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SALES SUCCESS WITH LIFT & SHIFT: THE POWER OF DATA-DRIVEN SPIFF PROGRAMS

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What is SPIFF short for?

SPIFF programs, also known as sales performance incentive fund programs, are powerful tools for boosting sales motivation and accomplishing short term sales goals. These 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 targets and desired outcomes. They are the forerunners to today's more complex data-driven and analytics-based B2B reward programs.

The program typically sets a sales target, such as selling a new 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. However, with Lift & Shift's innovative approach, you can transform your SPIFF program into a cutting-edge sales performance management tool.

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. Our program features dynamic content and motivating program reward tier levels to boost sales motivation and drive better results.

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. This data-driven approach allows for a more effective sales strategy and improved employee engagement.

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. This keeps participants informed of their program status, upcoming earning milestones, and other crucial engagement metrics while ensuring that each sales rep feels valued and motivated to achieve their specific goals.

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, including prepaid cards, merchandise, and experiential rewards. 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:

  1. Make use of your historical sales data to guide, measure and reward changes in purchasing or sales by your various audiences
  2. Employ dynamic content for highly personalized offers and communications for each program participant
  3. 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

By aligning your SPIFF program with these broader business objectives, you can create a more comprehensive sales strategy that not only boosts short-term sales but also contributes to long-term growth and success.

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

  • How does a Spiff Program work?

    A Spiff Program typically involves setting specific targets or goals for sales reps to achieve. When they reach those goals, they earn a commission or bonus. The program is often designed to incentivize specific behaviors or outcomes, such as selling certain products or hitting sales targets in a particular timeframe.

  • What types of businesses can benefit from a Spiff Program?

    Spiff Programs can benefit any business that relies on a sales team to generate revenue. This includes companies in industries such as retail, automotive, software, financial services, and more.

  • What are some of the benefits of using a Spiff Program for my business?

    Some of the benefits of using a Spiff Program include increased motivation and productivity among your sales team, improved sales performance, and better alignment between sales goals and overall business objectives.

  • How long does it take to set up a Spiff Program?

    The time it takes to set up a Spiff Program can vary depending on the complexity of the program you require and the service provider you choose. However, Lift & Shift offers quick and easy setup options that can be up and running shortly.

  • How do I measure the success of my Spiff Program?

    The success of your Spiff Program can be measured by tracking key metrics such as targeted sales revenue, applicable unit sales, new customer acquisition, and customer retention. Lift & Shift offers detailed program ROI reporting and analytics tools that make it easy to understand the performance of your program.

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

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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.