Insights on Incentives has as its sole purpose the facilitation of thought and discussion on the subject of incentive compensation for banks and credit unions. Once a month NSS will be sending out an e-mail with one insight on the area of incentive compensation. The insights will come from our research, discussion with customers and finally, those of you who decide to offer an insight on this important sales management issue.
SPIFF Up Your Referral Program for the New Year
A SPIFF is a special performance incentive for your sales force. Looking at performance data on referral programs we are seeing performance trail off at times after the program has been a place for awhile. This proves once again that just having an incentive program in place is not enough to maintain a sales focus for your front line sales force.
Consider introducing a SPIFF for the first quarter. Focus on a product that is strategic for the organization at this time. The incentive payment needs to be significant enough to draw the attention of the sales force. This will not only get you qualified referrals for this strategic product, but also draw focus back to referrals in general.
Continue to monitor the trend of referrals made and referrals that closed. If these metrics are headed south consider a SPIFF to get it back going in a north bound direction.
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