TEB Book Review: Building A Story Brand by Donald Miller

Last year, my family and I visited the county fair. It was great fun. There were amazing deep-fried wonders (Oreos, Hostess Twinkies and cheesecake) that I am trying to jog off, fun rides, young agricultural entrepreneurs, and games and barkers. You know, the fair workers that scream at the top of their lungs for people to pay them money so that they could guess their weight, age, or birthday. As we walked through barker row, I wondered

I felt relief that I never had to resort to such techniques to convince my clients that I do not have to resort to such tactics to get client attention. I did ask myself “What is it about my brand that convinces clients to trust me?” This question is answered in Building A Story Brand, by Donald Miller. It shows entrepreneurs how to ensure their branding is on point and cuts through the noise of the marketplace, so that future customers can understand clearly what they are missing on.

I usually give my top take away points from the books I am reviewing, but I want to give a brief rundown of the story brand principles and then I will share with you the story brand board that I have worked through when I started The Entrepreneur’s Banker.

Principle #1 – A CHARACTER: The customer is the hero, NOT your brand.

Everyone in the entire world has the same favorite topic: themselves. When you talk to future or current clients, it HAS TO BE ALL ABOUT THEM. Quite frankly, my future clients don’t care that I am the best banker for them; they only care about being the hero of their world. We all need to realize that THEY are the hero and we are the support.

Principle #2 – HAS A PROBLEM: Companies tend to sell solutions to external problems, but customers buy solutions to internal problems.

Every situation has a villain (the issue that is causing pain or trouble). It is your job to identify it and position your brand as a solution. If our world is all about the hero (customer), then we need to understand what their villain (problem) is. This is difficult because we have to be able to discern the actual problem and not be fooled by. To do that, Donald Miller explores the three level of conflict – external, internal, and philosophical. 

Principle #3 – AND MEETS A GUIDE: Customers aren’t looking for another hero, they are looking for a guide.

One of my favorite movies, Star Wars, is discussed by Donald. For those that have been living under a rock for the last 40 years, it is about a hero (Luke Skywalker) dealing with his problems (the Galactic Empire) with the assistance of his guide (Obi-Wan Kenobi). The guide is wise, compassionate, empathetic, and knowledgeable of the solution (is an authority). The guide also leads and supports but does not do the work of the hero.

Principle #4 – WHO GIVES THEM A PLAN: Customers trust a guide with a plan.

In business, plans clarify how you can work with someone (ie. a process of the way forward) or how you can remove a perceived risk, which is accomplished through commitments that are agreed to by both parties. For example, the business plan for LinkedIn is: download the app, set up a personal account, and start expanding your professional network. Additionally, many companies remove customer risk by providing a trial period or a money-back guarantee.

Principle #5 – AND CALLS THEM TO ACTION: Customers do not take action unless they are challenged to take action.

Just because it is obvious to you what the next step is, it is not always clear to the client. We should call them to action and be sure that any roadblocks that make keep them from action are removed. These calls to action can be direct (giving specific directions on what to do next, for example a “Buy Now” button) or transitional (a call to action that is drawn out, such as an on-boarding process).

Principle #6 – THAT HELPS THEM AVOID FAILURE: Every human being is trying to avoid a tragic ending.

It is not enough to be wise and help customers along the journey; the solution must avoid failure. If the solution ends in loss or pain, then that guide is not worth following, are they?

Principle #7 – AND ENDS IN A SUCCESS: Never assume people understand yow your brand can change their lives. Tell them!

This is not accomplished in a braggadocious manner, but rather by lifting the hero up in the success they accomplish and effectively communicating the part that you play. Everyone wants to win; the best story brands make that happen.

The biggest challenge that I had when I went through this process, as The Entrepreneur’s Banker, was trying to identify the problems of my clients. I work in a commodity industry (my bank’s money is just as green as another bank’s money), and at worst, I am viewed only as a dispenser of that commodity. But what I realized was that as the guide, I have to educate my customers to demand more of their banker and understand what it means to have a banking relationship that is a strategic advantage. I am excited to prove this every day, and is my passion to call fellow bankers to do the same. The entrepreneurs of this country are the driving force for economic success and security. We (bankers) need to be prepared and actively looking for ways to guide them on their journey to success.

Being an entrepreneur is one of the most difficult and demanding things you can do. The good news is that entrepreneurship today is a team sport. Let’s connect on LinkedIn or Facebook and together we will start taking control of your business finances which will lead to peace, fulfillment and achievement of your strategic goals. When we connect, tell me about what your thoughts are on The Entrepreneur’s Banker story board.

Greg Martin is an entrepreneur’s insider to the banking industry and passionately believes that every person was uniquely designed for a higher purpose and calling. Greg guides entrepreneurs in defining and achieving their purpose and calling. His deepest passion is living life with his wife of 17 years and their wonderful son.