Why Incorporate Video into Your Marketing Strategy?

Over the course of the last decade, online video has become a common source of information on the Internet. In response to this trend, financial advisors have sought out new and innovative ways to make video content a useful part of their marketing strategies. Between its practical applications, and its broad appeal, online video content has steadily developed into a “must-have” for many advisors who wish to refine their competitive edge. By some measure, the use of online video has become “the new normal”.

Why should I start using online video?

According to a study conducted by Wistia, a prominent video hosting service, the number of videos uploaded, on their own platform, has increased by 263% since 2016.1 Additionally, Wistia noted a staggering 80% increase of uploaded videos just in the year 2020. During a year that mandated social distancing measures, business professionals used online video to keep their clients (and prospective clients) informed, educated, and engaged.

By including online videos on websites, social media, and e-mails, financial advisors stand a better chance of a) attracting the direct engagement or “clicks” of prospects and b) explaining complex financial concepts to new clients. In a study conducted by Vidyard, e-mails including videos, and the word “video” within the subject line, were found to enjoy a 19% open rate increase4. Also, e-mails that featured thumbnail imagery, indicating the presence of a video, increased “clicks” by 50%.2

How can I produce and share videos of my own?

Much like a white paper, an article, or a presentation, videos are meant to convey useful information to your clients. For most financial advisors, who add video content to their websites, it’s helpful to display an introductory video that establishes your value and introduces you and your firm. 98% of investors say a website is somewhat or very important when choosing an advisor, and a few well-executed videos can help make your website and your value proposition—more compelling.3

Depending on your preferences, and your budget, you can record a simple video of your own or outsource a fully customized feature that is intended to act as a high-quality overview of your services. Believe it or not, recording your own video can be quite simple. You can just use the record feature on Zoom and read a script right off the screen. Your iPhone or iPad has everything you need to record and edit video. Alternatively, you can turn to any number of online freelance services to create something unique and distinctive.

Here is an example of a video that portrays the value proposition of Symmetry Partners, LLC

Online video can also be used to explain nuanced financial concepts. Typically, these pieces are known as “explainer videos.” Whether it’s about the volatile nature of active investing, the need for portfolio diversification, or lessons learned from financial history, well-made “explainer videos” can serve as accessible and entertaining sources of information. The production of these videos will almost certainly require a degree of outsourcing. But the result will yield a shareable piece of content that you can use for years to come. However, if you use PowerPoint slides, a quick and easy thing to do, is to present them as a recorded webinar. For the right subject matter—presented engagingly—this is can be a cheap and effective solution.

Here is an example of an “explainer video” that explains the practice of factor investing

Once you’ve completed your own video, how do you host and share it?

Assuming that your goal is to readily distribute your content at no cost, we highly recommend YouTube. In addition to being the second most popular search engine in the world (just behind Google), YouTube offers all the necessary tools you need to post your video on social media, share it via e-mail, and add it to your website. Additionally, YouTube offers a robust suite of analytics. The data provided will help you monitor the size, and interest, of your audience. In the event you want to make online video a more elaborate component of your marketing strategy, there are paid hosting services available. These platforms can supply collaborative tools, and direct support services, to your team. When it comes to our recommendations, we prefer Vimeo and Wistia for these exact reasons. But YouTube should be sufficient for most advisors. It is also easy to embed thumbnails of your YouTube videos in emails.

The Key Takeaways

While videos may seem costly or time consuming (depending on the type of videos you’re developing), many advisors have found that the benefits far outweigh the challenges. Between providing greater visibility online, enhancing your website, and increasing the engagement level of your emails, videos (when part of a larger content strategy) offer significant potential to help you grow your firm and deliver a better client experience.

 

Please be advised that this information is for educational and background use only. All data is from sources believed to be reliable but cannot be guaranteed or warranted. Please note that nothing stated here is intended to be Compliance or Legal advice regarding your use of Social Media or any Marketing Program. As such, any questions regarding the use of Social Media and Digital Marketing should be directed to your Compliance Department or Outside Counsel.

1State of Video. Wistia. (2021). https://wistia.com/about/state-of-video.

2 www.vidyard.com/blog/video-email-marketing/#use-the-word-‘video’-in-the-subject-line

3 2020 eMoney Consumer Marketing Survey, September 2020

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