7 Reasons For Financial Services to Invest in Video Marketing

Do you operate in the financial space and would love to increase your sales?

Then, you need to create financial services videos!

After all, 86% of marketers use video as a marketing tool.

That’s because video content is a powerful way to engage, educate and connect with your audience.

But why should you invest in video marketing?

Can video marketing really help you build a loyal base of customers and increase your sales?

That’s exactly what we’ll answer in this article.

Build trust

While building trust is key to winning over customers for any industry, it might be even more important for financial services. After all, we’re talking about people’s finances!

Now, the best way to build trust is to be transparent and relatable. Being genuine and authentic and showcasing the human side of your business will help you bridge the gap with your audience and connect with them on a deeper level. As consumers get to know your brand and understand who’s behind it, they’ll be more inclined to listen to what you have to say, trust you and purchase from you.

In fact, a recent study revealed that 62% of consumers are attracted to companies that demonstrate authenticity.

One of the best ways to convey authenticity is by using client testimonials. After all, who is better positioned than your clients to promote your services and share the benefits of working with you with others?

Here’s an example of a client testimonial video we recently created for Logic Partners.

Educate your client

Financial concepts, tools, and software can be complex to understand unless you’re an expert. That’s where video content comes into play.
Financial services video content is the best format for companies looking to promote their services to their audience. That’s because a short video can make explaining features and benefits of your services much easier than writing a long-winded article on your website.

Remember, the average attention span these days is only 8 seconds. What’s more, the brain processes images 60,000 times faster than text. So, a compelling, clear, and concise financial services video is the best way to educate your clients about your services and move them down the sales funnel.

Here’s an example of a financial services video we produced for Wealtheon. The company does a great job at clearly explaining the five-step process clients go through the first time they speak with one of their financial advisors.

Engagement

Let’s say you have two options. You can either read a 3000-word brochure about a financial institution or watch a 2-minute financial services video about how the company’s products can help you.

Which option would you rather go for? We know what we’d choose!

And it’s not just us.

69% of people prefer watching videos over reading text! What’s more, on average, video posts on social media get 48% more views than posts without videos!

Need we say more? Videos are more engaging than text or images because they’re digestible. They provide the viewer with snackable entertaining or educational content. Therefore, as a financial services company, your marketing strategy should focus on video.

Here’s a video we created for Spark Financial Group. It was designed to grab the viewers’ attention and showcase the company culture in an entertaining way.

Emotional Connection

Music, sounds, movement, facial expressions, and striking visuals are all factors that combined together can contribute to conveying your story in an engaging and impactful way. Well-thought-out financial services videos can speak a million words and trigger emotional responses in your audience. And this, in turn, is a great way to connect with your viewers.

But why do emotions matter so much?

Well, 95% of purchasing decisions are emotional!

So, if executed well, your financial services videos could be a powerful sales and marketing tool to increase your brand awareness and bottom line.

Financial Services Videos Increased Conversion Rates

Videos have been shown to increase conversion rates. That’s because they provide a more comprehensive understanding of a product or service, allowing consumers to make informed decisions. And as discussed, this is particularly true in industries like the financial services industry, where products and services can be complex to understand for the average consumer.

Let’s take a look at some key stats showing the importance of video content for companies, including financial services:

• Having a financial services video on your landing page can increase your conversion rate by up to 80%!
• Websites using video content have a 4.8% conversion rate on average as opposed to 2.9% for those that don’t.
• 84% of consumers report purchasing a product or service after watching a video about it!

Increased Reach with Financial Services Videos

Videos can be shared across multiple platforms, including YouTube, the second-largest search engine on the planet. And this can significantly help you increase your reach and visibility.

What’s more, people love to share videos. In fact, a study revealed that social media videos are shared 1200% times more than articles or links!

Lastly, due to the strong demand for video content, Google’s algorithm now favours websites featuring video content. This means that creating financial services videos can help boost your SEO and rank better on major search engines. And this, in turn, can significantly increase your organic reach

Measurable impact

Videos offer measurable metrics to track performance, such as views, likes, comments, watch time, click-and-through rates, shares, and conversions. Based on these metrics, you can then adjust your strategy as you go and allocate your budget accordingly.

For instance, let’s say you notice that people tend to watch your short tutorials until the end but the majority exit mid-way through your longer videos. In that case, you might want to focus on creating and publishing shorter tutorials.

Use A Specialised Video Production Agency For Your Financial Services Videos

Creating punchy, concise, and relevant financial services videos isn’t for the faint-hearted.

As mentioned, the financial services industry can be complex to understand. And that makes it harder for companies to convey complex concepts on camera in an easy, compelling, and entertaining way. That’s where we can help.

At DreamCube Productions, we specialise in helping financial companies create high-converting financial services videos. And we’d love to help you too. So, if you’re interested in learning more, don’t hesitate to get in touch.