This is the first in a series of three articles for IFA Magazine about how and why advisers can use video to boost client acquision and retention. Dave Inglis of Gadget Line Films gives his expert perspective about why the power of video should not be ignored.
At the beginning of 2018 we undertook a survey of Adviser websites to see how extensive the use of video was on individual firm’s sites. We randomly sampled eighty sites, looking at firms across the UK.
Of these, seventeen had video on them, sixty three did not. That suggests roughly a 20% usage figure.
However of the sites that did have video, several were using external ‘TV’ video links (for example to a fund manager’s face to camera video) as opposed to animated video of any sort. Plus most sites with video had a limited range.
A similar comparison of US websites, found that nearly 50% of all sites had video, many had animated video and many had suites of video. In the US there is anecdotal evidence that they consider their Adviser sector to be behind the wider business trends when it comes to video, so goodness knows where that leaves the UK Adviser sector.
Perhaps a more salient way to view this is to consider consumer trends.
I could point to any number of consumer surveys, including ones from within the financial services field, which – without any doubt – conclude that consumers are now seeking out video wherever possible as their preferred communication method. Consumers are looking for – and engaging with – video.
This is not just in the marketing channel (although it is definitely now one of the best marketing tools) but also in terms of receiving information. So, for example, an existing client will be receptive towards video as a means of receiving information on an ongoing basis.
If we overlay this with other findings from the consumer market, such as the need for educational experience, we can start to see why video is now so important in engagement.
Consumers (or clients/prospects in the case of the adviser sector) have changed their habits. The old face to face ‘trust me’ model is being replaced by one where the individual client – or prospect – is looking for ideas, information and an educational aspect. They want to know more, they want ideas and – dare I say it – they want to be entertained.
When we launched Own Branded Videos for advisers in February this year, one of the things we did not expect was the feedback that started to seep through about how much the clients of the firms that started using the videos ‘enjoyed them’. That has been a common and interesting reaction.
We expected comments such as ‘useful’ or ‘informative’ but not the ‘very enjoyable’ or similar ones that have been a feature of the feedback loop.
This perhaps tells a story, because ultimately the best use of video is to cement client experiences with your firm or brand. You might feel this is best done by providing great advice.and a service which adds real value to the client which is delivered by you and your team but it seems the modern world and the modern consumer is now looking for something more.
Think of it as an extension to what you do: helping your audience with knowledge, ideas and demystifying the seemingly complex financial world is actually a pretty smart way to enhance their experience of your service and your business.
If they enjoy what you put in front of them or make available, that will definitely work to meet that goal.
Videos provide a way for your business to constantly engage with a wide audience. I would argue that if you do not have video readily available for your audience, especially educational, animated video, you are not reacting to the clear consumer trends coming back from the target market.
Dave is the owner of Gadget Line Films, a specialist video production company.
Gadget Line produce animated videos as part of a joint venture with Independent Check Ltd called “Own Branded Videos”. Independent Check distribute the video into the adviser market. To find out more see http://www.independentcheck.co.uk/own-branded-video/