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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Why Palette?
Automate calculations
Automate sales commission payments. Create commission rules, define a payout schedule and access monthly statements for each sales rep.
Motivate and coach with real time dashboards
Motivate sales professionals with real-time visibility into commissions. Coach your team, align everybody with company goals and drive long term sales performance.
Compare, simulate and design commission plans
Roll out new commission plans with ease. Compare plans and simulate new rules with a single click.
No more errors
Palette keeps history logs and tracks every calculation detail, helping you to reduce sales commission errors.
Reconcile revenue with CRM data
With Palette you can reconcile invoices and payments with CRM data and pay commissions to your reps only when the money is in the bank.
Create challenges with one click
Incentivize your teams on short term goals. Create a challenge targeting any KPI you want to uplift, drive better results and boost your company’s culture.
