Long gone are the days when video was a “nice to have” communication tool. Today, it’s a must-have, even for financial firms and institutions. Without it, your website, client portal, e-newsletters and other virtual channels appear out of date or old school.
According to a 2022 State of Video Marketing Report, 86% of businesses use video as a marketing communications tool. The same survey found that 87% of marketers reported that video gives them a positive ROI – a significant increase from the 33% who felt that way in 2015. As evidenced, digital communication is the new norm, especially with Zoom and other video conferencing platforms rising in popularity throughout the pandemic.
Video supports the financial customer journey
Not only can strong videos help raise brand awareness and turn prospects into customers, they can also support onboarding, product enrollment and other essential touchpoints throughout the financial customer journey. The financial services industry, which isn’t always labeled as the sexiest or most exciting of industries, has a lot to benefit from incorporating video into its marketing strategy.
Here are a few more reasons why video should be part of financial firms’ marcom mix.
1. Simplifies messaging
Complex information, such as the benefits of opening a Roth IRA or how to create a recession-proof financial plan, can be easily broken down into an informative video.
Videos that explain a process or attempt to break down complicated subject matter are beneficial for getting key messages across to a customer. Often, they include animation or motion graphics to connect the dots and convey key points.
With that said, launching a financial video as part of a marketing campaign or new client onboarding communications means you need to take your target audience, demographics and communications preferences into account. Also, it’s important to ensure your message aligns with where customers are at within their financial journeys.
To help our clients in financial services with these requirements, O’Neil launched ONEinteractive,[AM1] a SaaS solution that optimizes the client-customer relationship with features such as video. Videos can be used to drive customer behavior and guide them through important processes such as enrollment in their 401k plan, life insurance policy or wealth management account.
2. Cultivates an emotional connection
Video also humanizes your brand voice in a way that other tools can’t.
Even if your financial firm comes across traditional or conservative in other communications, video enables your friendlier personality traits to shine through the screen. Whether it’s a thought leadership video, featuring your CEO or other senior leaders, or a helpful how-to that answers customers’ top FAQs, you can create a more memorable and relatable piece.
Additionally, videos ensure that information is going to stick with customers for the long haul rather than being lost in the information overload they face in other mediums. People often recall visual messages over text or copy.
3. Offers in-person event alternatives
While the COVID-19 pandemic wreaked havoc on in-person event attendance and interaction, video saved the day for many leading brands. Not only does it allow you to deliver important information in a virtual environment, but most modern platforms allow for engagement through chat messaging features, screen sharing, and more.
For example, some financial institutions have hosted onboarding webinars, yearly plan reviews, and networking events through their video platforms. Surprisingly, many firms find that they’re able to gain the same, if not higher, attendance and engagement through video than they do traditional in-person events.
4. Supports customized communication
Often, financial firms struggle to show customers that they recognize them as humans. However, video is a simple way to bridge that gap. It allows you to share personal stories and create a two-way dialogue that transcends static direct mail or print and digital ads.
While customizing video requires significant brand and customer research, platforms such as O’Neil’s ONEinteractive allow companies to deliver highly personalized, immersive video messages that drive customers’ behavior. And, as their life needs change, it identifies key opportunities to help them optimize their benefits and, ultimately, foster a deeper relationship between the customer and your firm.
5. Repurpose other forms of content
Video offers a great option for repurposing content to use on different platforms such as email or social media. In fact, a third of all the time people spend online is dedicated to watching video content.
Simply put, it makes a lot of sense to include more video in every marketing channel possible. You don’t even need a revolutionary idea to get started.
Some ideas for repurposing old or even current content into video include highlighting data or trends from a whitepaper or blog. You can also turn content that was recorded at an event or conference into videos. And, if you have one long video, you can cut it into 15- to 30-second vignettes that are right-sized for social media channels such as Instagram or LinkedIn.
Video is a must for the modern financial firm. When done well, a video will take your customer or prospect into the mind and heart of your company, communicating those intangible qualities that help brands stand out in a crowded industry.
As the leader in CCM/CXM, O’Neil can advise you on digital solutions, including video, that align with your business strategies and priorities. Contact us for a free 15-minute consult or to preview our ONEsuite CCM platform.