People will retain 95% of a message they saw on a video, versus only 10% of a message they read, reports SproutSocial, a social media management tool. And 54% of marketers say that video is the most valuable content type for achieving their goals.
And despite the fact that 88% of consumers have been persuaded to buy products or services, according to Marketing Insider Group, video is still vastly underutilized across social media platforms today – especially by financial advisors.
With these increasingly rapid changes in technology and ever-evolving consumer trends, financial advisors must adapt their strategies to stay relevant and competitive.
Currently, many advisors feel that the market for their services is saturated. They feel like they’re one of many advisors just in their local community – not to mention their broader region or the country.
One way to stand out in this saturated space is to build a brand that your ideal client recognizes, trusts and wants to work with by using video.
In this blog, I’ll explore seven reasons to commit to creating and publishing video content as a core component of your brand strategy in 2023 and beyond.
Engaging and Captivating Audiences
Video content is engaging. It can captivate audiences better than other forms of content. Marketing Insider Group reports that 80% of people prefer video over text. Combining visual and auditory elements, videos can create an immersive experience that grabs attention and holds viewers’ interest.
Video content can convey your brand message effectively. If you spend any amount of time on social media platforms, you’ll notice the prevalence of short-form videos (typically, less than 60 seconds).
Why are you seeing so many short videos when you scroll through Instagram? It’s not because the leaders of Instagram think video content is fun – it’s because the data proves that video content is what keeps people on their platform. SproutSocial reports that consumers find these short-form videos 2.5 times more engaging than long-form videos.
Social media platforms are agnostic to what kind of content is on the platform – they care about consumer attention. If text posts were the best way to keep people engaged on their platforms, then you’d scroll through your social media feed and see tons of text-only content. The fact that you’re seeing more video content on social media tells you that’s where the attention is.
That means short-form video might be your best bet for grabbing attention so you can ultimately lead your video viewers to become qualified prospects and then clients.
Leveraging the Power of Storytelling
Studying the history of humanity will give you the realization that storytelling is a core aspect of being human, and it’s also a fundamental aspect of building a strong brand.
Forbes reports that decision-making is largely emotional, and telling a story can help potential clients (and current clients) create positive emotional associations and strong connections with you and your brand. By appearing on camera, sharing your personal stories and demonstrating your expertise, you can create that connection.
Storytelling through video helps differentiate your brand and make it more memorable.
Enhancing Brand Personality and Authenticity
If you had two options for meeting a prospective client for the first time – in person or through an email exchange – which would you choose? Most people I coach would choose in-person meetings. Why? Because humans are wired for connection, and that connection happens most powerfully when you’re together in-person with someone. This concept is nearly incontrovertible.
But meeting in-person with people takes time. You can’t scale one-to-one meetings because you can only be in one place at one time. So how do you scale yourself? You record videos of yourself and put those videos on social media! It’s certainly not the same impact as being in-person, one-on-one with someone. However, it affords you the ability to put your voice, personality and expertise in front of potentially thousands of people in a single day.
Demonstrating Expertise and Thought Leadership
Establishing yourself as an expert and thought leader is vitally important. Video content can help you do this. Through educational videos, market updates and interviews with industry experts, you can position yourself as a trusted authority in the financial advisory space.
People want to work with someone who actually knows what they’re talking about. The more often people hear and see you on video sharing your ideas and wisdom, the more comfortable they’ll become with you. And the more comfortable someone becomes with you, the more likely they are to feel confident in hiring you to be their financial advisor and entrusting you with their entire financial lives.
Building Trust and Credibility
Trust is the foundation of any successful client-advisor relationship. Video content plays a vital role in building trust and credibility. Seeing and hearing you allows clients to evaluate your sincerity and competence.
Are there people you follow on social media who you’ve never met before, but you love their content, perspectives and wisdom so you continually consume their content? How much do you trust those people? Likely, you have a much higher degree of trust for that person you’ve been following for months or even years than you do from meeting someone for the first time. The repetition of seeing someone and hearing from that person daily or weekly is a highly effective trust-builder.
Building trust can happen faster than you might think. One advisor who started posting videos of himself on social media when we covered the topic in Carson’s Emerging Advisor Growth Accelerator program had someone reach out shortly after they viewed one of his videos. They felt an instant connection to him, his personality and his perspectives and reached out to talk about working with him as their financial advisor! It doesn’t always happen this quickly, but this demonstrates what’s possible.
Expanding Reach and Visibility
In an era of social media dominance, video content has immense potential to expand your brand’s reach and visibility. Platforms like YouTube, LinkedIn, Facebook and Instagram offer opportunities to showcase your video content to a global audience. With proper optimization, attention-grabbing titles and shareable content, videos can go viral, attracting new prospects and expanding your client base.
And, hey, even if your videos never go viral, what if you consistently reached 20 to 100 new people every week with your videos? Do you think someone in that group might possibly need your financial advice and guidance at some point in the coming months or years? Likely, yes!
If you’re committed to creating and publishing high-value video content for a long enough period, you might eventually find yourself reaching thousands or tens of thousands of people every single day. Think that might be helpful for growing your business?
Effective Lead Generation and Conversion
Video content is effective in generating leads and converting casual viewers into prospects who can then become clients. By using calls-to-action in your videos, you can encourage viewers to take desired actions, like signing up for a newsletter, downloading a guide or scheduling a phone or Zoom conversation.
Well-crafted videos, combined with strategic lead nurturing, can significantly increase your conversion rates and drive business growth. I think of social media videos as a bunch of salespeople you don’t have to pay – they’re out there cultivating relationships, building trust and inviting people into business relationships on a consistent basis.
Attention spans have plummeted. The digital landscape is constantly evolving. Financial advisors must leverage video content to build their brand, engage audiences and stand out from the competition.
By harnessing the power of video, you can captivate, educate and inspire your target audience while establishing trust and credibility. Embrace video and elevate your brand to new heights in this dynamic world.