What’s In It for Me?
If you’ve ever taken a sales class, you’re familiar with the infamous WIIFM: what’s in it for me? And while I admit: this is one of those things that sounds, well… salesy, it’s the core of any value exchange, be it personal or business.
You could even say that it’s the business equivalent of empathy. For when it’s considered genuinely and generously, it’s a prompt to stop and ask yourself “what’s in it for me?”… from the other person’s perspective.
So, here are 3 business scenarios for when to stop and ask WIIFM – or really, what’s in it from the other person’s perspective.
1. Asking for feedback on a product or pricing change.
The entire objective of a conversation like this is to understand what value the other person sees or needs in your offering. In other words, what’s in it for them and how much money are they willing to exchange for having their needs met?
Questions to ask:
- What are you looking for?
- What does an ideal partnership / relationship look like, from your end?
- What’s your end goal?
2. Delivering a proposal.
If you have a business that does client consultations and sends personalized proposals, the proposal must speak to what’s in it for the other party. But the catch is: the WIIFM has to be what the prospect cares about. Your business may offer something tremendously valuable, but if it’s not solving the precise problem your prospect has, it’s irrelevant.
The brilliant Lasso Studio customizes their branding and motion proposals with a section that states: “We heard from you…” then how their business will solve the pain points expressed by the prospect. Empathy + business brilliance!
3. Interviewing and hiring.
I have been saying this for 3 years, and it’s truer now than it’s ever been: we are in an employee’s market. Business owners and hiring managers with a mindset of “They’re lucky to have a job,” or who are relying on salary alone to win a candidate over, are being left in the dust.
The interview process should include questions and personal conversation to understand the value that candidate perceives the job to have. If you’re approaching interviews as solely a test of one’s background and technical skillset, you’re missing a meaning part of the process. As mamas re-enter the workforce, flexible working becomes the norm (fingers crossed), and people want to enjoy their days and people they’re around (shocker!), knowing how your candidate perceives the value of their job is critical.
My husband really taught me a lesson about this 5 years ago, when he took a new job and a substantial pay cut. He interviewed and accepted a job in an industry that intrigued him, with future-bosses he adored, and a company culture and colleagues he loved. During our family discussions, he stated: these things are valuable to me. And 5 years later, he’s not once thought about looking for another job.
As we seek to go further in relationships with our clients, colleagues, and peers, understanding and engaging in the interests of others is really the first place to start. And the cool thing is, continually asking “what’s in it for me?” from others’ perspectives, creates an ever growing and evolving business person – the more people you have in your circle, the more you get to learn and adapt to the needs and values of others.
