How do you compete in an advisory market that is constantly changing? We are all aware that effective branding is critical and a constant challenge. To differentiate their brand communications and truly connect with their audience, advisors must find a way to stand out from the crowd. Building a StoryBrand by Donald Miller, a book I recently read, will assist you in doing just that.
The Wall Street Journal’s number one best-seller, Making a StoryBrand, lays out a tried-and-true framework for crafting a simple but emotionally powerful StoryBrand. It uses the universal elements of a great story to create a clear path for customers to engage with and connect with your brand.
The StoryBrand 7-Part Framework (SB7)
How can the universal elements of a great story be transformed into a StoryBrand? Miller explains in his SB7 Framework that the story’s hero must be the customer, not the brand. The brand acts as a guide, assisting customers in resolving their problems. The brand offers its customers a plan that motivates them to take action to avoid failure and achieve a successful resolution. According to Miller, using the hero’s journey as a template for crafting your StoryBrand will allow you to create powerful, clear messaging that will attract and engage your target audience. Miller recommends the following seven steps:
Steps of StoryBrand
Steps one
Make your audience the protagonist. You are not the protagonist of your brand’s story. Your intended audience is. When I ask advisors to describe their target audience, I frequently hear “everyone.” Although this may appear to be a fantastic idea, the reality is that narrowing your marketing scope will help your practice become more efficient and productive.
So, before you begin your StoryBrand, understand your target market. Consider going beyond demographics. It would help if you comprehended your ideal clients’ decision-making processes. How often are their emotions swaying them, and how likely are they to make rational decisions? Learn about what your clients enjoy doing. Do they go on vacation? Do you own several properties? Are they retired or in the process of retiring? Are they launching a company? Are they married and have two children and a dog?
Step Two
Every powerful brand has a distinct target audience. Take, for example, Titleist. What comes to mind first when you hear the name Titleist? I’m guessing the answer is golf clubs, golf balls, or golf in general. Do you have any ideas who Titleist’s target audience is? You’ve got it! Those who enjoy golf.
You’re ready to define your target market’s problems once you’ve accurately described them.
Define your target audience’s issues. The hook to your StoryBrand is your ability to solve your audience’s problems. Do you know what keeps your clients awake at night and what problems they face?
If you don’t have any, start by asking yourself questions. Do your clients have concerns about their ability to retire comfortably? Do they want to send their children and grandchildren to college without incurring debt? Do they have elderly parents who require a lot of attention? Do they want to be financially self-sufficient? Continue until you are satisfied that your list is complete.
Step Three
Brands that vividly depict the problems they solve are more likely to succeed. Consider Orbit gum and those memorable commercials in which the hero’s bad breath is cured. Consider the “Ring Around the Collar” campaign, which made Wisk laundry detergent famous for removing the toughest stains. There will be no stains!
As we can see in these examples, while the problem serves as the hook, it is the solution that propels the story.
Step Four
Provide a solution as a guide. Every good story’s hero requires a guide. Similarly, Consider the classic Disney film Cinderella, in which the villainous stepmother forbids Cinderella, the heroine, from attending the royal ball. Her fairy godmother appears just at the right time. She creates the perfect dress and carriage for Cinderella to participate in the ball with a few waves of her magic wand.
Your role in your brand’s story is similar to that of a fairy godmother. Of course, you can’t just wave a magic wand as an advisor. On the other hand, being a guide with a solution is part of your job description. The empathy and competence you demonstrate daily as you advise clients are critical components of your StoryBrand. Therefore, Just keep in mind that rather than portraying yourself as a hero, keep the focus on what having problems solved means to your clients.
Step Five
And how do you deal with problems? Of course, with a plan.
Make a detailed plan. Because the schedule you create is your client’s path to success, clear instructions for following it are essential. In addition, You both lose if your clients are perplexed. Miller distinguishes two types of plans: process plans and agreement plans.
The process plan’s goal is to have your clients say, “Oh, I can do that.” It’s simple!” It should lay out how to conduct business with your practice in three to five easy steps, such as:
- Make an appointment
- Allow us to tailor your financial strategy
- We’ll work together to carry out your plan
Step Six
The services you will provide your clients should be listed in the agreement plan. You can alleviate your client’s concerns about the risks of doing business with you by being transparent and specific.
For instance, Give your plans a name after you’ve developed them. After that, Your process plan could be titled “Three Easy Steps to Financial Freedom,” and your agreement plan could be titled “My commitment to being available to you at all hours of the day and night.”
A solid call to action will help ensure a plan is carried out.
Include a prominent call to action. In stories, the guide encourages the hero to act. In other words, A compelling call to action in your brand communications will highlight the next step in your client’s journey.
Step Seven
Consider what you want your clients to do before identifying the appropriate call to action for each marketing vehicle (e.g., website, brochure, or ad).
Above all, There are two kinds of calls to action: formal and informal.
A direct call to action encourages your clients to call or apply online immediately. Therefore, A phone number or website URL is provided as needed.
A transitional call to action, such as a free trial or a free, downloadable white paper, allows people to learn more about your practice.
After you’ve prompted your clients to take action, it’s time to raise the stakes in your story.
Discuss the possibility of failure. In Cinderella, the fairy godmother advises the heroine to stick to the plan she devised to achieve her objectives. Similarly, your StoryBrand should emphasize the importance of sticking to a budget to achieve the best results. However, Assure your prospects and clients that you will do everything possible to put them on the path to stability and success as their guide.
Conclude your story with a triumph. Close the loop on your clients’ journey by being as clear about their ultimate success as you were about their challenges. to sum up, How will your brand assist them in achieving their goals and dreams? Finally, telling your brand’s story is all about the happy ending!
