The Most Successful Letter
In the History of the World

By Denny Hatch

What follows is the fabled “Two Young Men...” letter written by freelancer Martin Conroy, first sent out in 1974 and mailed continuously for over 25 years. Late in 1991 I called Wall Street Journal circulation manager Paul Bell and ran some numbers by him.

HATCH: Would you say that the average mail order circulation of the Journal over the past 18 years was about one million?

BELL: [Pause.]Yes, that’s about right.

HATCH: Am I right in assuming that the average subscription rate of The Wall Street Journal over the past 18 years has been about $100 a year?

BELL: [Pause.]Yes, that’s about right.

HATCH: Is it safe to assume that 55 percent of all your mail order subscribers over the past eighteen years have come in as a result of Martin Conroy’s “Two Young Men...” letter?

BELL: We have a lot of other sources—telemarketing, subscriptions as a result of newsstand sales, supermarket take-ones, inserts. But, yes, I think 55 percent is a fair estimate.

HATCH: Paul, one million subscriber per year times $100 equals $100 million times 18 years is $1.8 billion times 55 percent equals $1 billion. If these numbers are correct, the Martin Conroy letter is directly responsible for bringing in $1 billion in revenues to The Wall Street Journal, and is, therefore THE MOST SUCCESSFUL SINGLE PIECE OF ADVERTISING IN THE HISTORY OF THE WORLD!

BELL: [Long silence. Then in a small voice.]Uh, please don’t tell Marty Conroy. He’ll raise his prices.


The Wall Street Journal

Dear Reader:

   On a beautiful late spring afternoon, twenty-five years ago, two young men graduated from the same college. They were very much alike, these two young men. Both had been better than average students, both were personable and both—as young college graduates are—were filled with ambitious dreams for the future.

    Recently, these men returned to their college for their 25th reunion.

    They were still very much alike. Both were happily married. Both had three children. And both, it turned out, had gone to work for the same Midwestern manufacturing company after graduation, and were still there.

    But there was a difference. One of the men was manager of a small department of that company. The other was its president.

What Made The Difference

   Have you ever wondered, as I have, what makes this kind of difference in people's lives? It isn't a native intelligence or talent or dedication. It isn't that one person wants success and the other doesn't.

   The difference lies in what each person knows and how he or she makes use of that knowledge.

   And that is why I am writing to you and to people like you about The Wall Street Journal. For that is the whole purpose of The Journal: to give its readers knowledge—knowledge that they can use in business.

A Publication Unlike Any Other

   You see, The Wall Street Journal is a unique publication. It's the country's only national business daily. Each business day, it is put together by the world's largest staff of business-news experts.

   Each business day, The Journal's pages include a broad range of information of interest and significance to business-minded people, no matter where it comes from. Not just stocks and finance, but anything and everything in the whole, fast-moving world of business. . .The Wall Street Journal gives you all the business news you need—when you need it.

Knowledge Is Power

   Right now, I am looking at page one of The Journal, the best-read front page in America. It combines all the important news of the day with in-depth feature report-ing. Every phase of business news is covered. I see articles on new inflation, wholesale prices, car prices, tax incentives for industries to major developments in Washington, and elsewhere.

(over, please)


   And there is page after page inside The Journal, filled with fascinating and significant information that's useful to you. The Marketplace section gives you insights into how consumers are thinking and spending. How companies compete for market share. There is daily coverage of law, technology, media and marketing. Plus daily features on the challenges of managing smaller companies.

   The Journal is also the single best source for news and statistics about your money. In the Money & Investing section there are helpful charts, easy-to-scan market quotations, plus “Abreast of the Market, ” “Heard on the Street” and “Your Money Matters, ” three of America's most influential and carefully read investment columns.

   If you have never read The Wall Street Journal, you cannot imagine how useful it can be to you.

A Money-Saving Subscription

   Put our statements to the proof by subscribing for the next 13 weeks for just $44. This is among the shortest subscription terms we offer—and a perfect way to get acquainted with The Journal.

   Or you may prefer to take advantage of our better buy —one year for $149. You save over $40 off the cover price of The Journal.

   Simply fill out the enclosed order card and mail it in the postage-paid envelope pro-vided. And here's The Journal's guarantee: should The Journal not measure up to your expectations, you may cancel this arrangement at any point and receive a refund for the undelivered portion of your subscription.

   If you feel as we do that this is a fair and reasonable proposition, then you will want to find out without delay if The Wall Street Journal can do for you what it is doing for mil-lions of readers. So please mail the enclosed order card now, and we will start serving you immediately.

   About those two college classmates I mention at the beginning of this letter: they were graduated from college together and together got started in the business world. So what made their lives in business different?

   Knowledge. Useful knowledge. And its application.

An Investment In Success

   I cannot promise you that success will be instantly yours if you start reading The Wall Street Journal. But I can guarantee that you will find The Journal always interesting, always reliable, and always useful.

Sincerely,
Signature
Publisher

PRK: id
Encs.

P.S. It's important to note that The Journal's subscription price may be tax deductible.
Ask your tax advisor.

© 1994 Dow Jones & Company, Inc. All Rights Reserved.