How to embrace the possibilities and potential of video marketing
Use of video is helping many financial brands to increase awareness, boost engagement and create greater avenues for ROI. The financial services sector is increasingly embracing the possibilities and potential of video marketing.
It’s not too hard to see why video is so popular these days. For one thing, it’s an easy-to-digest format, and it’s why the world reportedly watches over 1 billion hours of YouTube videos per day.
Harness your existing and prospective clients’ attention
Implementing video on your website and social channels is a really effective and measurable way to harness your existing and prospective clients’ attention and to keep them engaged. However, you need to consider a number of tangible objectives. Goals might include a certain number of visitors to your website or landing page, a target benchmark for conversions to enquiries, or social followers – it really depends on your overall goals.
Such is video’s influence in the modern digital personal financial planning consumer landscape that it can play a major part in helping your firm achieve its marketing objectives. So how exactly can you promote your firm using this medium? And how can you ensure that your videos stand out in an increasingly competitive landscape?
Communicate that you’re a specialist, qualified and trustworthy
Promoting your firm by video enables you to communicate that you are a specialist, qualified and trustworthy. Client case studies are an ideal place to start. These should showcase authenticity and reinforce your reputation, as prospective clients can put themselves in the shoes of the clients in question. Such videos can also foster an emotional connection with the viewer. Standalone testimonials and interviews are also ideal for re-sharing on social media.
Each video is an opportunity to captivate and tell a story. It’s also a chance to inform and provide genuine value. Your videos should tell the viewer about something they didn’t know, whether it’s about your own firm or the wider financial world. They can also be a highly effective medium for you to become a thought leader and a trusted expert, simplifying complex financial planning and wealth management issues that are of personal relevance to them.
Get your firm found on the world’s second largest search engine
Not to forget that video will help your firm rank in the second largest search engine in the world – YouTube. As your prospective and existing clients are watching more and more videos every day, it’s logical for the biggest video platform to be a place where they search for video, so you need to be there.
YouTube is increasingly being used to find information videos, especially how-to videos. Studies show that searches for how-to videos have increased considerably in the last couple of years. Does your firm have a how-to video about ‘How to take your pension when you retire,’ or ‘How to build an investment portfolio,’ or ‘How to grow, protect and preserve your wealth’? If not, you could be missing out on significant lead generation opportunities.
Search engines consider videos as highly valuable content
Your videos go beyond YouTube and will have a real impact on your website search engine optimisation (SEO). Over the last few years, search engines have been focusing on improving their users’ experiences by providing relevant and valuable results. Combine that context with the growing interest in videos, and we see why search engines now consider videos as highly valuable content.
That’s the reason why you’ll see videos peppered through your Google search results (and Bing and Yahoo’s too). Now, how can you get your firm’s video in there? Though search engines don’t disclose how their algorithms work, it is recognised that having videos embedded on your site will help you with that. Video on landing pages is capable of increasing conversion rates by over 80%, and the mere mention of the word ‘video’ in your email subject line increases open rates by 19%. 90% of clients also say videos help them make buying decisions (Source: Hubspot).
Most prospective clients’ feeds are thriving with video marketing
Video content isn’t up-and-coming anymore. Your prospective and existing clients want to see more video content, and if appropriate to your firm, you should create more videos in response. According to Cisco, video content will account for 69% of all consumer Internet traffic by the end of this year. If your prospective clients are increasingly watching videos, then videos are what you should offer them, especially where they are viewing these on the social networks.
All social networks have seen video boom over the last few years and have taken it to integrate in to their core user experience. A quick look at any of those social platforms is revealing – most prospective clients’ feeds are thriving with videos. Are you ready to start creating video content as part of your marketing strategy? We’ll give you ideas for videos you can film and provide tips for integrating them into your marketing.
The sharing potential of video on social networks can multiply your visibility and help you reach the audience you’re looking for. And given that your video will also reach your prospective clients organically, the impact will be even higher.
Mobile devices are ingrained in your clients’ lives
During every little break, our daily routine can be filled with a smartphone or tablet. And you know what people are doing with these devices on those breaks – watching videos! Short, compelling videos with a good narrative are perfect for those little breaks, and that’s why so many people are watching them. So, if you include videos into your marketing strategy, you too can be part of the video content these people go to whenever they go online.
At Goldmine Media, we’ve been adapting to the rise of mobile marketing for years, but considering how ingrained mobile devices are in our clients’ lives today, it shouldn’t be considered as just a trend anymore – it should be an integral part of your marketing strategy. According to Smart Insights, 48% of consumers start mobile research with a search engine, but 33% go directly to the site they want. This is why it’s important to offer valuable content that makes it easy for your prospective client to find you online. You also need to optimise for mobile search results.
Become more visible, trustworthy and transparent
If videos make you more visible, trustworthy and transparent, and connect you with your audience, then you can certainly expect to get more business out of them, right? Right! There are numbers backing this up too. According to Google, when comparing a website that doesn’t use video with one that does, the site without it has an average conversion rate of 2.9%. The website that does use videos shows an impressive difference – its average conversion rate is 10.8%.
There’s something else you should take into account here. 64% of people, according to Cisco, that take action online say they did it after watching a video that was relevant to what they were looking for, with 40% of mobile users saying the same thing. To put it simply, people are resorting to video to complete their research before they approach firms for financial advice, so you should start to develop videos now to help your target audience with that.
Opting for the right type of video marketing approach
At Goldmine Media, we can help you make sure you opt for the right type of video approach and distribution channel. Here’s two highly effective but different types of videos.
Explainer videos – these can help inform prospective and existing clients about your service offerings or a particular area (for example, how to build an investment portfolio, how investment risk and diversification work, how to retire early, or how to protect your family if the unexpected happens), and these can be used in conjunction with client service activities and a whole other range of applications.
Testimonial videos – a prospective client can hear from and relate to people just like them. They learn why they should employ your services and how it could be beneficial to solving their problems. Client testimonials help prospective clients move further through the advice funnel and closer to converting to becoming a client.
Greater email marketing campaign successes
Videos can also help your firm with greater email marketing campaign successes too. The power of video for financial services firms is so considerable that just by using the word ‘video’ in your subject line, your email campaign can expect to see a boost in its open rate. Videos don’t just get your emails opened – they raise your click-through rate too.
In fact, some studies say that the click-through rate gets multiplied by two just by the inclusion of a video link. Email marketing is still one of the best ways to market your services – you can make it even better with videos.
Remarkably strong case to use videos
Finally, videos that are properly measured can serve as windows that let you see who you target audience actually is. I know this isn’t something exclusive to videos, but if you combine the data you obtain from videos with the data you gather from social networks, your own site, email marketing and the other channels you use, then you’ll get a fuller picture of who you’re talking to.
From the practical reasons that more of your prospective clients are watching videos to the financial motives that they offer a very cost-effective ROI, these points make a remarkably strong case to use videos as part of your firm’s marketing mix.
Want to use video marketing to increase your sales conversions?
What is the most effective way to use video as part of your advice process? For more information about how Goldmine Media can help your business, talk to a member of our Business Development Team on 0845 686 0055, or email: email@example.com.
Steve Wright, Head of Creative, Goldmine Media