Good wealth management marketing meets clients where they are. Meaning, not only must advisory firms target platforms that their ideal clients utilize, but they must also use the medium those clients prefer. That increasingly means that video is the way to go.
Researcher Wyzowl reports that the number of businesses using video as a marketing tool has increased by 41% since 2016, and the average person now consumes over 100 minutes of online video each day. That means that in 2021, the average person watched the equivalent of 25 continuous days of video. The amount of time that people spend viewing video online grew at a rate of 32% a year between 2013 and 2018, and continues to grow with the spread of mobile devices, faster data connections and the growth of connected TV sets.
Video, as a medium, can be adopted across platforms like websites, email or social media, ensuring that financial advisors connect with their target audience in a way that resonates with consumer behavior.
As more consumers want to do their own research before choosing to engage in services or purchase a product, producing videos can give prospective clients the input they need to make a decision to work with an advisor.
Buyers respond to videos—not only are a solid percentage of website visitors likely to view videos, but those videos are likely to play a role in a consumer’s decision to engage or purchase. Videos are also shareable—meaning the right content, at the right time, on the right platform could lead to viral exposure for a business.
The viral effect compounds over time—an advisor’s website may start to rank higher in search results, especially if the content they produce is oriented towards a specific niche of clients and the website is seen as an authority in the space. Moreover, higher search ranking is in part a product of how much time a visitor spends on a website, and video is an easy way to keep a web surfer’s eyes on one site’s content for longer. Higher ranking in searches means more brand awareness and site traffic.
Embedding a video on a webpage may also increase the number of sites linking to that page. Using the word video in an email subject boosts open rates by nearly 20%, click-through rates by 65% and reduces unsubscribes by 26%, according to research by Syndacast.
Social video has also become a big part of many firm’s strategies due to the increase in popularity of Tiktok and Instagram reels. Short format videos can now be found across platforms from Linkedin, to Facebook, and Twitter. Brands are taking notice and these formats are becoming a bigger part of B2B marketing campaigns. According to Hoosuite: “More than 500 million people use Instagram Stories every day. And those Instagram users have a keen eye for new products and trends. 58% say they’ve become more interested in a product or brand after seeing it in Stories. And half say they’ve actually visited a website to buy a product or service after seeing it in Stories.” In addition, social video generates 1,200% more shares across social media platforms than text and images combined, according to research by Small Business Trends.
With modern technology, videos are getting cheaper and easier to produce.. All an advisor really needs isa good, high-definition camera (or smart phone),a simple script and subject matter. Then with access to Youtube, Instagram or other platforms, you can have your voice out there in a matter of minutes. It’s more challenging to get the right content to the right people—and that’s where platforms like Clout by TIFIN come in.
When implemented correctly, video marketing can grow revenueup to 49% year-over-year, according to research from Aberdeen Group.
Types of Videos Advisors Are Using
Sometimes, a simple hello that puts a face to a name can set your prospecting off on the right foot. Many advisors are looking to simple freemium tools like Loom and Vidyard to record 2 minute introduction videos that can be embedded in emails and on websites to introduce themselves to potential clients and set expectations for the first conversation.
About Us Videos
An “About Us” video introduces your firm, or yourself, and provides information to prospective clients about what you can deliver. Wyzowl’s research shows that video helps consumers understand products and services being offered, and 69% of consumers told Wyzowl that they would prefer watching a short video to reading an article, viewing an inforgraphic or downloading an e-book about a product or service.
A good About Us video should include career background, how and who a firm serves, contact information and a call to action. Done right, it can introduce the firm, build a brand and grow business.
Due to regulation and compliance issues, testimonials are a new tactic that advisors can utilize and when done right, they can be a great way to secure new relationships and convert prospects to clients because they win trust and boost credibility. According to Wyzowl, two out of three people say they would be more likely to make a purchase after viewing a testimonial, and 79% of people have watched a testimonial to find out more about a company.
Wyzowl goes on to say that nine out of 10 people in its research trust what a customer says about a business more than what that business says about itself.
The SEC has recently adopted new marketing rules permitting advisors to collect and utilize client testimonials and endorsements. So wealth management firms can now utilize the success stories of their current clients to increase their trustworthiness.
Testimonials ideally involve clients who can share genuine sentiment and outcomes in an unbiased and impartial way, allowing prospects to relate to that client’s journey and better understand how an advisor’s services will impact them.
In the past, conventional sales wisdom held that a product or service demonstration should be withheld from prospects or as long as possible, but this approach doesn’t work so well in today’s consumer landscape.
The paradigm is shifting: Earlier demos are better.
Advisors are increasingly marketing to an audience of informed buyers who look at third-party research, social media and user comments, sometimes before engaging with a company at all. Competition has also increased, and customers who can’t clearly see a business’s value proposition are likely to look elsewhere.
A good demonstration will imbue viewers with positive emotions—positive feelings have more weight and staying power than a purely logical argument. The demo should be engaging and relevant, and should include some moments that connect the dots for the target audience.
Webinars are versatile: they can be broadcast and viewed live, they can be shared post-recording, and they can also be cut into new formats for easy-to-digest soundbites.
Webinars can be broadcast on platforms like Zoom, YouTube, On24, Facebook or GoToMeeting. After being recorded, the video can be embedded onto an advisor’s website, included in marketing emails and shared on social media.
Maximizing Video’s Benefits
Advisors still need to apply certain best practices to reap the most benefits from using video, including measuring performance of their videos across channels using metrics like impressions, view-through-rate, click-through-rate and share statistics. Tracking those statistics will help advisors optimize their video strategy and select the best platforms, messages and message lengths to connect with their target audiences.
To get help with incorporating a video strategy into your firm’s marketing plans, set up a time to speak with the team at Clout. We can help you get set up and distribute video content that helps grow your firm.