In business, it is vitally important to demonstrate your business expertise in a memorable way. One of the most interesting and effective ways to demonstrate how you solve problems is to use the PAR Formula.
What is the PAR Formula? It is the case method taught at many of the top business schools such as Harvard, Yale and Wharton. It stands for problem – action – result.
And what does problem – action – results mean? It's a business story. It's a way to tell a story about your business that imbeds itself in the consumers' memory. The beauty of a business story is it has a beginning, middle and end. Therefore, making it memorable and repeatable.
Why is this important to your business? When a story is memorable, it has brand ability. And, it has viral ability, if it is repeatable. By using the PAR Formula, you sear your brand into your market's mind.
Following are the three key steps of the PAR Formula:
- Identify the problem your target audience needs and wants to solve. The more visual and emotion-based you make this, the stronger your audience will identify with the problem and the longer they will remember the story. Tap into all of the senses when telling your story. You want your audience to put themselves into the story.
- Describe the specific action that was taken by the person – your client, your friend or your customer – in the story. This is the specific action you advised them to take.
- Demonstrate the results achieved by taking the actions. Be clear and concise when describing the results.
Look for ways to use the PAR Formula in your:
- Product testimonials
- Sales letters
- Job interviews
- Media interviews
- Client interviews
- New business pitches
- Your elevator speech for group introductions
- Blog postings