And no, it’s not an Arthur Daley type of spiv, this one is a SPIF.
Your Sales Performance Incentive Fund.
It’s a small pot of cash that you can use to provide small cash based incentives for your salespeople as an instant reward. Rewards motivate if they’re not expected – they produce serotonin.
I’ve seen myriad rewards for sales teams funded from the SPIF. From £20 notes contained in helium filled balloons which they pop when they achieve a sale to weekends driving a Maserati.
Research shows that the best prizes are experiences to enjoy. You know, balloon rides, weekends away, skiing weekends. We remember events in our lives, especially exciting and memorable ones, far more than prizes which are consumed.
So gift vouchers, red letter day events are far more effective than pure cash. After all, you pay them enough in the first place don’t you, to take the problem of earning enough money off the table. Then you’ll have a highly engaged salesperson.