5 Effective Tips to Increase Deposits
Do global financial institutions (FIs) have a problem in terms of the number of deposits they're...
In this post, I’m going to show you four types of videos your bank needs to be using. Using all four videos will take your bank’s marketing efforts to the next level and will help you increase deposits.
Here’s specifically what we’ll cover in this post:
Let’s get started.
Video marketing is the process of creating a video to promote a business's products or services. It’s another way of producing content that can resonate with your audience in a different way.
The process of creating a video can be done in many different ways, but you can use this simple step-by-step process to begin with:
As you become more familiar with creating videos, adjust your process to what works best for you and your bank’s goals.
I could give you a long explanation about why video marketing is important, but instead, let me show you some statistics from Backlinko that will do all the talking for me.
So why is video important? Because that’s what people want. Video is generally easier to understand than text. Plus it’s usually more human and interactive. Because of this, people prefer video.
If your bank isn’t putting in the time and resources to create videos, it won’t be long before you get left behind. Now is the time to be proactive and come up with a video marketing plan. If no one at your bank has video experience, hire someone new or outsource it. However, video doesn’t need to be complicated. If you already have a marketing team, present them with the challenge of creating videos for your bank. Get them the equipment they need and start planning.
Now that you understand why video marketing is important, it’s time to show you the four essential marketing videos you should create.
Obviously, there are more than four kinds of videos, but I believe these four are the most important to your bank’s success in increasing your deposits.
Many banks get asked the same questions over and over again. That’s because your prospects generally have similar questions, fears, and concerns. Sure, some of their questions will be different, but there are questions that are asked over and over again. These are the top questions.
Instead of having to answer the same questions a million times over, why not create a video that simply answers all the top questions that get asked on a regular basis? This way, when people visit your website or social media and watch the video, those questions, fears, and concerns disappear without any effort or time from you. Now, when a prospect contacts your bank, you don’t have to deal with those questions anymore. Instead, you can focus on the questions that are more specific to the prospect’s needs and wants.
Your products or services have a lot of great features and benefits that can improve your prospects’ lives, but how do you expect them to read all about it when the average person's attention span is eight seconds and only 28 percent of words are read on an average Web page? Video is the answer. Create a video that shows all your features and benefits in a quick and easy-to-understand way. No need to get too detailed and overcomplicate things. People want a direct response about what’s in it for them. What do they get out of it? So don’t waste their time in the video either. Make the video personal. Tell those watching what’s in it for them.
If you do this right, you’ll be surprised at how much more effective the video will be over the content of your Web page. This doesn't mean you shouldn’t have content on your Web pages. In fact, the best thing to do would be to still have a beautifully designed Web page that simply and effectively communicates your message, but also pair all that content with a video. This way they have options for how they want to consume your content. And people like options.
One question that gets brought up over and over again is about cost. Everyone is looking to save money, so of course they’ll to want to know how much it’s going to cost them to use your products or services at the bank. And today, if you’re not transparent about price, your prospects will likely leave and look somewhere else. To prevent prospects from leaving, gain their trust by being open with them about pricing. If your pricing is a little complicated or based on certain criteria, simply explain your pricing structure and how it works. You don’t necessarily have to give them an exact price. This way, your prospects will know exactly what to expect, and you’ll gain their trust.
Some banks make big claims like “Top Rated Bank” or “Best Customer Service,” but where’s the proof? If your bank is making such claims, you need to back them up with a video of real people (customers or authorities) who are actually saying those things. There’s something powerful about a person giving an authentic testimonial. Banks have helped people and businesses accomplish amazing things and have even changed people’s lives. Think about all the people and businesses your bank has helped and reach out to them, asking if they’d be interested in doing a quick testimonial about how one of your products or services has helped them. You’ll be surprised at how willing they’ll be to help. All it takes is a quick phone call or email.
Now that you have a better understanding of video marketing, now is the time to put it to action. Meet with your team today and start figuring out how your bank can create and use videos in your marketing efforts. If you don’t know where to start, try using the simple step-by-step process listed under the “What is Video Marketing” section of this blog. Remember, video is the future. Invest in the equipment and talent you need to get the job done. Or give your existing employees the challenge of tackling this together. Again, video isn’t complicated. Just focus on your prospects and what they care about. What’s in it for them? If you can do that, your videos will do wonders for your bank.
Best of luck!
About the Author: Sean De Visser graduated in marking in 2016 and has worked in marketing ever since. Working for agencies and doing freelance projects in the past 5 years, Sean knows what it takes to see great success in marketing. email@example.com