How Financial Services Videos Support The Customer Journey: A Comprehensive Guide
In today’s rapidly evolving digital landscape, capturing the attention and trust of potential clients has become increasingly challenging for financial services companies and advisors. To succeed, it’s crucial to create a captivating online presence that speaks to customers at every stage of their journey.
One powerful tool to achieve this is through the strategic use of financial services videos. These versatile videos have the unique ability to convey complex information efficiently and engagingly, making them an essential component of a compelling online presence.
The customer journey, which encompasses the steps a customer takes to interact with your company and achieve a specific goal, is a familiar concept in the financial services industry. However, significant transformations have occurred due to the emergence of fintech competitors, a rise in online transactions, and an increasingly complex regulatory landscape. These factors have profoundly impacted the way customers make financial decisions.
To secure the loyalty of customers and clients, companies should concentrate on simplifying, enhancing, and enriching their customers’ experiences throughout the entire journey. Financial services videos can effectively support each stage of the customer journey, right from awareness and through to loyalty.
In this comprehensive guide, we’ll delve into the influence of financial services video content at each stage of the customer journey and provide practical examples to assist you. Let’s get started.
Understanding the Customer Journey in Financial Services
Before diving into how financial services videos can impact the customer journey, it’s essential to understand the journey itself.
The customer journey in financial services refers to the complete experience a client or customer goes through, from becoming aware of your products and services to becoming a loyal customer and advocate for your brand.
By understanding each stage of the journey, you can create targeted and effective video content that resonates with your audience, supports their journey and drives results.
The five stages of the customer journey in financial services are:
Stage 01: Awareness
In this first stage, potential clients are looking for information on financial services but may not be aware of your specific company or offerings. Your goal at this stage is to increase brand visibility and demonstrate your expertise in the industry.
Stage 02: Consideration
As clients gather more information and begin to compare different financial services providers, they enter the consideration stage. Here, you need to provide in-depth information on your products and services and differentiate yourself from the competition.
Stage 03: Decision
At the decision stage, clients are ready to choose a financial services provider. Your focus should be on showcasing the benefits of working with your company or purchasing your offerings, providing personalized guidance, and building trust with potential clients. Your aim should also be to make the purchase process as straightforward as possible.
Stage 04: Retention
During this stage, the emphasis should be on providing exceptional onboarding experiences and high quality customer assistance to ensure your clients and customers stay loyal and don’t leave for a competitor.
Once a client chooses your financial services company, it’s essential to nurture a strong relationship and encourage ongoing business. This involves supplying continuous education, celebrating client accomplishments, and keeping a steady line of communication.
Stage 05: Loyalty
The loyalty stage, also known as the advocacy stage, is characterized by customers choosing not only to stay with your company but also actively promoting it to others.
At this final stage of the customer journey, your primary objective is to provide an exceptional customer experience. Doing this will turn satisfied clients and customers into loyal brand advocates, who will actively recommend your financial services to their family, friends, and colleagues.
To facilitate this, it’s essential to cultivate a sense of community among your clients, encourage client testimonials, and foster a referral culture.
By fully understanding the customer journey in financial services, you can create financial services videos that resonate with your audience at each stage. This tailored approach ensures you’re providing the right information at the right time, ultimately leading to more successful client relationships and business growth.
Why Are Financial Services Videos Effective?
Financial services videos have proven to be an effective marketing tool for companies and advisors in the industry.
Their ability to engage, educate, and build trust with clients and customers makes them an indispensable asset in today’s competitive digital landscape.
Enhanced Engagement
According to a study by HubSpot, more than nine out of 10 people want to see more videos from brands in 2023.
By incorporating financial services videos into your marketing strategy, you can cater to people’s current preferences and keep your audience engaged with your brand.
Higher Information Retention and Understanding
By using financial services videos to explain complex financial concepts and share valuable information, you can ensure that your clients not only understand but also remember the content.
Research suggests that viewers retain 95% of a message when they watch it in a video, compared to only 10% when reading it in text format.
Additionally, by using simple language, financial services videos can make complex financial ideas easy to understand for many people. Springer’s research shows that multimedia presentations, like animation, greatly improve learning results.
Improved Conversion Rates
Incorporating financial services videos throughout the customer journey can boost your conversion rates.
Aberdeen Strategy & Research states that companies using video in their content marketing strategy show a 66% higher average website conversion rate.
Increased SEO Visibility
Financial services videos can significantly contribute to your SEO visibility. Search engines like Google value websites that offer attention grabbing content to users, and incorporating video content is the best way to achieve this. Videos hold the attention of your audience for longer periods, reducing bounce rates and signaling to search engines that your website provides valuable information.
Also, uploading your financial services videos on popular platforms like YouTube can increase your online presence and drive more organic traffic to your website.
Financial services videos make it easier for potential clients to find, connect, and learn about your brand. This benefit is particularly useful at the awareness and consideration stages, when potential customers and clients know they have a problem and are looking for a solution.
