The irresistible offer factor formula:
PP / P factor = IOF (Irresistible Offer)
Payoff and Promise divided by Pain Factor = Irresistible Offer
P factor = Time, Effort, Resourses, and Skill – Watch and learn how to re-think salescopy into a short framework that is easy to follow.
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The Transcript…
Jim Edwards: Hey guys, Jim Edwards here and welcome back to Sales Copywriting And Content Marketing Hacks with Jim Edwards and Stew Smith.
And I was inspired by Stew today to not wear a hat…
Which I feel naked…
Stew Smith:Hahaha!
We’re doing something that’s do wanted to do today…
Apparently, he is a glutton for punishment…
What is our topic today, Stew?
Stew Smith:Well yesterday was a classic creation by Jim Edwards…
It was Sales Copy Algebra…
Jim Edwards: Hahaha!
Stew Smith:So, today we’re going to do Algebra 2,
Jim Edwards: Algebra 2…
The problem is that if we do this then it’s not like there was an Algebra 3 and I basically failed calculus…
So we’re going to have to keep it in this Algebra 1, Algebra 2 thing…
Cause I’m not sure, their Sales Copy Trigonometry…
That’s a new realm of bullshit that I’m not sure people will put up with…
Stew Smith:Right, right…
Well like I said, you come up with some cool equations or should we say framework?
Cause that’s really what this is…
We’re working on a framework for creating sales copy…
And then a cool thing, what I did is I tested it out yesterday…
Jim Edwards: What?
Stew Smith:I went on like 5 or 6 different…
Jim Edwards: Rants?
Stew Smith:5 or 6 different things that I sell on my website…
And just put it on a posted note and just made sure that I was hitting all those little steps that you have in the equations…
Jim Edwards: And were you?
Stew Smith:Yes, I was very surprised, and there was a couple that I need to fine-tune and tweak a little bit…
So added another, “If you don’t get you’re going to die” type of a comment…
No, I didn’t say that…
Jim Edwards: But you could fall to your death on the slide for life on the BUD/S obstacle course if you don’t have this kind of grip strength…
Stew Smith:Nah, I was just kidding…
No, I like it… I thought it was really cool…
So I think we need to come up with some Algebra 2…
So I put him on the spot to come up with two more equations…
Jim Edwards: Okay… So let’s do this…
I have something I want to show you guys, and we’re gonna do this cause I think this is gonna get you excited…
Okay…
So in honor of Stew, this is sales Algebra 2…
Hey! that rhymes…
This is Stew’s Algebra 2…
I figured if they can make up new math for third and fourth graders to drive people insane, I can come up with some new math too…
Stew Smith:I love this, this is awesome…
Jim Edwards: Okay, so actually this shit makes sense…
You’re gonna love this…
Okay…
Okay, so “PP” is payoff.
Stew Smith:Okay…
Jim Edwards: Okay… So “PV” is “perceived value factor,” which is made up of 4 things…
Stew Smith:Yeah…
Jim Edwards: So “pay off” divided by “PV” equals “IOF,” which is your “irresistible offer factor…”
Now, this is okay…
I’m telling you, man, this stuff makes sense…
Stew Smith: Okay…
Jim Edwards: So let’s say that your pay off is you get, we’re going to use you as…
Well, I don’t want to use you as an example because you’re…
Stew Smith:Well, we use me all the time… So let’s use somebody else…
Jim Edwards: Okay… So let’s use the example of selling your house in a weekend…
Stew Smith: Okay…
Jim Edwards: Okay, so the payoff is – sell the house in a weekend…
Now, what does this T.E.R.S. stand for? This TERS?
There are really four factors that factor into perceived value in your offer…
And they’re inverse to actually doing the thing.
So the more you have of these, the less valuable it is.
Jim Edwards: So “T” stands for “time,” “E” stands for “effort.’…
“R” stands for “resources…”
And “s” stands for “skill…”
Now, what does that mean?
Well, it means that the more time it’s going to take…
The more effort it’s going to take…
The more resources it’s going to take…
And the more skill it requires…
The less perceived value there is…
Whereas…
The lower the time…
The lower the effort…
The lower the resources…
The lower the skill…
The more perceived value factor there is, we’ll see this in just a second…
So let’s say to sell your house in a weekend, if you had to do it on your own on a scale of one to 10…
…10 being a lot and 1 being not much…
What do you think that would take as far as your time if you were doing it on your own?
Would that be a 10?
Stew Smith: Oh, yeah, it’d be a lot there…
Jim Edwards: Okay… But what’s, but the pay off of selling your house in a weekend is like a hundred okay…
I mean, that’s, like “Yay!!!”
That’s, that’s like the ultimate.
But I would say the effort is going to be a 10…
The resources it’s going to take is going to be a 10, and the skill it’s going to take is going to be a 10.
