Software May 31, 2021
Reinventing Sales Performance Management: Our Investment in Spiff
Commissions are the heart of salespeople's compensation and motivation. They not only affect how salespeople plan their day to day work but also factor in to financial and lifestyle decisions made outside the office. And yet, any sales rep will tell you that their commission calculations are often riddled with errors, difficult to understand, and often require weeks of back and forth with Finance to reconcile mistakes. We've even heard of reps switching jobs after months of being wrongly paid! Something seemingly as simple as calculating a commission shouldn't distract reps from connecting with customers and driving the business forward.
Today, 80% of companies still use spreadsheets to calculate sales commissions. If you click into any cell you'll find a formula multiple lines long, accounting for complexities around quotas, discounts, accelerators, payment plans, and countless commission variables. Spreadsheets lead to costly errors, wasted time in management, and low transparency that can frustrate sales reps and those who calculate their commissions. Since the 1990s, the alternative was always legacy software that relies on ongoing professional services and has given up on product innovation.
Spiff simplifies and automates sales commissions and compensation planning. Their commission designer shows how every rule flows together. Calculation logic becomes easy to follow and teams can test each rule with live data along the way. It's visually beautiful and simple enough to self-manage, yet sophisticated enough to handle the most complex commission plans.
Striking the balance of simplicity and flexibility has traditionally made the commissions problem hard to solve. With Spiff, getting started is easy, which has unlocked an accelerating shift off Excel for small businesses and enterprises alike. The product works seamlessly across industries, allowing Spiff to serve technology startups as well as large, traditional businesses.
Spiff has also won the hearts and minds of sales reps with its near real-time dashboards. Reps can quickly see their upcoming pay and run 'what-if' scenarios to understand which deals to prioritize. Spiff deeply understands the sales rep experience and has built a product that every sales rep needs.
Motivation is the foundation of sales performance
Stripes Invests in Spiff's $46M Series B Financing
Stripes is thrilled to partner with Spiff as they reinvent sales performance management.
When we first met Jeron and the Spiff team, we were immediately impressed with their ambitious vision to help teams build a culture around revenue. Their belief that motivation is the foundation of sales performance resonated with us and is clearly built into the fabric of Spiff.
At Stripes, product is our North Star and after seeing a demo and speaking with customers, we were blown away by the feedback. From software startups to pizza franchises, Spiff's customers were thrilled with the simplicity and transparency that Spiff brings to commissions. Spiff also takes a white glove approach to onboarding customers, which sets them up for success with minimal effort. Our own portfolio companies use Spiff and are overwhelmingly positive about the experience of working with their team.
Commissions are just the first stop on Spiff's journey to becoming the central platform for sales compensation and planning. Today, they have already expanded into accounting automation, territory assignment, and industry benchmarks. Because Spiff sits at the nexus of CRM, Accounting, and HR systems, they're positioned to build a broader platform marrying operational and financial workflows to drive greater alignment and automate other processes across their customers' organizations.
We are honored to welcome Spiff to the Stripes family and are excited about the road ahead. We look forward to supporting them as they build a leading platform for sales performance, motivation, and planning.