HOW CREDIT UNIONS CAN USE VIDEO TO REACH PROSPECTS, START RELATIONSHIPS AND WIN MEMBERS
By Erin Rowley
One of the reasons people join credit unions is that they want a more personal relationship with their financial institution. Because they’re members, not just customers, they trust that their credit union has their best interests at heart. Creating videos that help your members learn more about financial topics and about your services shows current and prospective members that the trust they put in you is well placed. According to research from Wyzowl, “97 percent of marketers say video has helped increase user understanding of their product or service.” That’s because video is:
- Extremely popular. When people scroll through their social media news feeds, their eyes naturally gravitate to video content. On Facebook, native videos reach more people than any other type of organic content, and according to Wyzowl, “the average person watches more than an hour-and-a-half of online video content per day, with around 15 percent averaging more than three hours.”
- Mobile-friendly. More than half of online activity happens on a smartphone or tablet. On small screens, video is easier to enjoy than text.
- Highly brandable. The brain can process visual imagery much faster than words. This lets you communicate your brand very efficiently through nonverbal details like color, sound and facial expressions.
- Memorable. Video content is easier to recall, making it perfect for how-to content such as opening a checking account or applying for a mortgage.
Using video content as part of your digital marketing strategy is one of the best ways for credit union marketers to reach prospects, start relationships and win members. That’s because video can communicate sometimes-technical financial concepts in a way that’s fun and relatable, which encourages member engagement and drives organic traffic.
The next time your credit union wants to explain a financial topic or show the benefits of a financial service, a carefully branded video may have the most impact.
HOW TO GET THE MOST OUT OF YOUR CREDIT UNION’S VIDEO INVESTMENT
To get the most out of your financial content marketing videos, follow these best practices:
- Put it in motion. Animation is a great way to make financial concepts accessible. Plus, rhis format is easier to brand with your credit union’s visual style. We have found animation works especially well for problem-and-solution videos, like how to raise your credit score or how to talk to kids about money, for our clients.
- Get to the point. Nearly two-thirds of online consumers prefer videos under a minute long, reports Animoto. The shorter, the better. Just make sure the video is high-quality, no matter how short.
- Consider costs. The term “video” can raise dollar signs in the C-suite’s eyes, but consider using animated videos – they can often be developed, and look exceptional, for less than the cost of live action. The fact that many publishers say up to 85 percent of their Facebook video views are of videos without sound (which animated videos often are) makes them a good choice, too.
- Show, don’t tell. Real-world scenarios make financial concepts simpler and more relatable. Don’t just tell your audience about home equity loans – show a couple renovating a fixer-upper into their dream home. Don’t just let people know about credit card rewards – show someone enjoying these rewards on vacation.
- Tailor your approach. Modify your storytelling based on who the video is targeting. Current members may want different content from you than prospective members, consumers will want different information than businesses, etc.
- Tell your community’s story. Credit unions inherently create a stronger sense of community than banks do. Take advantage of that! Feature member stories about what you’ve helped them achieve and what you and your members are doing to strengthen the local community.
- Make the most of it. Include meta data to make your video searchable – videos get 41 percent more search traffic. Boost your video on social media to drive visibility.
When used as part of your digital marketing strategy, videos that explain financial concepts in an engaging way make great conversation starters. To continue building your relationship with current and prospective members, take advantage of these five tips to for content marketing success. Want to see more of our work for other credit unions? Just go straight to our sample site.