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Spiff refers to a sales incentive program designed to motivate sales teams or channel partners, often through immediate bonuses for selling a specific product or service.
Example: A software company partners with a network of resellers to distribute its project management tools. To stimulate sales, the company offers spiffs to sales representatives of these reselling partners for each new customer subscription. This motivates the partner's sales teams to prioritize and boost the sales of this particular software over competitors', effectively driving up the software company's revenue and market share.
Understanding spiff helps businesses incentivize their sales forces or channel partners in a focused manner, leading to increased sales performance, better alignment of sales initiatives with business goals, and enhanced partnerships.
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