How Can WII.FM Help Your Business?
By Todd Chism
As an Internet business owner I find that I’m constantly looking for new ways to drive traffic, to give the customers something they want or need. Or at least what they think they need.
The customer will always ask the inevitable question: What’s in it for me? We don’t realize how early in our childhood development we get this behavior, but gradually it becomes ingrained.
Do you remember doing chores as kid?
You got money or an allowance or that special thinga-ma-bob. That’s what was in it for you; incentive to do what you didn’t want to do to get what you wanted. This can be applied to customers as well.
Let’s face it, customers really don’t want to part with their money to get your product. Everyone, and I do mean everyone, wants you to give it to them. Something happens psychologically inside their head when they shop, especially if it’s for a luxury or frivolous item. They want the object. Their palms get sweaty, their throat goes dry, their eyes glass over, and their wallets tighten. Remember Gollum? It’s their precious.
Now, I’m being overly dramatic here, but the actual point remains. For people to spend their hard earned cash they want to know what in it for them. They go to work all week, something that most really don’t want to do, to get a check that they do want. Then come the things they don’t want again. They have to pay utilities, groceries, rent or a mortgage, and whatever’s left is their “spendin’ money”. And, before they give up spendin’ their money, they ask the question.
WII.FM is more than just what its name implies.
WII.FM More than a Radio Station
It’s a give and take philosophy that drives the business / customer dynamic. Both sides must employ the technique to get what they want. Your business is not a utility company that a customer MUST have such as water or electric. Those things a customer NEEDS and MUST pay for them even though they don’t want to.
But, just because you’re a business owner doesn’t mean you don’t have the same issues that your customers have. You have to pay bills. Maybe even twice the number if you have an office building that you work out of: double the rent, double the electric, etcetera, etcetera.
The customers don’t look at it that way. They don’t see you as a hard working stiff like themselves. Oh, no. You’re a business owner, part of the corporate machine that is out to profit from the lowly worker.
Wait a minute! I’m a working stiff! Come on, cut me a break!
No, evil business owner! I shall banish you to the lowest pit of Tartarus unless you give me the deal of a lifetime!
Sorry, Dungeons and Dragons flashback.
Here’s the give / take dynamic.
YOU sell something the customer wants. YOU want the customer to buy your product. YOU want the customer’s money. Well, really the only thing in it for you is a sale, the possibility of other sales through this customer’s word of mouth, and possibly gaining a loyal customer.
The CUSTOMER wants your product. The CUSTOMER doesn’t want to pay for your product. The CUSTOMER wants you to bend over backwards to give them something that they already want. This usually means a huge discount, some kind of free item, or some other profit-killing endeavor. In a nutshell, you give to take, they give to take.
The customer mentality of WII.FM is both a blessing and a curse for the business owner.
If you can come up with something that your customer will accept as a “freebie”, that doesn’t cost you an arm and a leg or bite deeply into your profit, then you could come out looking good. The problem is that thing you call a business is a profit deal.
Do you remember the movie “The Jerk” with Steve Martin? That movie has a great scene that directly applies to this situation. Steve is working at a carnival as a weight guesser. He thinks he’s not doing well so talks to his boss.
“I’ve already given away eight pencils, two hula dolls, and an ashtray, and I’ve only taken in fifteen dollars.” Steve says, bleakly.
The boss is smiling. “You have taken in fifteen dollars and given away fifty cents worth of crap, which gives us a net profit of fourteen dollars and fifty cents.”
You get the picture, but it’s not always this easy.
The quickest thing to jump on is free shipping. You buy my product and I’ll ship it to you free! While this is a good thing, all of your competitors are using the same gimmick. Darn. Okay, I’ll lower my prices. But now you have to deal with that stupid M.A.P.(minimum advertised price) agreement you have with your shipping source. Darn, darn, darn!
The playing field was leveled by forces beyond your control. The customer is still screaming what’s in it for me and you’re deciding whether or not you should order a headstone for your business.
So then you hit on the idea of offering a coupon. Yeah, that’ll work. But your competitors are also offering a coupon! Bah!
What then can my business give?
What can you give your customer that’s going to make them want to spend money with you? Remember that the customer sees it as 100% about them and nada for you. So whatever you do it’s got to blow them out of their socks.
Many of the tricks that websites use have been done to death. Free shipping, a coupon, a free e-book, and a monthly newsletter are just a few. Depending on your business, some of these things still work, but more and more you have to think outside the box.
So here’s one you can try. This will take a little bit of work on your part as you’ll also have to see what you can get from your supplier. Start a Twitter account for your business if you haven’t already done so. MONITOR that account. Most businesses will start an account and then forget the second they create it. Create, log out, and never come back. You have an internet business for Pete’s sake! Use the tools!
See what you can get from any of your suppliers at the deepest wholesale discount you can get.
