Unless you've successfully managed to avoid attending industry conferences or PD days in the last 5 years you will have been advised that financial planners should be using video with both existing and prospective clients. Although some may have managed to embrace this advice, anecdotal evidence suggests that the majority have not and typically the challenge preventing its adoption has been 'time'. Given the many regulatory and compliance based requirements which have dominated our attention within this timeframe most principals will be too fatigued to add yet another responsibility to their ever growing list.
Facts & Science
Here are some important points to bear in mind:
- Video is becoming more and more powerful and a recent Cisco report estimated that video traffic will be 82 percent of all consumer internet traffic by 2021.
- Most information transmitted to our brain is visual, our most dominant sense is vision. This is why video is crucial. 90% of consumers now watch videos on mobile – these are your current and prospective clients. YouTube reports that video consumption on mobile devices has been growing at 100% per annum.
Although it is reasonably easy to record a video these days with devices like smartphones, 'talking heads' on typically dry subjects such as salary sacrificing or negative gearing are unlikely to break through the clutter or retain a viewer's attention for the duration. Animated video can be a smart and engaging alternative. Animated videos are a perfect combination of entertainment, nostalgia and simplicity. Animation can bring concepts to life that text or live video cannot, and there are no rules – the limit is your imagination.
Here are 9 key benefits of using animated videos within a financial planning practice:
- Animated videos make the complex simple in an industry full of jargon and complexity.
- Asking 'silly questions' can often be confronting and challenging for many - having access to a resource which explains the concepts discussed will allow clients to feel less intimidated.
- Videos can build trust (where they provide useful information).
- Animated videos can blend both information and engagement.
- Video is a great medium for learning, it is super easy to consume (even for lazy people).
- An educational video can be solely for the benefit of the audience (typically corporate websites tend to focus on selling the 'practice' and its advisers).
- Can be utilised for current clients, potential clients and centres of influence resulting in the investment providing greater value for money.
- Video can be a differentiator, at a time when the majority of the Australian financial planning profession has not embracing the medium.
- Incorporating videos into your regular newsletter campaigns can have a great effect on your click-through rates.
Your animated explainer video should be:
- To the point, on one topic.
- 1-3 minutes in length.
- Be creative, use humor.
- Shared in multiple ways
We have been using animated videos as part of the Financial Knowledge Centre service for 4 years now and have amassed over 40 clips in our library. These videos are a great compliment to a broader and deeper financial literacy resource. It probably comes as no surprise that 'Videos' currently attract 36 percent of all the traffic on the Financial Knowledge Centre making it the most popular resource (which only reinforces our earlier comments). For the record, 'Articles' follow closely at 28 percent but are just as important.
Animated videos require a commitment in time and money. You need a well thought out script, which leads to a draft 'story board', which leads to an animated video with a voice-over. There may be edits at any stage, then recording the final version. It's also going to require sign off from your compliance team in the majority of cases.
You have three main choices when it comes to video:
- Manage the entire process yourself, from scripting to finding/working with the animator on the final product.
- Buy 'ready made' animations and incorporate this into whatever additional resources you have.
- Invest in a brand-able, turn key, integrated and advice-centric platform such as The Financial Knowledge Centre and 'eNewsletter service' which allows you to focus on the other important aspects of your business.
If video sits in the too hard basket for you or you want to look at a more efficient or holistic way of incorporating videos, please register for a demo.
All the best with riding the video wave!