Ever wonder why so much marketing is ignored? Because many brands simply play it safe, falling back on marketing cliches.
Here’s an example. The investment giant Charles Schwab currently markets a message it believes is a directive to its target audiences. Telling them to ask questions, be engaged and then own your tomorrow.
Seems fine, right? Well, let’s examine a little more closely.
The goal of all marketing is to be different and better. To be better, you align your messages with emotional triggers. To be different, you stop trotting out the same cliches audiences see every day.
The better
The better in Schwab’s case is the “ask questions, be engaged” message. For most of us casual investors, especially if we’re only enrolled in a 401K, investment giants like Charles Schwab and its competitors feel like faceless monoliths. We just assume they’re working in our best interests and feel guilty about not really diving into the details. Because we know they really don’t care.
“Ask questions, be engaged” taps into that feeling. It suggests that the Charles Schwab customer is engaged in their finances. And, if you’re not a Schwab customer, the “ask questions” tells you to look at your current investment firm or broker more intently.
The marketing cliche
Then why the hell did the investment behemoth add “own your tomorrow” to that? In fact, the Charles Schwab brand is so infatuated with that marketing cliche it’s now the brand theme.
The message is basically “invest for tomorrow,” which is just an explanation of the category. It’s like saying, “Buy this car. You can drive it down the road.” What else are you investing for?
And it’s an overused message. The investment industry tosses like messaging from small firms to large ones onto the marketing heap without really thinking about it. Merrill, the Bank of America-owned competitor, says “Owning your financial future” right on its website.
Even smaller firms, like McCartney Wealth Management in St. Louis, uses that message. Why? Because it’s easy. There’s no bigger marketing cliche in the category.
Why did Schwab do it?
The broker was unwilling the slay the sacred cow. Because the message comes from Mr. Schwab himself.
The firm takes the whole quote as gospel from its founder. But the brand stewards never stepped back and realized the “own your tomorrow” has become a marketing cliche in investing.
To be a great brand, you must be ready to slay sacred cows. Because they are what most gets in the way of winning your market. Brands and companies become married to a message without wondering if it’s really useful anymore – and whether it’s potentially harmful.
When a prospective customer sees “ask questions, be engaged,” their interest rises because it strikes a nerve. When they see “own your tomorrow,” their eyes glaze over and, more often than not, they ignore it. Because it doesn’t give them a reason to choose Schwab over all the like messaging from the competition.
Be ready to slay sacred cows to win. That includes any marketing cliches.