In 2017, Donald Miller released his bestselling book, “Building a StoryBrand,” and transformed how many people think about marketing (including financial services marketing). Marketing, Miller said, is a story where consumers are the heroes and you are the guide. Your products or services give ways to solve the heroes’ problems, transform their lives and have good conclusions to their stories.
You are probably familiar with Miller, as he’s frequently mentioned in the blog (we often call ourselves “Donald Miller Disciples” at On The Mark Strategies). But he’s done a lot since that 2017 book release.
So, what are some new marketing lessons from Donald Miller? Here are two you should know.
1. Be Aware of Cognitive Load
What is cognitive load? Like physical objects, your words have weight. Certain statements are heavier than others. They are harder to understand. And when your marketing copy is harder to understand, people ignore you. Using simpler messaging (which has lower cognitive load) captures attention more easily. Here’s an example:
- High Load: “Get life-changing rates with digital solutions that ease the mind.”
- Low Load: “Save money with low rates and get a stress-free mobile app.”
See the difference? “Life-changing rates” is hard to define and requires more thought. “Digital solutions” could mean any assortment of things. Both phrases sound fancy but aren’t easy to understand.
Generally, the high cognitive load messaging sounds smarter and cooler than the simplistic messaging. The heavier statements sound clever and win awards. But the simple messaging wins new business.
2. Create Soundbites
People think in soundbites. They remember soundbites. There’s a reason media plays snippets of statements and not full speeches. People can only remember so much.
That’s true in the world of financial services marketing, too. People receive a barrage of marketing messages (roughly 5,000) each day. Only the best soundbites will win. But how do you make the best soundbites?
Miller outlines how in his PEACE model:
- P – This soundbite addresses a consumer problem.
- E – This soundbite expresses empathy about the problem.
- A – This soundbite gives an answer to the problem.
- C – This soundbite shows what changes from the way things were.
- E – This soundbite tells people the end results.
Your soundbites take people through a story, but in bite-sized chunks. Keep these simple and clear. Here’s an example (color-coded to the letters in the bullets):
The money in your account isn’t growing or giving you rewards. And it’s not fair that your money isn’t doing more for you. Luckily, a rewards checking account is here to put your money to work. Now you’ll actually have an account that gives money back to you. The end result is greater wealth and security for your family.
Cute and Clever Don’t Make Money…
Donald Miller says: “Cute and clever don’t make money. Clarity makes money.”
It’s not always the smartest sounding financial services marketing that wins people over. Keep your marketing clear and understandable. Pierce the flood of marketing messages consumers receive with simple solutions to pressing problems.
But sometimes it’s hard to see if your messaging is too complicated because you’re too close to it. Get a financial services marketing assessment for an outside perspective and improve your marketing right away. Book a free consultation now.