All right?
So if we do a hundred, divided by 10, plus 10, plus 10, plus 10, is 40 okay…
100/40=
Is…
Stew Smith: 2.5
Jim Edwards: Stop it…
Stew Smith: Hahaha!
Jim Edwards: All right, it’s 2.5, that’s your irresistible offer factor…
All right, but what if now instead of doing it on your own…
I have a program where it shows you how to sell your house in a weekend using a simple auction format that you can put together in less than four hours of total work.
What would you say Stew honestly…
On a scale of one to 10, if it’s only going to take four hours of total work.
What would you say that is on a scale of one to 10?
Oh, that’s pretty good…
I’d give it maybe a two…
Jim Edwards: And as far as the effort that it’s going to take, all you have to do if you want to do this is…
You need to be able to fill out a form and call the newspaper or run an ad on the Internet…
So what would you say that is?
I’d give it a three… A little bit of effort… Not Too much…
Jim Edwards: As far as the resources, you basically are going to have to pay probably $100 for an ad in the newspaper and then you’ll have to pay an attorney, and you’ll have to pay ’em…
Well, you have to pay an attorney, but you’ll have to do that anyway.
Stew Smith: Yeah… I think that probably would stay the same maybe…
Jim Edwards: Okay, so that’s a 10…
Stew Smith: I don’t know… You tell me…
Jim Edwards: Resources have changed because of the perceived value…
Stew Smith: It’s your perceived resource…
Jim Edwards: What’s your perception? If I explained it that way,
I dunno… Jim, I would say just stayed the same…
Jim Edwards: Okay, so it stays the same…
Stew Smith: Yeah…
Jim Edwards: And the skill? As far as the skills that it’s going to take in order to do…
I can teach you in 30 minutes exactly how to stage your home…
10 things that you can do to massively increase your curb appeal.
And I’ll give you a one-page sheet that you can use to prequalify people who call on the phone and make an appointment…
So what would you say that makes your skill thing here? What level?
Stew Smith: The lowest is better, right?
Jim Edwards: Right…
One is the lowest…
10 is holy shit!
Stew Smith: Yeah, I would say, yeah, that, that would bring it down to way below…
Well, that’d be a one or two if I had like the checklist to do…
Jim Edwards: Okay… Well, let’s say it’s a 3…
Stew Smith: All right…
Jim Edwards: Okay, so we’ve addressed the time, the effort, the resources, and the skill…
There are subsets of these…
I’m actually going to be teaching a training…
I’ve been really putting a lot of thought into this on irresistible offer stuff…
And there are different subgroups of these that you need to address to make an irresistible offer.
But let’s look at this…
2+3=5 plus 10 is 15 plus 3 is 18.
So still a hundred pay off a hundred divided by 18 is what?
Stew Smith:5.1
Jim Edwards: 5.5
Stew Smith: Ah, close…
Jim Edwards: Okay… Versus 5.5…
So our irresistible offer factor here is double…
So as we remove roadblocks, our perceived value factor goes down…
Okay…
And our perceived irresistible offer factor goes up…
So our objective, when we are selling stuff, is to remove time obstacles, effort obstacles, resource obstacles, and skill obstacles…
Okay?
That’s really what this reminds you of…
And the big thing to understand is that the reason this formula works is because I made the formula up.
Stew Smith: Hahaha! Sure!
Jim Edwards: But I mean, if they can do this new math bullshit with kids in grammar school, I can make stuff up, but “PP” stands for “promise or pay” off that’s “promised Pay Off.”
“pay off promise.”
But if you think about it, if you want to make a really killer offer, should you be making it easier or harder on people?
Stew Smith: Oh yeah… You’re not only on people but on yourself…
Jim Edwards: Yeah, absolutely…
Stew Smith: Yeah…
Jim Edwards: So let’s say we were going to do this with, again, in people’s minds, if you look at the time, the effort, the resources, and the skill…
In their mind when they first start out, no matter what it is, naturally people think that it’s going to take a lot of time…
It’s going to be really freaking hard…
It’s going to take a lot of money, and other resources and you have to have a whole lot of skill…
So simply by just explaining how what you’re selling gets it done faster, requires less effort, requires fewer resources, and requires the absolute minimum skill…
Sometimes just by explaining it better in those terms, you’re gonna increase your perceived or increase the…
You know what?
This isn’t the “perceived value in factor…”
This is the “pain factor…”
Stew Smith: Hahaha!
Jim Edwards: No, it is…
Stew Smith: Yeah… Yeah…
Jim Edwards: That’s what this is… This isn’t the perceived value factor…
This is the “pain factor.”
That’s exactly what that is.
Stew Smith: Yes… Yes, yes…
You’re not reducing value…
You’re reducing the pain. Yes.
