Finance has been a little slower than other sectors to embrace the power of video content. However many of the larger banks and financial institutions are using video to great effect, reaping the rewards of this powerful and emotive tool. If your company does not have a video content strategy in place, it’s time to consider how you too could be using this media to communicate your message to customers; sharing how your financial products can enhance their lives now and into the future.
Is Your Finance Company Using Video?
In my experience, the reason that some financial companies have been slow to incorporate video into their marketing is twofold. With strict regulations in place governing what financial companies can and can’t say in their communications, some marketing departments have erred on the side of caution and steered clear of video altogether. Secondly, financial information is often perceived to be too complex to reduce down into a 3 minute video clip; and some industry insiders confess they think it’s too boring to make compelling video content.
Actually, I think that these are all excellent reasons for using video as a tool to communicate both with customers and internally within your organisation; as video content is unsurpassed as a method of explaining complexities and sharing information in memorable way.
Research suggests that people retain up to 95% of information watched in a video for 72 hours, compared to 10% of text.
Take for example marketing financial services or investments to customers. This is generally a slow process as consumers tend to do a lot of research before signing up. It also throws up lots of questions; customers need clarification on particular aspects of a product, they may need help understanding some of the concepts and industry jargon, and they want to know how a product addresses their specific needs and will help them achieve their goals.
Video can be extremely effective in answering these questions, explaining processes, and providing a visual explanation as to the benefits and risks of particular products.
Finance Companies And The Long Purchase Cycle
The long purchase cycle for most financial services is a result of customers doing research, much of this online. Here video can be utilised to provide the information they’re looking for. For example you might create short clips answering some of the most common questions prospective investors ask. This may not speed up the purchase cycle dramatically as there are many elements to investigate, but it will help customer retention if your company is able to provide the information they need; rather than allowing a competitor to move in.
Video content doesn’t end when a new customer signs on the dotted line either; our client’s Liquid Investments use video to keep investors up-to-date with news, insights and progress in the form of short video bulletins. For example in this plantation update from last year:
If your organisation is not using video content as part of your marketing strategy you’re in good company, other financial companies are in a similar situation. Although you may not be an early adopter of this marketing tool you’re not that far behind, so implementing a video content strategy now will ensure that your company benefits from a strong online video presence.
For advice about how you can implement a video content strategy in your business, and to discuss your specific requirements and objectives, please contact me at NRG Digital. Call 01252 717707 or email firstname.lastname@example.org