sales partners or run an ambitious, year-round spiff campaign, outsourcing incentive processing and fulfillment can save you time and help your campaigns earn better outcomes.
When you choose Incentive Insights as your sales spiff incentive management partner, you can expect to benefit from:
- Flexible solutions: We take the time to listen to your goals and craft custom technology, portal and software solutions that meet your needs. Unlike our competitors, we allow you to fully customize every aspect of your campaign.
- Accurate data: At Incentive Insights, we know data collection is one of the biggest benefits of running a sales incentive program. Our quality assurance specialists verify every data point to ensure you receive an accurate picture of your market.
- Years of service: We’ve been processing and fulfilling incentives since 1985, so we know what makes a spiff program successful. We’ll use our years of industry experience to help make claiming spiff incentives easy and rewarding for sales representatives.
Valuable Data From Sales Spiff Programs
Because sales spiff programs allow you to collect data directly from sales representatives and channel sales partners, they serve as powerful data collection tools. When you ask participants to provide a little information about themselves before claiming their rewards, you’ll receive high-quality data straight from the people who matter, not removed third parties. You can use the data you receive to:
- Assess channel sales partner performance
- Adjust your channel sales strategy
- Develop more successful products
- Offer more exciting sales incentives
To prevent fraud and ensure you get the most useful data possible, Incentive Insights checks data for accuracy. We then use the data we collect to create custom reports tailored to your goals. Our reports contain data-backed insights in language that’s easy to understand, so you can start applying the results right away.
Design an Effective Channel Sales Strategy
If you’re just beginning to implement channel sales, you need to consider where your product will succeed and which partners will best meet your company’s needs. Use our comprehensive guide to design a channel sales strategy that will allow you to achieve your sales and marketing goals easily! You can also subscribe to our newsletter for regular updates on Incentive Insights and the sales incentive industry.
We Work To Understand Your Business’ Needs, Then We Identify The Right Combination Of Sales Incentives To Meet Them
Our approach to flexible, customizable sales solutions means that we can combine specialized sales and SPIFF programs to complement each other and increase revenue.
Strategic B2B Rebates
Encourage resellers to stock your product and make it available for purchase.
Inspire salespeople to help you reach your sales goals with a small, immediate SPIFF bonus.
Compelling Customer Rebates
Push consumers to purchase from your resellers with the right customer rebate.
Learn More About Your Sales Channel With A Sales Partner Incentive Program
Through a sales incentive, you can gain insight into how each area of your sales chain is performing and valuable feedback you might have lost out on otherwise. This valuable insight into your sales channel can then be used to further improve your sales cycle and create more effective sales incentives in the future. Our team will work with you to determine what type of data needs to be captured and then assist you in setting up a sales incentive program that will allow you to do so.