Spiff is a term that refers to a financial incentive provided to salespeople or retailers to sell specific products or services. It stands for "sales performance incentive fund."
Companies use spiffs to motivate their salespeople to sell more of a particular product or service. These incentives can be cash bonuses, gift cards, merchandise, or other rewards.
Spiffs are often paid out on top of regular commission or salary. Sales managers may also use spiffs to reward their top-performing salespeople or to encourage competition among the sales team.
Spiffs can be an effective way to increase sales and motivate salespeople, but they must be carefully planned and implemented to avoid any ethical or legal issues.
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