Jim Edwards: Right…
Man, I just had a little breakthrough there…
See, he can make up math…
This is like…
We’re like Albert Einstein and Alexander Graham Bell.
Stew Smith: Newton…
Jim Edwards: Newton!
Stew Smith: Newton invented Calculus… One thing I always wanted, like who invents calculus?
Well, Newton did, but how? How do you invent calculus?
Jim Edwards: They went to a pub with a piece of paper and a pen and started drinking a whole bunch and making shit up…
But that’s what this is… It’s the promised pay off divided by the pain factor is the irresistible offer factor…
That’s what it is.
Stew Smith: I like it.
Jim Edwards: Because the lower you can make the pain, the less the payoff is diffused and the higher the irresistible offer factor…
I don’t know if anybody else will care but us…
But let’s try this one more time on something else.
Okay…
So we’re gonna use Stew as an example now.
So we’ll use brown, your browns Stew…
Stew Smith:Okay…
Jim Edwards: Alright… So the promised payoff is you can get to BUD/S
Through…
Jim Edwards: No get to…
Stew Smith: Hahaha! Okay…
Jim Edwards: Well, I mean you could get to and through BUD/S…
How about that?
Stew Smith: Okay…
Jim Edwards: There you go to and through buds and for those who don’t know BUD/S is underwater demolition seal training…
So the payoff for that gets to and through BUD/S…
I mean, if that isn’t a hundred…
I don’t know what would be.
You know what I mean?
Stew Smith: Yes, yes…
Jim Edwards: Now doing it on your own, assuming that they’re thing is like,
“Man, the time, effort, resources, and skill, those are all tens.”
Stew Smith: Right.
Jim Edwards: But with your books as far as the time, what would you say honestly is the time factor, how can you reduce the time factor?
On a scale of one to 10, 10 being…
Stew Smith: Well, you can always train smarter, not harder…
Jim Edwards: Okay…
So I mean there is a significant thing, but sometimes here’s the problem with, with my market…
Jim Edwards: Right.
Stew Smith: Is that they tend to not train enough, right
So they need to put in more time, but they need to put in more time doing other things…
Right?
So where I have them focus their time is on their weaknesses versus wasting a lot of time on their current strengths.
So it is, in the end, a reduction of time…
I would say it probably reduces it in half.
Jim Edwards: Okay… So we’ll put that as a 5…
Stew Smith: Yeah…
Jim Edwards: As far as effort, again, that’s one of those things.
That you just said there are time and effort go hand in hand, especially in this thing…
You know, you’re not wasting effort on anything other than the exact stuff that you need to do…
Stew Smith: Yes…
Jim Edwards: So we’ll put that as a 5…
Stew Smith: Yeah…
Jim Edwards: Resources…
I mean with what you show them how to do, basically, you just need a pool and a pull-up bar…
Stew Smith: Yeah, very little stuff…
Jim Edwards: So, and I know that a lot of guys think you need a gym and you need all this other stuff…
And I mean, I’ve seen pictures of that…
There’s three pull up bars right there along that trail that looked like they’re falling apart and it looks like there’s graffiti and shit all over the walls and barbed wire and stuff…
You don’t need a great place to get in shape to do this…
I mean, honest to God, some pictures I’ve seen in that trail, y’all run on it…
I half expect Jason in a hockey mask to come out from behind a tree…
Stew Smith: It’s actually nicer than that, but you know…
Jim Edwards: You need to take better pictures then.
Stew Smith: Hahaha!
Jim Edwards: And as far as scale and stuff, I mean, this really doesn’t require any skill…
Stew Smith: This is a roadmap and a framework to get you there.
You just follow the roadmap.
Jim Edwards: That’s, I mean, if anything, it’s a zero…
Stew Smith: Yeah…
Jim Edwards: I mean literally it requires no skill other than just doing what I tell you to do…
Stew Smith: Right.
Jim Edwards: So that takes it down to an 11, and I mean a hundred divided by 11 is like 9…
Stew Smith: Yeah, it was pretty good…
Jim Edwards: So that’s, like our highest, that’s an 11.11…
That’s a really good irresistible offer factor.
Especially when you’re comparing it to something else when you’re comparing it to the alternative…
Stew Smith: Right.
Jim Edwards: And that’s really what we’re doing is this pain factor compared to the usual alternative is really what we’re doing…
Compared to the usual solution or worst-case scenario.
And that’s what makes it irresistible…
So this is kind of fun.
I mean, you guys get to see us think something through…
But this is, I mean, I enjoy this because it forces me to look at this stuff through a different lens and think it through differently.
In summary, well, let’s, I want to look at this one other thing…
Cause there’s another factor, we didn’t really address.
That sounds good… You know something, I want to say that this gives, like a segment of the population who may be trying to get into business…
Or are in business that may not be from the liberal arts side and then could write sales copy very well, but they come from an analytical thinking brain…
They see this, and they can say,
“Oh, all right, so this makes sense. Now can you apply it in a different way.”
