The WIIFM Factor: How Selfishness Can Bring You Greater Sales

Have you noticed anything different this month about your morning news broadcasters, staffers, maybe your neighbor next door? Every November we start seeing men grow facial hair in the name of “No Shave November” or “Movember”—a movement to raise awareness and money for men’s health. What if I told you that this is not entirely driven by altruistic outcomes?In fact, these types of actions often stem from participants’ own self-interest. For example, Movember-ers may have a personal connection because they know someone who has prostate cancer. Colleagues may join together to form a “Mo-Bro” group because they enjoy the feeling of comradery. Participants also might simply appreciate the recognition that comes from the annual campaign.

This type of “selfishness” is actually a good thing and even a tool you can use as part of a successful marketing strategy.

According to author and Vistage webinar speaker Dan Gregory, this selfishness is a powerful motivator. Dan teaches us that instead of blindly trying to convince someone why your product or service is best, research shows that a personal connection or “self-interest” is one of the best business tools you can use.

He believes you should take the “What’s in it for me?” (WIIFM) factor one step further as customers now demand being courted with their likes and passions as well as being a part of the process.

The ALS Ice Bucket Challenge is a prime example of how making a connection and encouraging interaction is profitable. ALS is a disease people have battled for decades. Yet, this year it reached a higher level of exposure and awareness than ever before with The ALS Association’s “chilling” online campaign.

How was this idea “sold” to the public? Easy. The ALS Association aligned their goals with the public’s values. The online “tagging” nominations called people out to support the cause or risk looking unsympathetic or apathetic in the eyes of their family, friends, and peers. It became clear from the success of this campaign that two of the biggest factors that motivate people are giving the perception of high moral values and positive contributions to society – points Dan talks about in his book, “Selfish, Scared and Stupid.” Want proof? Nearly 30 million people poured buckets of ice water on their heads, raising $98.2 million in donations in a single month.

The WIIFM factor is present in every aspect of our life, whether we realize it or not. When we choose a restaurant, a gym membership, schools for our children, businesses to frequent, we think of how we will benefit. Recognizing this behavior of self-interest is what Dan says helps businesses become more powerful in “creating influence, learning persuasion, and building engagement.” Simply put, businesses create a product or service that will benefit a group’s needs in order to achieve a profit.

How do we put this into practice? Ask yourself three questions:

• As a brand, how can you present what’s important to you in terms of what’s important to your customers?
• How can you make your customers feel like they are a part of the process?
• How are you influencing a community as well as an individual?

Keep in mind: You must test and retest self-interest levels. What worked before may not work now. This is the message that millennials bring to businesses and a topic that has created lively discussion as brands change the way they market, operate and grow.

Dan’s webinar will answer these questions and provide techniques to improve engagement and performance among both your and your staff. The webinar will open new avenues of relationship-building, business strategy, and brand awareness that will not only lead to achieving your short-term goals, but make you a game changer in the industry.

You can register for Dan Gregory’s webinar here.

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