In general, financial services have a hard time connecting with younger audiences.. Video can be used as a means to bridge the gap between the two, offering audio and visuals to engage the audience, and also provide a way to build transparency, explain financial offerings and services, and let your customers know more about how you help them achieve their financial goals.
In a world where attention spans get shorter and shorter, video is proven to captivate your audience and maintain engagement and Brand loyalty. For financial institutions, this is key. Companies who utilize video in their marketing strategies have seen conversion rates increase across the board – specifically when used on landing pages, we’ve seen an 80% increase in conversions, and when used in email outreaches, we’ve seen open rates increase by 19%. According to Hubspot, 90% of customers have stated that video helps them make decisions in their buying process.
So – that sounds great – but how do you get started on your financial services video? We’ve outlined some simple steps so you can get off on the right foot.
Before you determine your concept & distribution plan, you’ll need to understand your goals, primary objectives as well as your audience and their mindset. If your video isn’t strategic, it probably won’t garner the results you’re looking to achieve. So, begin by asking yourself some questions and defining your goals. Here are some questions/areas of information to get started.
- What do your customers care about when looking for a financial service?
- Who are your customers? Understand their demographics.
- What do your customers want & need from a financial service provider?
- What do you want your customers to know about you?
- Why are you creating a video?
- What message do you want to convey?
- Are you selling something? Explaining something? Welcoming new customers?
- What do you want a video to sound like? Look like? Feel like?
- What kinds of videos have you seen that resonate with you most?
- What channels do your customers interact with most? Your website? Socials? An app? Email?
- What are you willing to spend?
These are just a few questions to start out with to determine the key factors for your video and ensure it will resonate with your customers or audiences.
The next step is to outline your video production plan, as well as your video marketing plan. How often will you create/promote new videos? The most important thing will be to remain realistic and to establish cadence that makes sense for your organization. Maybe it’s once a month – maybe it’s once every 2 months – as long as it makes sense for you.
A great way to get started on your video production plan(besides contacting your video production partner) is to think about all of the materials and steps it’ll take to create your video. Will you need to schedule a production? Actors? Filming equipment? Or is this an animated video that requires a motionographer? Speaking of video types – you should consider what kind of video makes the most sense. Here are some examples of video types that work well for financial services:
- About Us – About Us videos can tell your customer a lot about your history, your business functions, and your values. Because trust is a huge part of a relationship between financial service and customer, providing this insight is extremely important.
- Explainer – There are a lot of complexities when it comes to offerings from a financial institution. Sharing this information in a clear, easily digestible format is a great way to engage your customers and ensure that they understand how your services help them achieve their goals.
- Testimonial – Like we said, trust is a huge part of the relationship between financial service and customer. Hearing from someone who’s already worked with you is a great way to build that trust.
It’s important to detail the necessary elements to create your video ahead of time to understand the timeline and budget of your project. You may also want to consider hiring a video production agency to help you in the process. Sometimes, it’s better to spend money on a partner who can provide not only a high-quality final product, but help you determine your strategy and distribution as well. Hey…that reminds us….we do that! Give us a call!
Something to help you lay out your video marketing plan in terms of frequency is to plot your potential videos on a calendar, so you’re aware of what needs to be created and when it needs to be distributed. To determine how many videos, how often, and what topics you’ll want to focus on, ask your customers! Gathering information through surveys is an easy way to capture data about your audience to help figure out your video strategy.
Now that you’ve determined your topic, your video type, your production plan, and distribution – it’s time to execute. Have fun with the process and remember your goals. Once your video(s) is complete, it’s time to distribute across your preferred channels to reach your customers. Post on your website, promote on your organization’s Instagram, or embed the video in your next email outreach. Make sure it reaches your customers – and here’s the most important step – listen to what they say about it!
A good video marketing strategy is flexible. Testing strategies and adapting them based on feedback from your audience is the best way to maximize results and continue to build relationships with your customers. Make sure you’re continuously monitoring how your video performs using a few metrics: engagement, conversion rate, shares, and play time.
At the end of the day, if you’re a financial institution, video marketing is something that can be extremely beneficial for your organization. It can build trust, bridge the gap between yourself and younger audiences, explain your offerings and services, and showcase your organization’s history & values to connect, communicate and engage with your customers.