And then they kind of understand the system behind your scripts…
Jim Edwards: right.
Stew Smith: And your wizards…
Jim Edwards: That’s a great point…
Stew Smith: Yeah…
Jim Edwards: Now the thing we didn’t address, and we assumed over here on this problem pay off…
Was that everything we’re offering as a hundred is on a scale of one to one hundred.
But there are some things that you could make…
Time… I can show you that in nothing flat.
Effort… It’s a 1.
Resources… You don’t need nothing.
Skill… You need a 1.
But if the promised pay off isn’t that exciting?
Who gives a crap?
Stew Smith: Hahaha! Yeah!
Jim Edwards: You see what I’m saying?
It’s like,
“Hey, I can show you how to fix the copier.”
“I can show you how to fix your laser printer if it’s jammed.”
Well on the excitement factor, that’s like a five.
Yeah, know that ain’t a real sexy promise of a payoff.
Stew Smith: But I will tell you this…
I’ve gone to youtube many, many times to figure out how do I fix this thing.
Jim Edwards: Okay?
Stew Smith: And it’s kind of a…
Jim Edwards: Great, great point…
Stew Smith: It’s not easy… it’s like my air conditioning unit in my car…
Jim Edwards: Right? That’s not something, but you just hit it…
It might be something people want to do…
But they ain’t willing to pay money to learn how to do it.
Stew Smith: Right… You don’t want to work for free.
Jim Edwards: They want to know enough how to do it other than,
“Hey, I’m going to go look at Youtube and see what it says.”
Stew Smith: Right.
Jim Edwards: And that’s a key!
Is that it’s gotta be something people are willing to pay for and what they’re willing to pay is the promised pay off.
The higher that is, the more you’re going to get up into…
“People are willing to pay for something.”
Stew Smith: Very good. And I saved $800 by going to youtube and figuring out how to fix my air conditioning unit…
But would you have paid $800 to figure out how to fix your air conditioning unit by yourself?
Stew Smith: No…
Jim Edwards: No… Would you have paid 50 bucks?
Probably not because it’s and it wasn’t…
Me personally,
They, well, I don’t want to pay 50 bucks for something that isn’t for sure going to show me how to do this…
But on the flip side, let me ask you this…
If the video that showed you how to fix the air conditioning unit showed you how to use a tool to fix your air conditioning unit…
So free video, paid tool, fix air conditioning unit…
How likely would you have been to buy the tool?
Stew Smith: Oh, absolutely.
Jim Edwards: From them in order to fix it once you saw that this was what was going to fix your thing,
Stew Smith: 100%…
Jim Edwards: Okay.
Stew Smith: And monetize videos…
Jim Edwards: Right.
Stew Smith: So, so yeah…
Jim Edwards: Yeah… I mean that’s, so that’s something else to think about…
Again, the promised pay off…
I guess that’s kind of getting a little bit outside the realm…
You know, are you trying to make money off of a product or you’re trying to make money off of selling information?
Are you trying to make money off of,
“Hey, I’ll come do it for you…”
I mean, you could also have seen a video that, and watched it and gone,
“You know what? I probably could do this, but I could also hire this dude in the video to do it for me for 300 bucks, and I know it’s done the right way.”
Stew Smith: True.
Jim Edwards: So, you know, there’s a lot of different angles to it.
But the thing that I wanted to get across in that last little part was that you need to pay attention not only to how much time, energy, effort, resources, and skill you can reduce for people to make your offer more irresistible…
But you really have to pay attention to what’s the promise of the payoff…
Because if it’s not anything that’s super, super exciting, then nobody cares…
I mean, I can make it easy to go get hit by a beer truck on the highway…
It doesn’t mean that anybody’s going to want to be able to do that.
Stew Smith: Sure…
Jim Edwards: Anyway, something to think about…
Well, that was sales Algebra 2…
You guys need to let us know if you think this is a fun and new and interesting way of looking at this…
Or whether I just need to do this stuff on my whiteboard with my little Albert Einstein Mustache and wig on and feel like I’m smart.
Stew Smith: Hahaha!
Jim Edwards: So you guys need to let us know if this is something that you think is cool if it gives you a different perspective, a different way of looking at this…
So definitely in the group…
Let us know…
If you’re not a member of the sales, copywriting content marketing hacks group yet, you need to make sure you check that out…
Check us out on Youtube…
Check us out on Spotify…
Stew Smith: Yeah, Google Play, and iTunes podcast…
In fact, I’ll put the link to the closed group on Facebook within the description of this a video…
So check it out…
Jim Edwards: Cool… Awesome…
Everybody have a great day, and we’ll see you next time on the Sales Copywriting And Content Marketing Hacks Podcast.
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