What is a spiff?
A "spiff" is a sales incentive or bonus offered to salespeople to motivate them to sell a particular product or service. The term "spiff" is an acronym that stands for "Sales Performance Incentive Fund" or "Special Performance Incentive Fund".
Spiffs are often used by companies to boost sales of specific products or services, particularly those that are new or slow-moving. For example, a company might offer a spiff to salespeople who sell a certain number of units of a new product within a certain time frame. The spiff could take the form of a cash bonus, a gift card, or some other reward.
Spiffs can be an effective way to motivate salespeople and improve sales performance, but they can also create incentives for salespeople to prioritize certain products over others, even if they may not be the best fit for the customer's needs. It's important for companies to design spiff programs carefully to ensure they align with the company's overall sales strategy and goals.
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