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What's in it for me?

Peter Disney • Apr 26, 2023

“What’s in it for me?” is a marketing concept which essentially describes what your prospect considers before buying your product or service.


I probably heard this first in the late 1980’s from a client who was in marketing, and it has always stayed with me because in helping me design my first brochure he made me consider words such as approachable and jargon free rather than just tax returns and accounts preparation. In other words, I needed to explain the benefits of my service to the reader rather than the features of what I did.

 

Is it now redundant as a concept given that everyone wants to be seen as caring and considerate to others? Or is it more relevant given the greater consideration of protecting one’s mental health?

 

Being a bit cynical I see giant corporations trying to convince us that they are caring and are thinking about us rather than themselves. They talk about their Corporate and Social Responsibility and then continue to pollute the planet or make thousands redundant without any further concern. On the other hand, we also hear positive stories (if the media let us) about individuals who genuinely think of others before themselves so presumably do not consider WIIFM.

 

Unfortunately, this makes WIIFM sound like a very negative trait. But being realistic WIIFM is a simply a longstanding human emotion. It’s probably an inherent caveman notion of protecting oneself from danger, acquiring food and clothing to help us live longer, give us a better chance of finding a mate etc etc. Perhaps nothing has changed at all other than the assets we feel we need to have to support those same goals in the modern world.


One major change today is that we are hearing more and more about protecting our own mental health and our need to consider our own wellbeing first. This is absolutely right we should be more aware of our mental health but it does mean that we are being encouraged to always consider “WIIFM” first before anything else despite the fact that in reality helping others makes us feel good and improves our mental health. In fact being busy helping others gives us no time to stress over our own problems (at least temporarily).


Thinking about time brings me to the consideration of the costs we need to consider when thinking about WIIFM because it’s never just money. It could be time, energy, feelings, values and beliefs. What’s in it for me if I commit to spending x amount of time on something? How much energy will I expend in a pursuit of something? If I go for that run, I know I will be tired. What emotional impact will it have? Will it have a positive impact on me or a negative one? Will I feel invigorated or exhausted? Will I feel proud or disappointed? Those who help others are definitely considering WIIFM because they recognize the positive emotional charge they receive.


And sorry for being a typical accountant but we also need to consider the “opportunity cost”? For every pound spent this is money that could have been spent on something else. For every hour spent that’s an hour which could have been spent elsewhere. And where do you direct your energies? It’s all about making a choice, considering your options and making a decision as to where you should “spend” your limited resources. The older we get the more we realise how limited our resources are. WIIFM helps us spend wisely.


Perhaps we can conclude that WIIFM is a natural trait and in fact a very good one.


So finally let’s go back to marketing which is where we started. If all you talk about are features no one is interested. Take accountants as an example. All accountants look the same don’t they. They just prepare accounts and do tax returns. Therefore, the only differentiator must be price, isn’t it?  Well actually even the process of preparing accounts and tax returns can be different. Some accountants take the time to “think” about you and your business and question your figures and others just blindly accept them with the obvious cost difference because they are spending less time. WIIFM to have an accountant who thinks about me and questions my figures? Would you prefer to sleep better at night knowing that if HMRC launches an investigation they will find less errors? That you will neither overpay nor underpay tax. That when you come to sell your business the due diligence will not uncover any issues that will allow the purchaser to demand a price reduction and destroy your plans for a comfortable retirement.


Be proud to consider “What’s in it for me” for every element of your life and use it to ask lots and lots of questions until you are certain you are getting exactly what you want.

The importance of credibility in business
By Peter Disney 01 Jun, 2023
In today's fast-paced, ever-changing world, it can be difficult to know who to trust when selecting a supplier. Social media has given rise to a world of noise, where anyone can post anything, and it can be challenging to know what is true and what is not. As a result, credibility has become more critical than ever when selecting any supplier. In this article, we discuss the importance of credibility, the challenges posed by social media noise, and how to identify credible suppliers. What does credibility actually mean? It encompasses sincerity, integrity, authenticity and reliability but fundamentally it is based upon trustworthiness and expertise. It is a combination of both emotion and logic. Credibility is a critical factor when selecting a supplier because it determines whether you can rely on them to deliver what they promise. Making the wrong choice can lead to delays, quality issues, and inevitably financial losses. For example, selecting a supplier based solely on their social media presence can be risky because social media noise can make it difficult to know what is genuine and what is not. In today's world, anyone can post anything on social media, and it can be challenging to separate the truth from the noise. As a result, businesses need to be cautious when using just social media to select suppliers. There was a recent news story about an accountant who had hundreds of 5 star reviews based upon getting massive tax refunds for their clients. It transpired that the refunds were fictitious and HMRC subsequently demanded the refunds back together with interest and penalties leaving those taxpayers with massive debts and long repayment terms. The accountant denied any responsibility and ignored any communications and requests for help. One way to ensure credibility is to look for reliable third-party evidence. For example, has the supplier won any industry awards or hold recognized professional qualifications or perhaps a referral from another professional you already know and trust? Independent endorsements by the supplier’s peers provide a level of reassurance not provided by online reviews. Formal qualifications not only provide evidence of expertise but also ensure adherence to standards of behaviour. The accountant mentioned above was not a chartered accountant and therefore not subject to the rigorous oversight of a professional body. Another way to ensure credibility is to research the supplier's track record including their length of experience. Whilst new suppliers may have recent technical skills learnt from college or university, they will lack the practical experience that comes from working with many clients over many years. For example, a more experienced accountant is likely to have seen a wider range of financial issues and developed a deeper understanding of the unique challenges businesses face especially in regard to surviving recessions. So, you ask how long a supplier has been in business, and what is their experience? This information can be found through online searches, industry publications, or by speaking with other businesses in your industry.  Don’t forget to consider the supplier's financial stability. A supplier that is financially stable is more likely to have the resources to deliver on their promises. Consider their financial statements, credit reports, and any other relevant financial information to ensure they are financially sound. We often see advertisements claiming to be able to achieve amazing results yet when you check their own accounts at Companies House they are often insolvent. If they cannot get their own house in order how can they achieve those results for you. It is also important to evaluate the supplier's communication skills. Do they respond to your inquiries promptly and professionally? Do they communicate clearly and effectively? A supplier that is responsive and communicates well is more likely to be reliable and trustworthy. There is a lot of discussion over recent years that you should consider the supplier's values and ethics before doing business with them. Simon Sinek’s view is we don’t buy what a supplier sells, we buy why they sell it. We like to understand our supplier’s “purpose”. Whether you believe that or not asking questions about their culture, codes of conduct or ethical guidelines will ensure that you feel comfortable in dealing with them. So choosing a supplier that aligns with your values and ethics can help ensure a long-term, mutually beneficial relationship. Finally, it is important to evaluate the supplier's level of innovation. In today's rapidly changing business environment, it is crucial to choose a supplier that can adapt to changes and innovations quickly. Consider their investment in technology and R&D. In conclusion, credibility is essential when selecting a supplier, particularly today where social media noise can make it difficult to know who to trust. By looking for third-party endorsements, researching track record, evaluating financial stability, considering their values and ethics, and assessing their level of innovation, businesses can ensure they select a supplier that is reliable, trustworthy, and can deliver on their promises.
Peter Disney named Top 10 Business Advisor of the Year
By Peter Disney 23 Feb, 2023
Peter Disney, chartered accountant and managing director of Wood & Disney, has been announced as Top 10 Advisor of the Year in the Helm’s annual global ranking of independent accountancy and business advisors.
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