The outcome of any organization relies upon a well-motivated sales group. A motivated sales group is vital to accomplishing the organization’s objectives and goals. They are the drivers of income and are answerable for getting the item or administration under the control of the client.
Without a roused sales group, an organization won’t arrive at its maximum capacity. It’s often said that a company is only as good as its sales team. And it’s true – but the real question is, what are the steps you can take as a people’s manager to bring forth their true potential and which in turn would help your sales department to achieve the timed targets, and make the company much more profitable.
What is a SPIFF?
SPIFF stands for Special Performance Incentive Funding Formula. As the name suggests, a SPIFF is nothing but a set of formulas that determine the incentive that has to be reimbursed to an employee who has achieved his periodical sales quota, to motivate him to perform even better in the next term.
These small rewards play a very important role in keeping the team pushing their limits every time to achieve their best. Spiffs are one of the most significant, however frequently disregarded, parts of a business. They spur representatives to sell more and assist with keeping them occupied with their work.
Salespeople should be compensated for their endeavors, and spiffs are an incredible method for doing that. They are additionally an extraordinary method for keeping your business competitive. On the off chance that you’re not utilizing spiffs, you should be looking to strategize it.
What are KPIs?
KPIs stand for the Key Performance Indicators. These KPIs play a very important role in determining the SPIFFs for the employees in the sales department at different tiers. These indicators can be any data record, for eg. the volume of the deal closed or the future scope of the deal, or simply the number of deals closed in a given time.
After a proper and thorough assessment of each individual, the incentive for each person is evaluated, and payouts are made as soon as possible. It is very important to keep these KPIs very simple to understand and implement, and at the same time very realistic to achieve so that the team can trust them and use them as a real motivation instead of just an unachievable milestone.
How can SPIFFs change the scenario of the sales figures of your company?
- SPIFFs will drastically increase engagement by incentivizing it
Representative disengagement is an undeniable worry for some organizations. Keeping representatives contributing and proficient can be a tussle. Spiffs are one method for resolving this issue. They have been known to support worker interest and loan themselves to dynamic, cutthroat working environments.
- They are a great way of achieving short-term sales requirement
Spiffs are intended to help organizations meet or surpass sales objectives in a brief timeframe. In the event that your business is hoping to have its reps rapidly meet the portion of their sales, and all-around planned spiff may be the best approach.
Role of commission management software in calculating SPIFFs
A commission management software like ElevateHQ can do the above-listed tedious jobs of handling SPIFFs very efficiently, precisely, and entirely on an auto-pilot mode if needed. It can help you to save the manpower required for some very repetitive tasks such as data collection, processing, analysis, payout management, report preparation, predictive insights about employees, etc. ElevateHQ comes with a number of benefits that can boost your company’s efficiency and zeal to perform better.