Utilizing Video Strategies in Financial Services: Optimizing Videos for Achieving Your Objectives
In the ever-evolving landscape of financial services, video content has emerged as a powerful tool to engage and convert potential customers. Let's delve into the most effective video formats for each stage of the marketing funnel.
At the **Awareness Stage** (Top of Funnel - ToFu), the primary objective is to increase brand awareness and attract new leads. Here, video formats such as **How-to and Explainer Videos** prove invaluable, offering educational content that simplifies complex financial concepts or products. **Interviews and Webinars** featuring industry experts, and **Short Video Courses** teaching financial literacy or specific products, are also popular choices. **Customer Stories and User-Generated Content** can build trust and interest in a brand by showcasing real-life experiences of satisfied customers [2][4].
Moving on to the **Consideration Stage** (Middle of Funnel - MOFU), leads are evaluating options and comparing features. **Product Demo Videos** showcasing the features and benefits of financial products are essential, while **Testimonial Videos** featuring satisfied customers can build credibility and trust. **Comparison Videos** that compare different financial products or services help leads make informed decisions [3][4].
At the **Conversion Stage** (Bottom of Funnel - BOFU), the focus is on converting leads into customers. **Exclusive Offers and Promotions** can encourage viewers to take action, while **Client Success Stories** reinforce the value of financial products or services. **Q&A Sessions** addressing common questions or concerns provide reassurance and push leads towards conversion [3][4].
Post-conversion, the goal is **Retention and Advocacy**. **Educational Content** keeps customers engaged, while **Customer Success Videos** reinforce trust and loyalty. **Community Engagement Videos** foster a sense of community among customers, encouraging brand advocacy [4].
Credit scores are sensitive, making trust in financial institutions crucial for delegating credit matters. Video animation for financial education has proven to be more efficient and stimulating than traditional text-based methods like eBooks and whitepapers. For instance, LSI Credit distinguishes itself by meeting clients in person, fostering a closer relationship compared to competitors who operate online. Ablii, a Canadian financial services company, uses video to educate small business owners about their payment platform, improving business operations. An example of this approach is the animated video by Dr. Bill's service, which explains how they alleviate medical billing burdens for doctors.
Institutions have significantly increased investment in digital video content creation, with a 79% increase since 2016. In 2020, 79% of banks increased their digital-video budgets due to sight-and-sound storytelling rebuilding consumer confidence faster than text or static ads. Video production can help establish a brand as a thought leader in financial issues by offering valuable content. Producing video content that builds trust is essential for financial businesses, aiming to encourage the public to trust the institution [1][2][3][4].
In 2018, brands in the financial services industry increased their spending on video marketing by 13.1%, reaching almost $2 billion. Video content can be used to educate the target audience about financial matters, making complex information easier to understand. Video is a proven tactic to bridge the trust and knowledge gap in the financial services industry, potentially lifting landing-page conversions by up to 80% [1][2][3][4].
In conclusion, video content offers a myriad of benefits for financial services businesses, from increasing brand awareness to fostering customer loyalty. By understanding the most effective video formats for each stage of the marketing funnel, businesses can optimise their video marketing strategy and reap the rewards.
At the Awareness Stage, educational videos like How-to and Explainer Videos, interviews, webinars, short video courses, customer stories, and user-generated content can foster brand awareness and attract potential customers. In the business sector, institutions are investing heavily in creating digital video content to build trust and establish themselves as thought leaders in financial issues.
