Effective Video Marketing Ideas for Marketing Directors in Finance Institutions
When it comes to finance, breaking down complex topics for the audience or selling relevant services is always a challenge. Finance has a reputation for being boring — anyone interested in a financial instrument or service is overwhelmed by the never-ending paperwork and lengthy brochures. Since the banking and finance sector is a highly competitive industry, it is also a huge challenge to attract more clients and retain them.
Even though most financial companies and banks invest in setting up a website, it is not enough. You have to be serious about beating the competition. You need to take it up a notch higher, and here’s where video marketing can come to your rescue.
Video is quickly finding its way into every industry as a means to reach marketing goals and tell each brand’s story in an easily digestible and enjoyable way – which can be quite a feat for industries that sell products the common consumer may not completely understand (or be interested in).
New era in Finance Marketing
Gone are the days when videos were used as a medium for providing entertainment alone. With the right video marketing strategy, marketers can expect to receive 66 percent more qualified leads per year. Videos also score brownie points with your audience. Since they are easy to digest compared to a massive chunk of information conveyed through text-based modes such as brochures or flyers.
Viewers report that they can retain 95 percent of a message conveyed through a video. Only 10 percent when the same message is in text form. It’s not surprising that 54 percent of customers also look forward to videos from their trusted financial brands. They can convince them to try a new product or service.
If you are serious about harnessing the attention of your audience and keeping them hooked, let us tell you these effective video marketing ideas that can help you become persuasive as a brand, along with the best practices to create a financial video marketing strategy that works.
Why does video marketing work for a finance business?
You want a prospect to borrow a loan from you or invest through your trading platform. Gaining the trust of your customers is the first step. But simply putting up the information on your website doesn’t allow you to present your personality as a brand. If you are unable to come across as a trustworthy solution provider who will not fleece their customers or run away with their hard-earned money, cultivating a connection with prospects can be an uphill battle.
In such cases, video formats such as a promo video or customer testimonial videos can go a long way in making your banking brand much more than a faceless business and establishing trust. The bottom line is simple — if your business is likable, you have a greater chance of attracting customers.
Keep them on your website
Videos are also effective for increasing the time a prospective customer spends on your website. This is also known as dwell time. It is one of the factors that determine your ranking on search engine pages. Higher dwell time signals Google that your website is a valuable one and should be shown to more people. Videos are much more engaging and captivating than written content. Placing the right kind of videos can skyrocket the dwell time.
Lastly, you can also improve the user experience of your prospects through the correct video marketing strategy. Videos provide an immersive experience and create the correct sentiment. With videos, you can personalize the user experience. Research also shows that personalization is extremely critical for marketers who expect more engagement from their customers.
Promo videos can provide a bird’s eye view of what your finance business offers. Its main purpose is to push your prospective customer further down the funnel, rather than close the deal then and there. These are the most common kinds of marketing videos found online.You can also use promo videos for increasing brand awareness. It’s great for those who are right on top of your sales funnel.
Promo videos work because they make a solid impression on the prospect. They are also great for driving traffic to your website and can be placed on critical points on your landing page to pique an interest in the visitors.
Besides, since promo videos condense a lot of information into a digestable format, they are also highly shareable. So if you are keen on generating buzz about a new service you are providing, nothing can beat promo videos.
Explainer videos help showcase particular features of a product or service. These videos work as they allow you to communicate the value of your offering in a fun way. This will be done without bombarding them with too much information.
Explainer videos must feature in your video marketing strategy as 72 percent of customers prefer using videos to learn something about a product or service. If you are wondering whether you’ll need to hire a video production team to shoot these videos, don’t worry. With a little bit of creativity and planning, you can create stunning demo videos using a free online video editor. To save time, you can also use the product demo templates and customize them instead of starting the video from scratch.
Explainer videos can help customers get to know a banking institution itself, or can provide walk-throughs of common transactions like making deposits or setting up payments. And as market news unfolds and financial institutions digitize to keep up with the times, video content brings customers up to speed while holding on to the momentum of that calm, collected confidence. All in all, financial institutions are collecting more data about customers than ever before. Video marketing for business could include original content to help individuals feel more comfortable and at ease when doing business with big banks.
Customer testimonial videos
Testimonials are extremely beneficial for every business. They also impact the decision of other customers because word-of-mouth marketing remains one of the most effective ways to persuade prospects. In fact, 72 percent of consumers feel that positive testimonials can result in them having more trust in a business because the seal of approval from other customers matters.
But here’s a catch — traditional text-heavy testimonials are old school and boring. The new-age banking customer wants something that is quick to consume. And that’s why customer testimonial videos can be another video format your finance business can explore. When someone talks straight to the camera, the bond is at a much deeper level. The expressions also come off as more authentic. Contrast this with a long-written testimonial that lacks a personal touch and can be easily faked, and you will know why customer testimonial videos are so popular.
Video marketing may seem like a lot of work, but the results make it all worth it. To make the best videos for your finance business, you must have a well-crafted video marketing strategy.
So if you are serious about skyrocketing the conversions and grabbing more clients, make sure to put these video marketing ideas to practice.