Greater Trust and Credibility
In an industry where trust and credibility play a vital role in customer relationships, financial services videos offer an effective way to build and maintain confidence in your brand.
Showcasing your expertise, professionalism, and commitment to your clients through high-quality, informative, and transparent video content can significantly improve your credibility in the eyes of your target audience and further cement trust.
By presenting complex financial topics in an easy-to-understand format, you demonstrate your commitment to helping clients make informed financial decisions.
Wider Reach and Shareability
Financial services videos offer an excellent opportunity to expand your brand’s reach and increase the shareability of your content.
In an age where social media platforms are constantly growing, and users are consuming more video content than ever, sharing informative and engaging financial services videos can help your brand tap into a wider audience.
Video content is more likely to be shared on social media platforms compared to text-based content. As a result of creating compelling, shareable videos, you can attract more potential clients and increase expand your reach.
Videos that particularly resonate with your viewers also have the potential to go viral, reaching an even larger audience and creating a buzz around your financial services offerings.
Awareness: Attracting Potential Clients with Financial Services Videos
Create Educational and Engaging Video Content
In the awareness stage, potential clients are seeking information about financial services, but they may not yet be familiar with your specific company or offerings.
During this stage, focus on creating educational and engaging content that addresses common questions. Doing this will establish your credibility and build trust with prospective clients.
For instance, if you’re a financial advisor, consider producing a series of video tutorials outlining the most effective strategies for retirement planning.
Identify the problems your potential clients and customers face and the solutions they might search for online. Then, create video content tailored to address those needs.
Ensure that these videos are easy to understand and shareable on social media platforms to boost your brand’s visibility and reach. By doing so, you can successfully capture the attention of potential clients and introduce them to your financial services.
Utilize SEO Strategies for Financial Services Videos
Optimizing your video content with relevant keywords and phrases is the most important step for improving its visibility on search engines. By doing so, you increase the likelihood that potential clients will find your educational video content when searching for financial services information.
To achieve this, conduct thorough keyword research to identify the most relevant and frequently searched terms related to your financial services niche. Incorporate these keywords into your video titles, descriptions, and tags, as well as in any accompanying text content, such as blog posts or video transcripts.
Additionally, create compelling video thumbnails and titles that clearly convey the topic and value of your content. This will encourage users to click on your videos and increase the chances of your content being discovered by a wider audience.
Implementing SEO strategies for your financial services videos can greatly help you reach more potential clients and customers during the awareness stage and lay the foundation for building trust and credibility with your target audience.
Consideration: Deepening Interest with Financial Services Videos
Highlight Your Unique Value Proposition
Financial services companies need to differentiate themselves from the competition. Videos for financial services can help you highlight your unique value proposition, such as your expertise, personal approach, or innovative products.
Consider producing a financial services video that tells your company’s story and showcases your strengths.
This could be an video interview with the founder or key team members for example.
Webinars and Live Events
To further engage potential clients in the consideration stage, consider hosting webinars or live events that address specific financial topics relevant to your audience.
These interactive financial services videos can be a great way to showcase your expertise and connect with potential clients in real-time.
For a financial advisor or firm, you could host a webinar on tax-efficient investment strategies or live Q&A sessions with a financial expert. Make sure to record these events and share them on your website and social media platforms for added reach and engagement.
Financial Services Explainer Videos for Your Products and Services
At this stage potential clients are evaluating your financial services alongside your competitors. Enhancing their interest and understanding of your offerings is crucial to make your brand stand out. Explainer videos can play an essential role in achieving this.
Explainer videos are short, powerful videos that illustrate how your product or service works and demonstrate its unique benefits. By focusing on one or two key features, addressing viewers directly, and ending with a strong call-to-action, explainer videos can provide an engaging and concise introduction to your offerings.
For Fintech brands, explainer videos can break down their complex financial products or services, such as investment platforms or mobile banking apps, in a visually appealing and easily digestible manner. This helps potential clients grasp the advantages of using your services over competitors and can encourage them to explore your offerings further.
Decision: Closing the Deal with Financial Services Videos
In-Depth Product or Service Demo Videos
At the decision stage, potential clients are looking for a clear understanding of your financial products or services to make an informed choice. Offering comprehensive walkthroughs that emphasize unique benefits, innovative features, and ease of use can help them feel confident about selecting your offerings.
By providing a detailed visual representation of your products and services, potential clients can better comprehend how they would benefit from them, ultimately leading them to choose your financial services.
In the case of a financial advisor, a video demonstration could focus on their personalized financial planning process. This could include the steps involved in creating a customized financial plan, the methods for monitoring and adjusting the plan over time, and the tools used to ensure the plan stays on track.
By presenting an in-depth demonstration, potential clients can better appreciate the value of working with your company and be more likely to choose your financial services when making their decision. This approach reinforces your expertise and reliability, helping clients feel confident in their choice to entrust their financial needs to you.
