Trust is that quality that financial intuitions need in bucket loads to acquire new customers and retain existing ones. Trust has taken a battering in recent years, following the economic crisis and well publicised scandals, and many consumers question whether they can trust their bank for financial advice.
FSIs, looking to create ethical and sustainable businesses are proactively building trust with their customers, working on cultural change to create a more customer-centric focus. These changes are critical for delivering better customer outcomes and trust, but how can your organisation support this work through your communication channels?
One way to do this is to create video content that inspires, builds customer relationships and thereby trust. Why video? It’s instantly accessible and consumers can’t get enough of it. It’s also much better at conveying concepts such as trust than other forms of marketing content.
Moreover video content doesn’t have to be about what your organisation says about its services and reasons to trust it; instead it can be about what your loyal customers say. Consumers are much more likely to trust what your customers have to say, than what your marketing or comms department puts out.
How Does Video Build Trust?
The key to building trust is empathy. Viewers who empathise with what they see on screen are more open to the content and core message. Typically when someone is presented with content from a business, and especially those operating in the financial services sector, the response is to put the barriers up. Empathy lowers these barriers – you know the ones that say, “what are they trying to sell to me?”
As alluded to above, a key way to create an empathetic response is to feature people in your video content. People who share the same concerns, for example “am I going to be comfortable in retirement?” or “what’s the best way to invest my money?”; people with the same pain points and people with similar aspirations. Their stories will help your target customers trust your business.
Happy customers are also your best advocates and they can help your business identify exactly what factors build trust. While you may have a good idea from working with focus groups and analysing customer feedback, often there are crucial details that are overlooked. That’s why using real customers in your video content – unscripted – can increase conversion rates because they speak from the heart. Seemingly inconsequential details that wouldn’t have made a commercial script, build a picture, tell a story and create empathy.
This type of content also shouts ‘authenticity’ loud and clear – another important factor in building trust. And while it is most effective when the people featured are genuine customers, it can also be achieved using actors, scripts and high production values. However, real customers and real life stories must provide the inspiration for this content.
Nationwide Building Society is a great example of how to build trust using video content that shares ordinary people and real life issues and aspirations. The Voices Nationwide campaign is most memorable for the current TV advertisements with musical comedy duo Flo and Joan. However, Voices Nationwide also includes many UK spoken word poets addressing key issues such as community, security and family. These issues are aligned with Nationwide’s values and products that can help them achieve their hopes, ambitions and aspirations.
This campaign also demonstrates that while building trust may seem like a very earnest and worthy marketing activity, video content doesn’t have to be serious or dull. Instead it can be inspirational and fun, as long as the core message comes from the heart.
If your organisation is struggling to create a video content strategy and you want videos that support business goals such as building better customer relationships and trust, please get in touch. I’m always happy to have an informal chat, share a few ideas and help marketing and comms people aligned their video strategy with their target customers and values. Call + (0) 1252 717707 or email firstname.lastname@example.org
You may also like to read How Empathy Fuels Creative Videos, which explores how to uncover creative ideas for video content by taking an empathetic approach.