Here are 3 easy ways insurance and financial marketers can use video marketing strategy to strengthen user experience and branding.
Marketing is always changing. Marketers in insurance and financial services are constantly tasked with keeping up with current trends and increasing advertising ROI. Video marketing is still on the rise and is surprisingly easy and affordable for modern marketers. In today’s content marketing landscape, video marketing should be part of your multi-channel strategy.
Modern financial marketing is all about the consumer. Marketers often make the mistake of using their own preferred methods of communication rather than the customers’. Start by asking yourself who your target audience is and what kind of experience that audience wants. From there, you can begin to plan the creation of compelling, engaging content in a format that your audience prefers.
1 – Strengthen User Experience with Video Marketing
Why read when you can watch a video? Video continues to rise as the most-viewed content on the Internet. Consider these statistics:
- Cisco forecasts that by 2021, video content will take up 82 percent of consumer Internet traffic.
- 70% of YouTube users watch videos to solve a problem they’re having in their hobbies or their job.
- 85% of the U.S. Internet audience watches videos online, and millennials, those 23 to 38, watch the most online videos.
- Millennials and younger generations consume video content when researching a purchase decision.
Expanding your modes of communication beyond Generation X’s and baby boomers’ preferred methods such as telephone, direct mail, and email makes sense for a strategy that targets millennials and even Generation Z in the approaching years.
Decision-making responsibilities increase with age. Considering that both millennials and Generation Z are starting to make more major purchase decisions both in the workplace and in their personal lives, B2B and B2C marketers should take their preferred experiences into account.
2 – Boost Marketing ROI with Live-Video Streaming
You probably don’t need to see the statistics to realize that live streaming is gaining dominance. It should come as no surprise with the continued rise of mobile and social marketing.
Because of the prevalence of live-video streaming in social media, audiences now have elevated expectations for instant, live, authentic streaming from leading brands across numerous industries. In order to differentiate your brand from competitors, you might consider optimizing your marketing investment by going live.
Insurance and financial marketers can utilize live video to:
- Educate their audience about financial wellness and investment strategies.
- Engage with consumers on topics that are of interest to them. (Check out Experian’s #CreditChat which receives about 4,000 comments and questions per month.)
- Heighten brand and industry awareness, and influence consumers to take action with their brand.
3 – Influence Purchasing Decisions with Video Testimonials
As with many forms of content in 2019, customer testimonials need to get bigger and better to capture the attention of your target audience. It’s becoming more widely known that consumers’ purchasing decisions are heavily influenced by reviews.
When your customers share their experience in their own words, you have social proof—a powerful tool in your arsenal to nurture your leads to conversion in the mid to late stages of the buying process. Consider this:
- 43% of millennials rank authenticity over content.
- 73% of millennials say that researching the opinions of others before purchasing is important.
- 88% of consumers trust online reviews as much as personal recommendations.
Asking your long-standing, happy customers questions about how working with you has improved specific areas of their business or lives will touch on the pain points of your target audience and convey your ability to address their needs.