Now, it doesn’t matter what you sell. Toys, furniture, stereos, cameras, they all will work with this idea. Once you have your Twitter account rolling and you’ve got a decent amount of followers advertise your “Word of the Week” contest. The first five or ten, or whatever number you choose that responds to your tweet get’s a free (insert your item here). The customers all of a sudden are getting the WIIFM. and you’re getting more customers.
Then it snowballs.
You’ll find that you get more Twitter followers as the word is spread that once a week you give stuff away. The upside is that these new followers may just be looking for the free stuff, however when you tweet about sales or new items, they know exactly what you’ve got and, should they need that item, will usually start their buying process with you. If you’re competitive, you’ll probably make the sale. This idea can also be applied to Facebook.
There are a lot challenges facing the web entrepreneur to build a successful online business. But to do so you’ve got to remember the customer also has a multitude, heck beyond a multitude of choices.
So giving them a little in a unique way can sometimes pay off in a big way.
But let’s not forget your side. What’s in it for you? Not from the customer, but from your vendors and suppliers. Now you’re the customer. Some vendors will cut you a special deal now and again and that’s good for you.
But here’s something you might try.
Let’s say you sell kitchen accessories. You sell kitchen accessories. There, I’ve said it. Make a trip to a local art show. Let’s say you meet a wood carver that makes intricately carved wooden serving bowls out of beautiful and exotic hardwoods. Find out if he’ll cut a deal with you to buy his products at a small profit. He becomes a supplier and you’ve eliminated a distributor.
Now you’ve got a beautiful and unique product that you can sell exclusively. This idea can cover a wide range of products. What’s in it for the wood carver? He sells more product than at the local art show and makes a buck. What’s in it for you? Good, inexpensive and unique product that ups your profitability.
I hope this has given you a few good ideas and a look inside the customer’s head. Now that you’ve read my post, I ask you: What’s in it for me? The hope that you’ll read my next one.
Entrepreneur Magazine chose Todd Chism as one of the top five “Emerging Entrepreneurs of the Year” in 2008. He now owns over 40 niche domains, has four operational ecommerce websites, and has created a business consulting and coaching company.
===> Download “Become a Local Business Superhero” here! <===
If you enjoyed this post and want more, give TNE a try!
You will get great tips like this…and more…every month – and you can start right now for just $1.00!
StomperNet LIVE 7: More from the floor
Hello again! We’re back posting once more from the StomperNet LIVE home base with another report – this time, I want to focus on Saturday’s first standout keynotes.
If you can’t nail down the quality of your event in the first hour of the day, it’s going to start off dragging and it won’t EVER pick back up.
But this is StomperNet. It NEVER drags over here. 
So, let’s start at the beginning. On Saturday morning, we subjected our attendees to something very… loud. 
Perry Belcher on the stage, laying down the foundation for social marketing domination
So why Perry? Why social media? Maybe because he got TENS of thousands of Twitter followers in less than 200 days. He’s maxed out on Facebook in the same amount of time. The results of Perry’s twitter linking is the same as instantly mailing a list of 30K+! And that’s INSTANT. That’s 100% deliverability. That’s control that anyone can replicate.
The BIG picture is all about linking together all your social activities, but “Step 1″ might surprise you. According to Perry, even though it’s a relative newcomer to the social site game, Twitter is the start of EVERY social campaign, simply because that’s where the fast responders are. Twitter users want new fresh info immediately, and they gain a kind of “social currency” by repeating that info.
Therefore, it’s the PERFECT place to try to gain fast followers, and begin to release your info.
Of course, there’s a LOT more to becoming a Twitter demi-god, which is why when Perry asked for more time, the audience told him he could take as long as he needed! Wow. The crowd has spoken.
Maybe they were just hypnoized by those crazy shirts of his. Here’s a better look, in case you didn’t see it loudly enough in the first picture.
Here's a better shot of Perry's shirt (batteries not included).
I honestly wish I’d had my camera at Saturday night’s cocktail hour, because the shirt he wore THEN was even MORE… enthusiastic. (Think flames and dollar signs!)
Now, Perry set the tone for the entire day, giving our attendees a great foundation to be able to discuss their ongoing business-building and marketing efforts with our faculty and their fellow entrepreneurs, business owners, colleagues, and peers.
And throughout the rest of the day, during our confidential roundtables and site reviews, the high energy level Perry set in the morning carried through WELL into the evening.
So how do we keep it going on Sunday? Even though we LOST an hour to daylight savings, things kept rolling like an avalanche coming down the mountain.
Stay tuned for an update a little later on!
In addition to our own products/services,
this is an affiliate supported website.
This means if you buy something from a
link on this website, or based on express
or implied recommendation, we may be paid
a commission. It's how we pay the bills.
(If you want to do the same, you should
take a look here.)