Financial Services FAQ Videos for Decision-Making Confidence
As potential clients reach the decision stage of the customer journey, they may still have lingering questions or concerns about your financial services. To ease their uncertainty and facilitate decision-making, create FAQ videos that address these common inquiries.
By effectively dispelling any doubts or misconceptions, these videos can instill confidence in your offerings and demonstrate your attentiveness to client needs. Showcasing your expertise and commitment to transparency through clear and concise answers helps potential clients feel more comfortable in choosing your financial services.
At this important stage, providing comprehensive information and addressing concerns directly can be the deciding factor for clients who are on the fence about selecting your financial services. These FAQ videos can serve as a valuable resource for potential clients, helping them make an informed decision and ultimately closing the deal.
Retention: Maintaining Client Relationships with Financial Services Videos
Streamlining the Onboarding Experience
Onboarding videos can play an important role in welcoming new clients to your financial services, guiding them through the initial steps, and setting expectations for future interactions with your company.
By using the financial services videos, you can efficiently introduce new clients to your company’s offerings, processes, and support resources. Depending on your type of financial services business, these videos can cover topics such as:
- A warm welcome from your team, highlighting your company’s vision, and thanking your new client for choosing you.
- An overview of the client portal or platform, including login procedures, profile setup, and essential features.
- Step-by-step guidance on using your financial products or services, with practical examples and scenarios.
- An explanation of your communication channels, such as email, phone, or live chat, and the best ways to get support when needed.
Onboarding videos can help new clients feel supported and informed, reducing the likelihood of frustration or confusion in the early stages of your relationship. By providing your new clients with the necessary information to make the most of your financial services, you’re setting the stage for increased satisfaction, loyalty, and long-term retention.
Ongoing Education and Updates
Once clients have chosen your financial services company, it’s important to maintain a strong relationship with them.
Financial services videos can help you stay connected by providing ongoing education and updates on the financial landscape.
For instance, create a monthly video series discussing market trends, new investment opportunities, or regulatory changes.
Creating financial services videos like these can keep your clients informed and engaged, help you develop long-term relationships, and encourage repeat business.
Celebrating Milestones and Achievements
Another way to maintain strong client relationships is by celebrating their milestones and achievements.
Financial services videos can help you share these moments with your clients and demonstrate your commitment to their success.
Create personalized videos for clients who reach significant milestones, such as retirement or paying off their mortgage.
Loyalty: Turning Clients into Brand Advocates with Financial Services Videos
Encouraging Client Testimonials and Referrals
Create and share authentic client testimonials and success stories, showcasing the positive impact your financial services have had on your clients’ lives. This can inspire other clients to share their own experiences and act as brand advocates.
By highlighting the real-life benefits and results of your financial services through client testimonials and success stories, you not only reinforce the value of your offerings but also create a sense of community among your clients.
When they see others achieving their financial goals and expressing satisfaction with your services, they are more likely to recommend your brand to their personal and professional networks.
Sharing these success stories through video also adds a layer of authenticity and relatability that can connect with both current and prospective clients.
Featuring satisfied clients in your videos, demonstrates the tangible, positive outcomes of working with your financial services company, fostering loyalty and advocacy among your existing client base.
Exclusive Webinars and Events for Loyal Clients
One effective way to cultivate advocacy among your clients is by hosting exclusive webinars and live events tailored specifically to their needs and interests.
Cover advanced financial topics or offer early access to new products and services, demonstrating your appreciation for their loyalty and commitment to your brand.
These exclusive events can make your clients feel valued and appreciated, further solidifying their loyalty and encouraging them to advocate for your brand.
Also, by providing them with valuable insights and unique experiences, you not only retain their interest but also empower them to make more informed financial decisions. A video like this could so be useful in the retention stage.
Conclusion: How Financial Services Videos Support The Customer Journey
Using videos for financial services can play a significant role in guiding customers through their journey, from the initial awareness stage to building loyalty and retention.
By creating engaging and targeted video content that caters to each stage of the customer journey, financial services companies and advisors can enhance their marketing strategies, improve customer relationships, and drive business growth.
To achieve these goals, it’s essential to focus on producing high-quality videos that address various financial topics, such as educational content, market updates, behind-the-scenes insights, client testimonials, product demonstrations, animated explainer videos, Q&A sessions, webinars, and company news.
By implementing different video types, such as demo videos, explainer videos, and customer testimonial video, you can help create visually appealing and informative content that resonates with your target audience at every stage of their journey.
In summary, financial services videos offer a powerful tool to support the customer journey and drive business success.
By developing targeted video content that aligns with each stage of the customer journey and investing in high-quality video production, financial services companies and advisors can create a lasting impact and foster lasting relationships with their clients.
Thank you for your time and if you have any questions about how financial services videos support the customer journey, please feel free to contact us.