Ever heard someone say “WIIFM”? It stands for “What’s In It For Me,” and it’s a key idea in communication, especially when you’re trying to market something. It’s all about focusing on what the other person gets out of whatever you’re selling or saying. Understanding what people need and what motivates them is crucial.
This article will cover how to use the WIIFM principle in different business scenarios. We’ll discuss how to create strong WIIFM statements, how to understand your customers through market segmentation, and even how to use the WIIFM concept to engage your employees. We’ll look at real-world examples and give you actionable tips you can use today.
What is WIIFM? Defining the Core Concept
WIIFM stands for “What’s In It For Me?” It’s a customer-centric approach that encourages you to look at things from the audience’s point of view and answer the question they’re already asking: “What will I gain from this?” It’s about moving your focus from product features to customer benefits.
You may also see the acronym WIIFT, which stands for “What’s In It For Them?” The two terms are interchangeable.
Connecting with customers on a deeper level is essential for sales and retention. Effectively communicating the value proposition of a product or service is a key component of a good marketing strategy. When you understand that WIIFM is a business strategy, you can use it to engage and motivate people to achieve milestones.
Crafting Effective WIIFM Statements
To make sure your message resonates with your audience, it’s important to create compelling WIIFM statements.
Focus on Benefits, Not Features
Features are the characteristics of a product or service, while benefits are the positive outcomes the customer will experience. To really connect with your audience, focus on the benefits, not just the features.
For example, a feature of a new vacuum cleaner might be “cyclonic suction.” A benefit of that vacuum cleaner would be “cleaner floors, less effort.”
When you’re crafting WIIFM statements, think about how you can reframe your product or service descriptions to highlight what’s in it for the other person. The most successful WIIFM statements address a client’s problems, improve their lives, and relieve their concerns.
Connecting WIIFM to Business Objectives
It’s also important to make sure your WIIFM statements are aligned with measurable goals.
Your statements should be tied to business objectives, disrupt the status quo, and show measurable results.
Don’t just say you can do something; provide proof that you can. Back up your claims with data, testimonials, and case studies.
Understanding Your Audience: Market Segmentation and Marketing Personas
To effectively communicate the “What’s In It For Me” (WIIFM) message, you have to understand your audience. Market segmentation and marketing personas are two powerful tools that can help.
Market Segmentation
Market segmentation means dividing your potential customers into groups based on shared characteristics. This allows you to tailor your WIIFM message to resonate with each group’s specific needs, motivations, and pain points. Think of it this way: a message about saving time will resonate more with busy professionals than with retirees.
There are several ways to segment your market:
- Demographics: Age, gender, income, education, etc.
- Psychographics: Values, interests, lifestyle, attitudes.
- Jobs to be Done (JTBD): What “job” is the customer hiring your product or service to do?
- Areas of Interest (AOI): What topics or activities are they passionate about?
- Benefits Sought: What specific benefits are they looking for?
Marketing Personas
Marketing personas take segmentation a step further by creating fictional representations of your ideal customers within each segment. These personas are based on research and data about your existing and potential customers. Developing these personas helps you put a face to your target audience, making it easier to understand their needs and interests.
Crafting personalized WIIFM messages becomes much simpler when you can directly address the needs and wants of a specific persona. By understanding their challenges and aspirations, you can create content that speaks directly to them, demonstrating the value you offer in a way that resonates on a personal level.
WIIFM in action: Examples and case studies
The WIIFM principle is used every day by successful companies to drive sales and engage employees. Here are a few examples.
Real-world examples
Several companies are known for incorporating the WIIFM principle into their marketing:
- Dollar Shave Club uses humor and plain language to show customers how they can save money and time on shaving.
- Apple touts the speed, battery life, and integration of its M1 laptops, all benefits consumers care about.
- Slack’s homepage showcases how the platform can streamline communication and boost productivity for teams.
Imagine a home security system that emphasizes peace of mind and protection for your family. Or a skincare product that promises clearer, younger-looking skin. Or a vacuum cleaner that boasts effortless cleaning and a healthier home. All of these examples show how to make the “what’s in it for me” clear to potential customers.
WIIFM for employees
The “what’s in it for me” principle can also be used to boost employee engagement, especially when implementing changes within a company.
When you’re rolling out a new initiative, it’s important to set clear goals and be ready to address any concerns your employees may have. If you can answer the WIIFM question for your team, they’re more likely to embrace the changes and contribute to the company’s success.
How can you put WIIFM to work?
To get the most out of a WIIFM strategy, you need to integrate it into all your marketing and communications.
Take a look at your website, social media, brochures, and other marketing materials. Do they answer the question, “What’s in it for me?” for each group of people you’re trying to reach? Are you focusing on benefits instead of just listing product features?
It’s also important to always keep an eye on how well your strategy is working. Are people responding to your message? Are you still meeting their needs? Customer needs and preferences change, so you need to stay up-to-date to stay relevant.
Frequently Asked Questions
What does WIIFM stand for in banking?
WIIFM, in the context of banking, stands for “What’s In It For Me?”. It’s a crucial concept for customer service and marketing. Banks use this principle to tailor their offerings and communications to directly address the needs and benefits for each individual customer.
What is the WIIFM method?
The WIIFM method is a communication strategy that focuses on highlighting the benefits a particular action, product, or service provides to the recipient. It emphasizes the value proposition from the recipient’s perspective, answering their unspoken question of “Why should I care?”. By focusing on their needs, you increase engagement and interest.
What is an example of a WIIFM statement?
A good WIIFM statement could be: “By switching to our premium checking account, you’ll not only earn higher interest rates, but also gain access to exclusive travel discounts and fee waivers, saving you money and enhancing your travel experiences.” This clearly articulates the direct benefits to the customer.
What does WITFM mean?
WITFM is another variation of WIIFM, and it stands for “What’s In This For Me?”. It carries the same underlying principle: emphasizing the benefits and value that an individual will receive from a particular product, service, or action. The goal is to address their self-interest and motivate them to engage.
Conclusion
Hopefully, you now understand why WIIFM – or “What’s In It For Me?” – is so critical to business success. WIIFM is more than a marketing slogan; it’s a customer-centric principle that focuses on the benefits your product or service offers to the people you want to reach. Getting WIIFM right depends on strong communication and active listening.
In today’s ever-changing business world, WIIFM is as relevant as ever. By embracing a customer-focused mindset and truly understanding your audience’s needs and desires, you can build stronger, more loyal relationships and achieve sustainable growth. Because when your customers get what they want, everybody wins.