Utilizing Video in Financial Services Promotion: Strategies to Achieve Your Aimed Objectives
In the ever-evolving landscape of digital marketing, financial services are leveraging video content to captivate audiences and drive growth. According to recent statistics, the sector accounts for 14 percent of all monies spent on online advertising, with a significant increase in video marketing spending since 2016.
The strategic use of video marketing aligns closely with general funnel marketing principles, but with a focus on building trust and demonstrating expertise. Here's a breakdown of the effective video formats and key performance indicators (KPIs) for each stage of the marketing funnel in financial services video strategy:
Top of Funnel (Awareness)
Short, engaging videos that quickly introduce the brand and provide educational value are most effective at this stage. These videos aim to drive awareness and initial interest, with metrics such as views, engagement rates, and brand recall dominating. Examples include short-form videos, brand overview videos, and educational content like explainer videos, FAQs, and myth-busting clips.
Middle of Funnel (Consideration)
During this stage, the objective shifts to nurturing leads by building trust and demonstrating how financial solutions address specific needs or pain points. Formats become longer and more detailed, such as product demos, case studies, webinars, and downloadable content promoted by video. KPIs start focusing more on deeper engagement indicators like click-through rate, content downloads, and watch time.
Bottom of Funnel (Decision)
At the bottom of the funnel, the emphasis is on confirming trust and encouraging decision-making. Testimonials and personalized videos add credibility and reassurance, helping prospects feel confident in choosing the service. Conversion-oriented KPIs such as conversion rates, video completion, and leads-to-customers ratio become paramount.
Financial services marketing benefits from clear, concise messaging due to the complexity and trust factor involved. Videos around 60-90 seconds are effective for initial hooks, while mid- and lower-funnel videos can be a bit longer to communicate specifics and build relationship depth.
Video marketing content also helps financial services businesses show empathy and understanding for their target market's challenges. Educational videos can help establish a financial services brand as a thought leader in financial issues, while video animation is more effective than text in explaining complex financial concepts to a wider audience.
For instance, Dr. Bill's animated video explains how they take medical billing off doctors' shoulders, allowing them to focus on patient care. LSI Credit, a credit solutions provider, uses an explainer video to emphasize their face-to-face meetings with clients to foster trust and honesty. Ablii, a Canadian financial services company, uses video to educate small business owners about their platform's benefits for easier payment management.
In 2020, 79 percent of banks increased their digital-video budgets, recognizing the potential of video production companies in crafting content that encourages the public to trust their institution, creating an emotional connection between the brand and the clients. This investment has proven to bridge the trust and knowledge gap at scale, lifting landing-page conversions by up to 80 percent when placed above the fold.
In conclusion, each video format complements its funnel stage purpose, and tracking the appropriate KPIs ensures the video strategy is optimized to move prospects seamlessly through awareness, consideration, and decision towards conversion.
Financial services are not only investing heavily in digital marketing but also leveraging video content strategies to drive growth, accounting for 14 percent of online advertising spending. This strategic approach aligns with funnel marketing principles, with videos used to build trust and demonstrate expertise across various stages. At the top of the funnel, short, educative videos are effective for introducing the brand and driving awareness, while longer, more detailed videos at the middle of the funnel focus on nurturing leads by showcasing how financial solutions address specific needs or pain points. At the bottom of the funnel, testimonials and personalized videos are used to confirm trust and encourage decision-making.
