Journal of Financial Planning: September 2013
If you have spent any time on the Internet in the last couple of years, you can’t help but notice the increasing popularity of online videos. From YouTube to Netflix, watching video online has become part of the American lifestyle. While the statistics vary depending on the source, it is estimated that video accounts for approximately 50 percent of all Internet traffic. With a trend as prevalent as this one, it is time for advisers to take notice and see how they can capitalize on videos in their own businesses.
A few years ago, a professional video would have cost many thousands of dollars to produce. Today, these same videos can cost as little as a few hundred dollars. And, the days of requiring a professional videographer to produce a video are long gone. You can easily create your own videos with equipment as simple as your smartphone or webcam. Lower video production costs are making video marketing a feasible and cost effective option.
If you still aren’t convinced, here are some other benefits to consider:
- Videos are one of the few ways to show the personality of your firm without meeting a prospect face-to-face.
- Video is searchable content on the Internet and can help with your website’s search engine rankings.
- People are more likely to watch a video than read a full page of text.
- Because video is still underutilized by financial advisers, it provides a differentiator from the competition.
- Video is easier to consume on mobile devices than text given the size of the screen.
Once you decide to integrate video into your marketing mix, the next question will be, “How should I use it?” Here are just 12 of the many ways you can integrate video into your marketing.
1. Company overview video: A good place to begin when testing out the waters of video marketing is with a company overview video. Think of it as a video brochure that provides a prospect with a better understanding of what your firm does. It describes who you are, what you do, how you do it, and who you do it for. This video is often the first introduction a prospect has with your firm and staff, so it is important that is professionally produced to make a good first impression.
2. Video bio: A video biography allows advisers to tell a more holistic story about who they are in their own words. These videos go beyond certifications, education, and experience and tell the adviser’s real story. Generally, these videos cover why you became an adviser, what is most meaningful about your work, or show a more personal side such as family, hobbies, community involvement, and charities.
3. Explanatory video: Do you have a complicated or confusing concept you want to communicate to a prospect? If so, an explanatory video can assist. This type of video explains a complex concept through a simple story or graphics. A well-known example of this type of video is the UPS commercials that were popular five years ago, where the artist drew out a story on a whiteboard of how UPS could handle a business’ shipping needs. For advisers, an explanatory video can help explain topics that can be challenging to explain in writing, such as the difference between a stock broker and a fee-only adviser or passive versus active investing.
4. Training video: If you find yourself explaining the same process to your clients multiple times, training videos are a good option for you. Through “how-to” videos you can teach clients how to navigate through the client portal or how to read their quarterly statements. The one-time production costs of these videos will end up saving you and your staff hours.
5. Educational video: When a prospect first looks at your website or searches for an adviser online, he or she is looking to have a problem solved. Through educational videos you can demonstrate that you have the expertise and ability to solve their particular issue. Educational videos often are just a few minutes long and provide a specific tip your prospect can take away. An adviser applying this strategy should create educational videos on a regular basis and address a range of topics. Because this strategy requires videos to be produced in volume, it is common to do these on your own equipment, webcam, or smartphone.
6. Video press release: These days, press releases are commonly being supplemented with video to tell a more engaging story. Many online press release distribution services allow for video attachments, so take advantage of this opportunity to show the people, events, or services announced in the press release. Examples of video press releases include new hires, mergers and acquisitions, awards, community involvement, or the launch of a new product or service.
7. Website FAQ video: Want a more engaging way to answer your clients’ and prospects’ frequently asked questions on your website? Have one of your firm’s advisers answer these questions using video. Make it more engaging by using supporting visuals such as charts and graphs to further explain the concept.
8. Email video: If your email newsletter is getting stale, consider using video for content. It can either supplement your existing newsletter or replace the content altogether. If speaking in front of the camera is one of your strengths, you’ll find that using video in email will be much less time consuming and more engaging to your audience than a standard article.
9. Presentation video: An easy entry into the world of video is to record any presentations, workshops, or webinars you conduct. These videos will highlight your expertise as well as provide prospects who are unable to attend the event access to your presentations. You are already taking the time to create and present the content, so repurposing the presentation into video is just smart marketing.
10. Call-to-action video: If you are looking to get prospects to sign up for an event, download an ebook, or schedule an appointment from your website, consider a call-to-action video. These videos allow you to explain in your own words the benefits a prospect will receive by taking action. If you do this well, you will see your conversion rate increase.
11. Trade show video: If you market at trade shows or expos, consider a video to draw attention to your booth. This can be a visual overview of your company and services or possibly a demo of the technology you make available to your clients.
12. Lobby video: Take advantage of the time prospects and visitors wait in the lobby to establish a good first impression, reinforcing your brand with existing clients through a video on a TV screen. Because these videos will most likely run on a loop without sound, use strong visuals and on-screen words to convey your message to your captive audience.
You have many options for using video marketing. These 12 ideas are just the beginning. Constant innovation of new technology such as Google’s Hangouts On Air, Twitter’s video initiatives Vine and Amplify, and Instagram video will continue to make videos easier and cheaper to create and share.
As an adviser, now is the time to take advantage of the opportunity to differentiate yourself through video marketing while the medium is still underutilized in the industry. Within a couple of years, video marketing will become as standard practice as websites, email marketing, and social media. Video marketing will no longer be a differentiator, it will be a requirement.
Kristen Luke is president and CEO of Wealth Management Marketing Inc. (www.wealthmanagement
marketing.net), a firm specializing in outsourced marketing services to registered investment advisers.