Video Storytelling Wins Engagement
Video is a high value and sorely underutilized marketing tactic, especially in the financial services market. Particularly for credit unions, which have amazing stories to tell, video can show – not just tell – your brand proposition.
The good news is video production has become more accessible, and worth the investment. According to Wyzowl’s The State of Video Marketing in 2022, 88% of people say that they’ve been convinced to buy a product or service by watching a brand’s video.
The huge benefit of video is that viewers retain 95% of a message shared in video versus 10% from text, according to WordStream. In fact, 86% of consumers would like to see more video from brands. Your members and potential members are asking for it.
The benefits to your credit union from video are numerous. First, it strengthens brand identity, which is a plus among members and potential members alike. Done right, it can help create emotional connection with your brand. In a commoditized banking world, portraying your business as not just like all the others is crucial. Decommoditize with a standout brand. Adding video to your website will also help increase traffic, as well as dwell time. That means more consumers checking out all you have to offer.
Of course, the brass will want a more tangible business justification, not vanity metrics, so it’s important to note that companies leveraging video grew revenue 49% faster than those that do not, WordStream reported. Make a distinct mark on your credit union and your membership.
Be True to Your Brand
Not all video is created equal, but it’s a tremendously valuable opportunity that cannot be wasted. Ensure you have your brand clearly articulated and a brand system that is built to be high functioning. Then, invest in as high-quality video as your budget will allow.
TruStone Financial is a credit union that has done a great job with this. The credit union survived a massive merger and core conversion on top of COVID-19 and wanted to come out strong. TruStone decided to spotlight its products that open the door to new relationships. Using 15-second (that’s it!) video spots, the credit union portrayed itself as an approachable, lifestyle-centric brand, while highlighting product differentiation. With a dash of humor, the videos are irresistible.
For example, this home loan video spot features people in their real lives, spending time with their families and pets in the backyard, not the rate on their home loans. Another checking account switch spot refers to borrowing a cup of sugar from your neighbor. Another features a so-ugly-it’s-cute dog trying to get a cookie off a table. They’re relatable and humorous, and they humanize the brand. Overall, these quick video spots emphasize the holistic benefits of banking with TruStone with less focus on rates.
3 tips for how to use video
1) Be brief. You’ll notice each of TruStone’s video spots are 15 seconds, yet clearly convey a story about how life is better with TruStone. This length is strategic from a media buy perspective because :15s are great for digital placements like pre-roll and paid social but can also pair for traditional broadcast. It’s possible to “bookend” a commercial break so that the first and last spot are yours, each featuring a different message, to increase recall and understanding of breadth of offerings.
Videos intended for uses other than paid media, such as introducing a new name or brand, or sharing the guiding principles of the organization, will of course be longer than 15 seconds – but they should use rapid pacing so they never drag.
2) Distribute them everywhere. Owned and paid media; earned if you can grab it. These videos are perfect for TV spots, online advertising, as well as your own website, email and social media – whatever works with your members. (ICYMI: social video generates 1,200% more shares than text and image content combined, per WordStream.)
3) Finally, set clear, measurable objectives for your video campaigns. What KPIs will you track and what is a reasonable measure of success? Storytelling and brand videos target both existing and potential members, so you might survey for brand recall, increased share of wallet, growth in a particular product, or new membership sign ups.
Marketing is about more than getting noticed. It’s about holding attention. Not just through one 15-second clip, but strategic, repeated, intentional reminders of your brand promise to members and potential members. Everyone values a story well told. Video is an excellent medium to show, not just tell.