| In this age of taking business online, in the form | | | | method or PAR formula was all day, but you may |
| of presentations, video, webinars and e-courses, | | | | not get it unless I give you an example. |
| case studies have become a powerful marketing | | | | It's because of this three part formula of PAR. |
| tool. An effective, yet simple way of developing | | | | If you use it in your business it will change your |
| case studies is known as the PAR Formula. | | | | business. It will accelerate the growth of your |
| What is the PAR formula? | | | | business, because you'll start getting results. Here's |
| It is the case method theory that's taught at | | | | an example and I'll give you an example of the |
| Harvard and other exceptional institutions such as | | | | example I'm giving you. |
| Wharton and Yale. | | | | Problem |
| It stands for Problem-Action-Result. | | | | P=Problem: a veteran publisher campaigned to |
| What is problem-action-result? It's a business | | | | launch issues of his newsletter on advanced direct |
| story. Stories are known from the time of Aesop. | | | | marketing. He wanted to test his target mailing list |
| Jesus was a great storyteller. Confucius was a | | | | with postcards instead of the standard mailing |
| great storyteller. Muhammad was a great | | | | package, which is expensive, because it includes a |
| storyteller. Every great spiritual leader in history, | | | | sales letter, envelope, brochure, order form and |
| like Mahatma Gandhi, was a great storyteller. | | | | reply card. |
| Some politicians are great storytellers, they're not | | | | What's his problem? His problem is standard mail is |
| always true, but they're great storytellers. The | | | | very expensive. What's the solution he's going |
| beauty of a story is that it has a beginning, middle | | | | after? He's going to see if postcards make a |
| and an end; therefore, a story is memorable. | | | | difference, so you got his problem? It's |
| When a story is memorable now it has | | | | well-defined. His problem is shared by many other |
| brandability, because a brand is memorable. What | | | | direct mail marketers. |
| does the Nike swoosh look like? It's memorable. | | | | Action |
| What is the brand that used to have a | | | | Here's the A=Action, he mailed out 5,000 pieces |
| commercial; if you're old enough to remember, | | | | for $1,000, not the $4,000 for the standard mail |
| that says 'plop plop fizz fizz, oh what a relief it is'? | | | | package, because mail packages are expensive. |
| That's memorable it's Alka Seltzer. Just do it is | | | | He offered three free newsletter issues with |
| the tagline for Nike; why? It's memorable and it's | | | | several valuable bonuses. |
| a story. | | | | He also printed the front and back sides of the |
| You see stories on TV commercials. You see | | | | postcard on the package insert so they could be |
| stories that build that brand and drill deep with it. | | | | put into boxes and not just mailed out through |
| You want stories in the PAR formula to give | | | | the fulfillment company he worked with. He |
| people the success stories of companies you've | | | | included it as a low-cost write along in joint |
| worked with. You can do this with people as well, | | | | venture mailings with other direct mail, something |
| but you can do it with companies exceptionally | | | | you can't do with a standard mail package. |
| well. | | | | What's the action he took? He decided to utilize |
| I'll give you an example latter in this article so you | | | | the postcard versus the standard mailing package. |
| can see the PAR formula in action. | | | | What happened? It cost him $1,000 not $4,000, |
| But for now remember Problem-Action-Result. | | | | why? It costs less to print postcards than the |
| I want you to focus on your case studies the | | | | standard mail package and that's the action he |
| same way. What was the problem? Everything | | | | took. |
| starts with a problem, if there's no problem then | | | | Result |
| there's no case history or story. The problem | | | | R=Result - the two-step mailing; first being the |
| must be defined. The problem defined well is half | | | | postcard and second the newsletter, yielded $1.91 |
| solved. | | | | cost per lead and $10.40 cost per sale for his |
| There must be a problem and you want to make | | | | best market segment he mailed to. |
| it as specific as possible. The action is the action | | | | Once prospects received the three newsletters, |
| took by the person who had the problem. The | | | | 25.4% subscribed at a two-year rate of $299. |
| action they took; they being your student, | | | | With revenues of $4 for every postcard mailed, |
| customer, cousin or family member, is the action | | | | he made a $3.80 profit per postcard. It's a |
| you advised them. | | | | positive result, which is why I utilized it. |
| For me it's my students. That's the action they | | | | I'm not even saying use postcards there. I don't |
| took based on what I advised them. Then the | | | | have to, because the story does all the selling for |
| result is the result they got. The result can be | | | | me as the person who's trying to sell |
| positive or negative, but it's a result, which is a | | | | MarketingWithPostcards. You can sell whatever |
| testing and tracking methodology to know | | | | you're trying to sell. If you utilize the PAR formula |
| whether or not you have to improve it or discard | | | | you'll get a lot more case studies, a lot more |
| it. | | | | testimonials and it's better to get a story like that |
| If it's so bad you discard it. If it's not bad then | | | | than to get someone saying how great you are. |
| you improve it. Problem-Action-Result; if you drill | | | | That's nowhere near as important or powerful |
| deep with those three concepts in the case study | | | | and doesn't have the unspoken endorsement as |
| method that's used at Harvard, Wharton, Yale | | | | the PAR formula does. |
| and Stanford, is the case method theory of | | | | Utilize the PAR Formula... |
| teaching. | | | | And it will accelerate the growth of your business |
| This is the way attorneys are taught, through | | | | by simply utilizing the case method theory taught |
| case method; because you learn more through | | | | at some of the world-class training organizations, |
| the examples and case then by having someone | | | | institutions, colleges and graduate programs |
| explain it to you. I could tell you what case | | | | throughout the world; Harvard being one of them. |