SPIFF programs are popular tools for boosting revenue and expanding business into new territories, but many brands forget that there is more to an effective program than meets the eye. As Business Success Center explained, decision-makers need to approach SPIFF program management with a more detailed strategic vision if they want to make the most of these investments and yield significant returns.
Let’s check out three ways to maximize the impact of these key incentives.
1. Lock down the fundamentals: Many brands launch SPIFF programs with an alarming lack of awareness when it comes to the basic parameters and details necessary to get started. Program leaders should make sure they identify the fundamentals of their program, such as who will benefit from the SPIFF, what products are associated with the incentive and the duration of the program itself. Additional details include the actual value of each SPIFF claim and how associates will receive this compensation.
Brands can make the process of SPIFF design and management far easier on themselves by leveraging a digital, centralized solution that gives them full customizable control over all of these variables. Furthermore, such a platform will provide them with the visibility they need to ensure the SPIFF program is off to a strong start and maintains momentum throughout.
“Spiff programs demand a detailed strategic vision.”
2. Track, measure and report: SPIFF program leaders can’t underestimate the importance of data integrity when launching and managing their initiatives. Juggling dozens of sales channels is already a challenge, and adding a complex incentive structure on top of that can present a new set of difficulties related to the tracking and reporting of SPIFF data. And as an article from Twice pointed out, tracking metrics and top performers is widely considered to be a best practice.
What’s so crucial about data integrity? It’s a matter of making sure program data such as claims, products and channels are all accurate and ready to be audited at any time. With this in mind, brands can benefit from a centralized digital platform for SPIFF program management, ensuring that data is tracked, measured and reported with granular precision. Ultimately, this helps brands combat fraud and run smooth, streamlined programs.
3. Let data inform decision-making: One successful SPIFF initiative can provide brands with a much-needed boost not only from a financial perspective, but from a strategic standpoint as well. Organizations that effectively collect and analyze data from past SPIFF programs can gain a major advantage, identifying patterns and success factors to implement in future initiatives.
Ideally, a brand will have a one-stop solution for aggregating and analyzing SPIFF data. This eliminates the challenges of collecting data from a multitude of sources and dramatically speeds up the process of generating key insights. Brands can even modify their SPIFF programs in real time if necessary, allowing a level of flexibility that can’t be achieved with traditional methods.
Brands may not perfect the science of SPIFF program management on the first try, but with a platform that promotes customization, data integrity and real-time analysis, leaders can make smarter decisions in the future that bring them ever closer to the ideal program.