Binding the Contents of a Text Field

I have a text field with both a title and placeholder text that shows the status of a setting in my app. I would like to bind the contents of that text field to the shared user defaults (I’ve entered a key name, and clicked the “Continuously updates value” checkbox). I’d like the text field to first display the title text or placeholder, then remember the changed value for later use…however when I click the “bind” button, nothing appears in the text field, and no preference key gets created when I quit the app. Can anyone shed some light on this?

Have you read this sticky? Binding Your Preferences in AppleScript Studio

With regards to the placeholder text, note that I just now edited the above sticky to include something about that.