Utilizing Video in Financial Services Promotion: Strategies for Achieving Your Objectives
In the ever-evolving world of financial services, video marketing has emerged as a powerful tool for educating clients, building trust, and driving long-term relationships. This shift is particularly evident in the approach taken by Canada-based financial services company, Ablii, which uses video to simplify payment processes for small business owners.
The financial industry often faces the challenge of appearing impersonal, deterring potential clients. However, engaging a video production company can help create short, compelling videos that make complex financial information easier to understand, while also humanizing the brand.
In 2018, brands in the financial services industry increased their spending on video marketing by 13.1 percent, reaching nearly $2 billion. This investment has proven to be worthwhile, as video is an effective method for educating the target audience about financial matters and bridging trust and knowledge gaps.
The use of video as a pillar in marketing strategies has become a common thread among financial organizations. LSI Credit is an example of a financial institution that attempts to display their trustworthiness through an explainer video. Similarly, in 2020, 79 percent of banks increased their digital-video budgets due to the sight-and-sound storytelling's ability to rebuild confidence faster than text or static ads.
To optimize financial services marketing, selecting the right video formats for each stage of the customer journey funnel is essential. At the awareness stage, problem-solution videos, animated explainers, and brand story videos are most effective. These videos aim to spark interest and educate potential clients about industry challenges and a financial service's approach.
In the consideration stage, feature spotlight videos, comparison videos, and data visualization videos are key. These videos provide detailed information to help prospects compare options and features, allowing them to make informed decisions.
At the decision stage, customer testimonials, in-depth product/service demos, and video sales letters (VSL) are used to build trust and overcome final objections. These videos help convert prospects into clients by showcasing real clients' experiences and offering walkthroughs of a financial service's platform.
In the retention stage, tutorial videos, how-to videos, product/service update announcements, and user-generated content are used to support existing clients, encourage loyalty, and upsell additional services. These videos offer actionable advice, guide clients on using advanced features, and keep clients engaged with the brand.
By aligning video content with each stage of the funnel, financial services marketers can effectively guide prospects from awareness to retention, building trust and driving long-term client relationships.
Dr. Bill's animated video is a prime example of this approach, explaining how they relieve doctors of medical billing burdens, allowing them to focus on patient care. Since 2016, institutions have increased investment into digital video content creation by 79 percent, underscoring the industry's recognition of video marketing's potential.
In conclusion, video marketing plays a significant role in financial organizations' marketing strategies, offering a hands-on approach that clients desire to feel that the institution cares about their personal needs. By leveraging video content effectively, financial services companies can establish themselves as thought leaders in financial issues, increase their market base, and foster long-term relationships with their clients.
In the financial industry, engaged video production companies help create compelling and humanizing videos that demystify complex financial information, bridging trust gaps with potential clients, thus aligning with business objectives of building relationships. This trend is evident in the increased investment in video marketing by financial services companies, reaching nearly $2 billion in 2018, highlighting the industry's recognition of video marketing's potential as a powerful tool for business.
