Sb7 Formula in Marketing Essay Example

"Stories are a communal currency of humanity." --Tahir Shah, in Arabian Nights. Storytelling isn’t always limited to the folktale, movie scripts, or even novels. Stories can be fiction or nonfiction and give an everlasting impression of what can be. Likewise, marketing leaves an everlasting impression of a company to its respecting customers and consumers. Stories are an important part of marketing; consumers respond better to stories rather than statistics. Good marketing offers real-life content consumers can relate to, respond to, and enjoy. Using the SB7 formula for successful marketing and branding, marketers can use this formula to create compelling stories to tell their customers. A major reason many businesses fail is due to marketing mistakes. Marketing mistakes cost companies ad revenue loss, money, and may even cause a company too close for good. According to Donald Miller, a successful marketing consultant and author of “Building a StoryBrand,” two major reasons are causing this. The first marketing mistake is “Failing to focus on the specific product or service offerings that will help their customers survive and thrive.” (Miller 2)  Many customers and consumers generally only pay attention to relative information that is only beneficial to them, and their families. Miller goes on to illustrate the fact that at a subconscious level our brains are simultaneously sorting through information constantly throughout the day. This can be coined using the term, in one ear and out the other. Generally, we only remember important information that has value and can be of vital use to ourselves and others. The second mistake businesses make according to Miller is “They ask their customers to “burn too many calories” to understand their offer (i.e. they make them work too hard).” (Miller 2) This makes perfect sense. Everything from a customer's point of view should be quick, accessible, and easy to use right? Companies and brands sometimes overcomplicate things, as an example of a company using a website containing multiple clickable pages that have no relativity towards the customer just wanted a single product. Sometimes the hardest things are just the simplest. 

The Power of a Good Story is more useful in attracting customers to businesses and products. Highlighted in Miller's reading, “Alfred Hitchcock once defined a good story as “life with all the dull parts taken out.” Miller argues that good branding is pretty much the same. A good message, with just the right number of moving parts, can remove all the stuff that bores or confuses your customers while highlighting the aspects of your offering that’ll help them survive and thrive.” (Miller 3) Miller’s statement is very clear and defined. A good story can make or break a company, typically the company's story can be found in multiple things such as their company's visionary statement, the products they sell, and how they can benefit their customers and consumers. As an example of this, Mr.Beast a well-known and respected YouTuber newly founded a charity called #TeamSeas. The Story Mr.Beast incentives are clear; for every one dollar donated, one pound of trash will be removed from the ocean. This, compiled with other things Mr.Beast has done previously has caused a huge backing by customers to help do their fair share. The Fb7 formula works just for this reason.

The FB7 framework has been around since the dawn of time, according to Miller; in some shape or form. Likewise, companies can use this marketing strategy to create an amazing story for their customers following the seven steps. The first step into the Fb7 formula mentioned in the article is, “Positioning the customer as the hero in the story is more than just good manners, it’s also good business.” (Miller 4) Backing this up “The customer is always right” has some significance here. The customer should be a company's number one priority. Make the customer the hero of the story; understand the demographics, who is buying the said product, and how this may be used by the consumer. Remember, a customer buys a product that can benefit them. The second step in the FB7 framework includes; Solving a real problem for the consumer. Miller mentions, “  And one fool-proof way to do that is to create a villain. “Every good story needs a villain,” writes Miller. Whether it’s Darth Vader, Voldemort, or The Joker, the villain is the key device storytellers use to call attention to the problem facing the hero. (Miller 5) Essentially what Miller is saying here is that customers need a reason behind buying a product or service. The third step in the formula is creating a guide for the hero (customer). In this case, a hero cannot find his or her destiny by themselves. A hero uses guides and helps from others. Miller shows us a great example of this using Yoda from Star Wars. Yoda appears throughout the movie and storyline to help guide the main characters to success. This is the same for successful branding, making the process simple for the respective clientele. Number four, “It’s one thing to guide potential customers towards your product and service offerings. But customers aren’t going to purchase unless you go the extra step of laying out a simple plan of action” (Miller 6) Providing customers with a laid-out plan makes the process of buying the product or service relatively easy. The fifth step in using the FB7 formula for successful branding includes; Challenging the customer to take action. Being the hero of a story means taking action exclusively, letting the buyer know why they should want the product. Steps six and Seven in the formula are beyond the utmost importance, in making the sale happen. Let the customer know what may be at risk, and what they gain. All of these steps together conclude the FB7 formula for success. 

Introducing the quote mentioned above, "Stories are a communal currency of humanity." --Tahir Shah, in Arabian Nights. Stories are a communal currency of marketing. Marketing isn’t necessarily about reaching a set revenue goal, it’s about giving the avid consumer a story of their own. Using the SB7 formula for successful marketing and branding, marketers can use this formula to create compelling stories to tell their customers. Bad marketing is the downfall of most businesses, however, using the SB7 formula for branding creates a wonderful storyline for the heroes make the business thrive.