She earned marketing and journalism degrees from New Mexico State University and has experience in SEO, social media and inbound marketing.Helping optimize sales compensation programs & sales planning.Experts by your side for implementation & training to ensure lasting success.Measure Plan and Performance Data Across Teams and Industry with Xactly BenchmarkingAutomate Capacity and Quota Planning with Xactly Sales PlanningPlan and Manage Quotas with Xactly Advanced Quota PlanningTerritory Management and Optimization with Xactly AlignStar™ Employee Performance Management with Xactly Objectives™Near Real-time Dashboard for Sales Leaders with Xactly Insights™Incentive Compensation Management (ICM) for Complex Enterprises with Xactly Incent™DIY Incentive Compensation Management with Xactly SimplyComp™Automate Commissions Expense Management with Xactly CEAFor complex organizations that need additional security, control & supportTry Xactly out with a free trial of our DIY incentive compensation softwareTraining to help you utilize all of the features Xactly’s applications offerPlan, execute, & optimize with the latest sales trends and statisticsWorld-class technology companies integrating with our SPM suiteReal-time updates on system performance, including privacy and security informationA SPIF, or sales performance incentive fund, is a short-term sales incentive used to drive immediate results. New search features Acronym Blog Free tools "AcronymFinder.com. Looking for the definition of SPIFF? Meaning of SPIFF. New search features Acronym Blog Free tools "AcronymFinder.com .
If your SPIF didn’t drive the desired behavior, use data to figure out why. When incentives are simple, they lay out the expectations for sales reps clearly and ensure compensation administration execution is easy. Keep your plan “gameable” by introducing SPIFs at unforeseeable times, and be sure you don’t have so many SPIFs throughout the year that gaming them becomes the main focus.SalesGlobe’s Mark Donnolo says that over-reliance on SPIFs can create behaviors that you don’t want. Let us consider the case of Sergey Bubka and the world pole vault record.Perhaps it was the bonus from his sponsor, Nike, that was driving this performance: Nike supposedly offered a bonus to Sergey for each record he broke (rumored to be as much as $100,000 for each increment).
This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.It took a while to wean our suppliers off of their sales To motivate the sales staff, Flooring America is also launching a generous sales "Small wonder that aluminum is the most popular of all outdoor furniture materials." Top SPIFF abbreviation meanings updated July 2020 SPIFFs are common practice in publicly traded companies to reduce inventory and lower carrying costs or to get rid of older merchandise. Define SPIFF at AcronymFinder.com. is explained earlier. However, we have to wonder if Sergey would have been as driven to break the world record for pole vault a total of 35 times without the additional payment from Nike to keep him going.The follow-on question might be that he would have gone for larger incremental improvements if he had been incented to only chase the smallest measurable win, absent a competitor keeping him on his toes and over the bar.If people have no control over the outcome, the SPIF is bad. He likens it to Macy’s ‘One Day Sales’: everyone knows they’re coming sooner or later, so they plan around them in order to get the biggest payoff. At the most basic level, sales reps should understand that if they sell X, they will be rewarded with Y.For any compensation put before sales teams, it's important to analyze the performance and effectiveness of the incentives. Sales leadership must determine the appropriate amount of time. This might have been the factor that helped drive a man to constantly strive to beat his own record repeatedly, going so far as to break the numbers 14 separate times from 1991 to 1993.The impact of an incentive is sometimes hard to separate from the innate drive that many have to simply win. SPIFF programs are used heavily in the home appliance, furniture, and phone industry. What does SPIFF mean? Printer friendly. If people can take quick action and make a change, than the SPIF is good! A SPIFF (also written as SPIF or SPIV) is a short-term sales incentive strategy where sales reps are awarded a small, discrete bonus for closing a sale or booking a demo. Typically, spiffs are paid, either by a manufacturer or employer, directly to a salesperson for selling a specific product. Rather, they are often spontaneous incentives that boost performance and sales over a short period of time.Typically, when sales leadership implements a SPIF, they choose a particular product or service to focus on. As a good rule of thumb, you should have no more than eight or twelve SPIFs in one year.SPIFs are designed to boost sales in the short-term.
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