Many companies rely on channel sales partners to get their products into more hands efficiently.
Many companies rely on channel sales partners to get their products into more hands efficiently. These partners — including distributors, retailers, value-added resellers and more — typically have their own sales representatives to push products to consumers, whether that involves offering a simple recommendation or providing a complex product demonstration.
Your channel sales partners can win you customers you wouldn’t otherwise have access to. At the same time, though, their sales representatives are responsible for selling all the products they offer, including products from competing manufacturers. As a result, you might need to give sales representatives an extra reason to promote your product over a similar option.
Sales Program Incentive Funds, commonly called spiffs or spivs, could convince sales representatives to give your products the attention they deserve. Learn more about this kind of sales incentive and see how Incentive Insights could help with spiv management.
Benefits of Spiff Programs
A spiff is a small, immediate reward that manufacturers and retailers offer sales representatives when they meet performance-based sales goals. You can use a spiff program to temporarily boost sales of certain products or product lines, build stronger relationships with channel sales partners and outsell the competition without discounting your products. Although spiffs are often monetary, you can also reward sales representatives for their good work with products, trips, club memberships and more.
Because they reward individuals for behavior that directly benefits a brand, spiff programs are popular with manufacturers, retailers and salespeople alike. Some of the benefits of implementing a spiff program include:
Spiffs boost channel sales by giving unaffiliated sales representatives a reason to care about your success. In anticipation of a reward, salespeople will take the time to understand your product, explain it to customers and recommend it over competing products that don’t have a spiff program, behaviors directly related to closing more sales.
Spiff programs also strengthen the relationship between your brand and your channel sales partner’s team. By associating your company with a financial incentive or other fun rewards, spiffs can create long-lasting brand loyalty. Salespeople may even continue to push your product after the incentive program ends.
When used for a limited time, spiff programs could help you launch new products more successfully. When salespeople are incentivized to sell your product, they will spread the word to consumers. Consumers may then go on to tell friends, family members and coworkers about the product, resulting in increased product and brand recognition that could extend beyond those who interact with sales reps directly.
With a spiff program, you can provide whatever kind of reward you think is appropriate, ranging from a check to a discount or digital gift card. You can even offer different reward tiers to motivate the highest performing sales reps while keeping your campaign budget under control.
Curious how spiffs and spivs could benefit a company such as yours? Subscribe to our newsletter for insights gained over 34 years of service.
Effective Spiff Incentive Management
Spiff programs have plenty of benefits to offer manufacturers and retailers, but spiff management often requires a heavy investment of time and resources, especially for year-round campaigns. If you lack the internal bandwidth necessary to handle spiff processing and fulfillment internally, consider working with a spiff incentive management company such as Incentive Insights.
We offer a range of sales incentives management services to ensure salespeople get their incentives promptly. We can create custom spiff management software, technology and portal solutions to meet your unique needs, and unlike our competitors, we let you customize every aspect of your campaign. This flexibility allows us to provide highly relevant data to your company.
Data Collection You Can Use to Support Sales
In addition to motivating salespeople, spiffs serve as valuable data collection tools. When sales representatives submit information to claim their rewards, you can ask questions to gather useful data about them, their customers and the businesses they work for.
At Incentive Insights, our team of quality assurance specialists reviews each piece of data you receive to ensure accuracy and consistency. We then provide custom reports written in language that’s easy to understand. You can use the data you collect through a well-managed spiff program to:
- Evaluate your channel sales partners
- Develop more successful products
- Adjust your overall sales strategy
- Offer more motivating spiffs in the future
Contact Incentive Insights to Get Started With Spiff Management
Managing processing, fulfillment and data collection for your spiff program doesn’t have to be stressful. At Incentive Insights, we can help you benefit from your incentive programs without the hassle. We strive to build long-term relationships with our customers, so you’ll always have a trusted expert available to assist with your campaigns. To get started with our sales incentives management service, call 914-290-4234, request a free offer setup or reach out to us online today.