“What’s in it for me?”, also known as the WIIFM factor, is a value proposition that relies on instincts. It is human nature to make changes and decisions based on how a product or service will impact the individuals using the new purchase. So, to generate more leads, here’s what communicating the WIIFM looks like:
- This is what we do. Develop a brief descriptor of what your organization does. This isn’t a mission statement, but instead communicates what you do, who you serve and what the benefits are—all in 50 easy-to-understand words or less.
- This is what’s in it for you. Every customer has pain points. Explain how your products and services can solve those challenges and what specific benefits they will enjoy as a result of doing business with you.
- Here’s why you should choose us. Communicate your corporate differential. How are you different from and better than the competition?
- Testimonials. Prospects want to know that others have experienced success with your products and services. Testimonials bring benefits to life and reinforce WIIFM.
Today’s Customer Is Focused On ‘Me, Myself, and I’
Henry Ford missed the WIIFM mark when he said, “Any customer can have a car painted any color he wants so long as it is black.” That’s easy to say when you are a manufacturer with a monopoly on the market. But in today’s customer-centric marketplace, organizations need to be in the businesses that customers want them to be in. If you don’t offer the products, services and solutions they seek, they will go elsewhere.
What Makes Customers Tick
The WIIFM factor is based on a rich and meaningful understanding of your target market. Here are three keys to tapping into what makes your customers tick:
- Focus on developing relationships. Today’s customers want to like and trust the individuals and companies with whom they do business. Build trust by communicating your brand, vision, mission and corporate culture. Then create opportunities for prospects and customers to engage with your company across a number of communication platforms.
- Appeal to the reasons people buy. In formulating the answer to “what’s in it for me?” remember the universal buying motives: desire for gain, fear of loss, comfort and convenience, pride of ownership, satisfaction of emotion and security and protection. Appeal to these to shorten the sales cycle and increase the likelihood of a positive buying decision. Also, take time to address how the product or service will help your prospects improve performance, solve a problem, demonstrate leadership and look like a hero.
- Ask for input. The best way to find out what your customers want is to ask them. Go direct to the source to keep your finger on the pulse of what your customers are thinking. Periodic surveys through SurveyMonkey, Constant Contact or even email can help guide marketing efforts, improve customer service and can even lead to the innovation of new products and services.
Understanding the WIIFM Factor
It’s not enough for salespeople and marketers to care about their own company’s products, services and solutions. The target market has to care about them, too. Communicating the “What’s in it for me?” to buyers may seem like the second or third step in the marketing process, when really it should be the first. Take advantage of the self-seeking instinct that everyone has and implement it in your sales process. If it’s the most important question that your prospects want answered, why beat around the bush? Let your prospects know immediately what is in it for them.