We’ve entered a new era in financial services marketing and communications – the era of video.
Across all industries, including financial services, audiences are turning to video for education and research. In fact, the numbers are staggering and don’t show signs that they will slow any time soon. HubSpot recently revealed 72% of people would rather use video versus text to learn about a product or service, while 85% of people say they’d like to see more video from brands in 2018 (Source).
“This is good news for financial services firms,” says Catherine Reale, Head of Canada at Asset TV, “as video is a highly efficient way to communicate – it’s scalable, cost-effective and helps you manage regulatory issues regarding total spend per advisor. But more than all of that: it catches your audience’s attention.”
Let’s explore some of the key reasons why video is presenting financial services firms with great opportunities in 2018 and beyond.
“72% of people would rather use video versus text to learn about a product or service and 85% of people say they’d like to see more video from brands in 2018.” (Source)
Extend your reach
Changing media patterns – especially the “cutting the cord” phenomenon – are undeniable. People are shifting away from traditional media, such as television and radio, to more digital channels, such as watching video on their computers and phones. These are massive secular trends that are unfolding quickly across the globe.
A similar shift is seen in the rapid adoption of mobile. People are becoming more and more comfortable with banking, shopping and playing games on their phones. As such, video is booming on mobile as well – social video generates 1,200% more shares than text and images combined (Source). By switching some of your resources to video that can be shared on social media and increase your financial services social media marketing presence, you’re capitalizing on a major trend that will increasingly work in your favour.
“Social video generates 1,200% more shares than text and images combined.” (Source)
Engage your audience
Video is an engagement tool like none other. Why? Because it helps people remember your message. The data around this is quite dramatic. People retain 95% of a message when they view it on a video compared to 10% when they read it in text (Source).
If you want to leave your audience with a specific message, a video is clearly the best way to do it.
According to a financial publication out of the U.K., companies using video say that the top benefits to video include: positions company as innovative, increased levels of satisfaction, faster service, better customer intimacy and reduced work. (Source)
“Video has demonstrably helped us communicate with – and grow – our audience,” says Tammy Cash, Executive Vice President, Head of Marketing, Horizons ETFs. “It’s engaging, dynamic, it’s what our audience is responding to, and it helps us speak to them more often.”
Video isn’t “too good to be true” – it does take work to get a video right. Video, however, is what your audience wants. So, give them what they want.
“Video has demonstrably helped us communicate with – and grow – our audience. It’s engaging, dynamic, it’s what our audience is responding to, and it helps us speak to them more often.” Tammy Cash, Executive Vice President, Head of Marketing, Horizons ETFs Inc.
Manage regulatory issues
Financial firms are limited in how much they can spend on their relationships with advisors. These rules exist for good reason. But keeping advisors and institutional investors well informed about your firm’s solutions helps ensure they are making the right recommendations to their clients. Simply put, video helps them do their job more effectively.
“Video helps firms get their message in front of advisors and institutional investors,” says Reale. “Your portfolio managers can use the same video to talk to all advisors, no matter where they’re located – saving their time and your company’s money.” You can even add graphics and statistics to make your video a more educational experience. You can also choose to make your video a Q&A and address the audience directly. The choices are endless.
Some things to look for during your search for a video partner
Not all videos are created equally – nor are all video partners. There’s a steep learning curve, which is why you might want to consider working with a partner that specializes in financial services video. A partner like Asset TV will help you create videos that stand out with cutting edge and compelling content. Here’s how they help:
- Strictly video. A partner that is focused purely on video will help ensure you’re benefiting from industry best practices.
- Vetted audience. Ideally, your video partner will have access to a controlled, opt-in audience of retail advisors and institutional investors. This ensures your message is getting in front of the right people – meaning your clients and prospects.
- National distribution. Flying around the country to meet with advisors and institutional investors is a massive drain on resources and, more importantly, results in some important markets being underserved. A video partner with national distribution helps solve this problem, as your message can be heard from any place with an internet connection. Today, that’s everywhere.
The financial services industry is evolving quickly – and your company’s marketing and branding efforts as well as your content strategy needs to keep pace. “In an environment of increased regulation, fee compression and product proliferation,” says Reale, “getting your message in front of the right people and then keeping their attention takes engaging content that you create frequently. Asset TV can help.”
Some things to look for in a video partner
Financial services providers looking to leverage the best video has to offer should expect the following from their video production and distribution partners – and Asset TV delivers:
- An understanding of how to get (and keep) viewers’ attention
- The ability to create cutting-edge, compelling content that meets Continuing Professional Development and Continuing Education standards
- Access to an expansive audience from the investment community
- Metrics to show that this audience is actually spending time on their platform viewing your video content
Video’s appeal is already massive and continues to grow. Whether you’re new to video or an experienced pro, working with a video partner can help you improve the quality of your content, manage your marketing costs and capture your audience’s attention.
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