As we’ve been traveling the country conducting strategic planning sessions and marketing audits, there’s one thing we’ve said until we’re blue in the face: credit union and bank marketing strategies for 2019 must include video.
You simply have to use video if you want to grow your financial institution next year.
Remember the 1979 hit song, “Video Killed the Radio Star”? Today, video is killing more than just radio. People are consuming information, no matter the medium, differently because of video.
Technology writer Nicholas Carr notes that previous generations of children grew in their ability to create and imagine as they learned to read, while children today are digesting information at rapid rates because of the Internet. Similar studies from Insivia, a digital marketing agency, show that the average consumer remembers 95% of what they watch, and only 10% of what they read.
If you want consumers to remember what you tell them, you need to use video in your marketing strategy.
Before you reprint that brochure from the 90s, consider these five simple video tips you can implement today.
- Use free tools
Are you ready for the best news of your day? Video doesn’t have to be expensive in order to be effective. In fact, it can even be free.
With apps like Magisto and Animoto, you can—in less than 10 minutes—turn photos and videos into a short clip that immediately catches attention. Paid versions allow more freedom with maintaining brand consistency, but if your CFO says no to a video budget, make the most of free video tools already at your fingertips.
- Keep it short
According to the 2018 Video in Business Benchmark Report, 56 percent of all videos published in the last year are less than two minutes long. Hubspot says the ideal length for each social media platform is different—30 seconds for Instagram, 45 seconds for Twitter one minute for Facebook and two minutes for YouTube. Moral of the story? Keep it short. Use soundbites instead of speeches.
- Show faces and facts
Like any content you produce, viewers consume videos with a “what’s in it for me?” attitude. Give them positive emotions by showing positive people. If using photos, don’t just show people’s backs. Backs are boring. Faces convey emotion and build connection. Sprout Social reports that photos with faces get 38% more likes. The principle applies to video too. Faces work.
Facts, too, tell a viewer what’s in it for them. Give them financial planning tips, insights on mortgage trends and information relevant to their needs. You’ll position yourself as an approachable expert who knows your stuff but can explain it in a way that’s easy to understand.
- Be personal, not polished
Spoiler alert: people aren’t perfect. And they don’t expect you to be either. They expect you to meet their needs quickly and with quality service, but they don’t expect you to do so like a robot. In fact, they crave authenticity.
Rather than spending hours taping and re-taping a video, let loose! Show your financial institution’s real personality. As Starbucks CEO Howard Shultz says, “Authentic brands don’t emerge from marketing cubicles or advertising agencies. They emanate from everything the company does.”
- Don’t rely on sound
Most people view social media video without the sound on. According to Digiday, a digital marketing analyst group, as many as 85 percent of Facebook videos are watched without sound because of autoplay technology. This means your video’s message needs to come across clearly with or without audio. Use subtitles or text boxes if necessary, but don’t let your message get lost.
Bonus Tip: Begin and end on brand
It’s great to produce an eye-catching video. But if the video doesn’t have your credit union or bank’s name, logo and website readily visible, then you’re not going to see any ROI. Make sure viewers know from the beginning that this video was produced by your financial institution. Include your website at the end so they know where to go afterward.
Add these six simple video tips to your marketing strategy, and your financial institution will be turning heads in no time.