Compared to other sectors, the financial services industry has been slow to capitalise on the benefits of video marketing. But as Robin Powell explains in his latest video blog, there are several reasons why publishing regular video content is an ideal way for financial companies to engage with both existing and potential customers.
The benefits of video marketing are well documented.
But there's one industry more than any other which, in my view, it's ideally suited to.
Here are six key reasons why video is tailor-made for the financial services sector.
1. Although things are starting to change, financial companies have until now been relatively slow to embrace video marketing. That gives those firms that do produce high-quality content - and market that content effectively - a definite competitive advantage. When there are so many companies out there offering pretty much the same thing, video makes you stand out from the crowd.
2. Financial products are by nature complex and, let's face it, often rather dull. Neither of those characteristics particularly appeals to the average consumer. Video is a great way of conveying complicated subject matter - especially facts and figures - in an engaging and accessible way.
3. Financial companies typically target the so-called mass affluent. And successful, wealthy people are notoriously time-poor. They consume more online content than most, and are likely to be far more receptive to a concise, informative video than they are to dense pages of text.
4. People don't buy pensions, say, or life insurance on impulse. They generally research financial purchases over a period of time. Almost invariably, they'll look online. Videos come higher than other types of content in the search engines. So, by having a range of video content, a company can build its brand awareness so that when the customer is ready to purchase, it's that company they choose.
5. Since the banking crisis, the industry's had a trust issue. More than ever, customers are looking for integrity. Talking directly to those customers through video is an excellent way of demonstrating integrity and establishing trust. It conveys openness, transparency and honesty.
6. Financial journalism has always been heavily dependent on experts, many of whom work in financial institutions. It makes sense for companies to use those experts for their own video content. Like television, video is ideal for promoting thought leadership - expertise that gives your brand credibility.
Our company, Ember Television, has developed specialist knowledge of working with financial services companies.
If you're considering implementing a video marketing strategy - or taking your existing strategy to the next level - we'd love to hear from you.