The Word must be mixed with faith. The writer of Hebrews says, the Word preached will not profit us until we mix it with faith (Hebrews 4:2).
When we hear or read the word we have to exercise faith by applying it. Whenever God shows you something through the Word it is imperative that you step out in faith, in some way, and apply it to your life. Otherwise, the Word profits us nothing.
We must use the Word. The bible likens itself to a sword (Hebrews 4:12 and Ephesians 6:17). It is part of the armor of God. It is our main offensive weapons. A soldier, with a sword (rifle in our day), must use it for it to benefit him. If a soldier was in the midst of a battle, with enemy soldiers coming at him, and he failed to use his sword he wouldn’t last very long. Jesus used His sword in the temptation in the wilderness (Matthew 4:1-11). Every time the devil came at him He drew His sword and used it. Because of this the devil left him (Luke 4:13).
Answered prayer (John 15:7 and Proverbs 28:9). Jesus said that if we would continue in a vital relationship with Him and His Word remained in us we could ask for whatever we wanted and it would be granted. Now, if we consider that His Word is in us, we must conclude that we would be praying in accord or consistent with His word and will (1 John 5:14-15). On the other hand, The wise man wrote that whoever turned their ear away from hearing His Word, their prayer would be an abomination to God (Proverbs 28:9).
Victory over sin (Psalms 119:9 and 11; 1 John 2:14; John 8:31-32; Psalms 37:31). His Word abiding deep within us makes us aware of sin, spiritually strong and keeps us from sliding down the slippery slope of sin. It doesn’t mean we will never fail but we won’t continue to slide downward. We will be able to rise up victorious over our failure. I believe that was one of the main reasons Peter was able to rise up after his denial victoriously and minster with power on the day of Pentecost (approximately fifty days after his failure). Someone once said, “this book will keep one from sin as sin will keep you from this book.”
Spirit filled (controlled) living (Ephesians 5:18-19 and Colossians 3:16). There are myriads of teachings on how to be filled with the Holy Spirit, which is another teaching altogether. Suffice it to say, there is no easy step to getting and staying full of God’s Spirit short of time with Him in prayer and the Word. If you notice the context of both passages above, they are both nearly identical. One refers to being filled with the Spirit and the other to letting the Word of Christ dwell in us richly. The obvious conclusion would be that a major key to being filled and remaining full of the Holy Spirit is to saturate ourselves with His Word.