ANAHEIM, Calif. – The thought of creating video marketing campaigns can be intimidating to some credit unions, but one expert says video is very similar to other elements of a good program.
More importantly, explained Stephanie Carls, founder of My Savvy Life, Austin, Texas, video is what consumers respond to when looking for companies to do business with. She said by 2017, 74% of all Internet traffic will be video, as video consumption on mobile devices has skyrocketed in recent years.
“Video drives marketing results,” she told attendees of the CUNA Marketing & Business Development Council’s Annual Conference here Monday. “Even if people are looking at Facebook and other social media outlets, video and pictures catch the eye.”
Why is video so powerful? Carls said numerous studies have found it creates a digital interaction, the combination of audio and video engages the viewer at a deep emotional level, and once the connection is made the viewer internalizes the information.
To get started with video, she said credit union marketers should proceed in a similar manner as traditional marketing: think of goals and come up with ways to accomplish those goals. Sample questions to start brainstorming include: What does the CU have expertise in? What are the members passionate about? What products and services are in demand and what is underserved?
“Find themes and develop strategies around them,” she advised. “The video does not have to be elaborate, it can be just 15 or 30 seconds. Many smartphones today have 4K video cameras installed, or there are many agencies that can help produce videos.”
Understanding Video Performance
There are many analytics available to answer a key question: What is success in video? Carls said online video includes the ability to track engagement and audience retention.
“The most compelling video makes someone do the action that was requested,” she said. “And you can even tell when people abandon a video, allowing you to make changes in the future. Every time you make a new video, you will get better at it.”
Carls offered CUs a number of ideas to start their video library. She said it is best to think about what people want to see from a credit union – perhaps the differences between a credit union and a bank, the digital banking options the CU offers, the difference between prequalified and preapproved for a loan, or how loan-to-value ratio is calculated.
“Take some of these ideas and cut them into chunks. If there are five elements that make a credit union better than a bank, make five videos,” she counseled.
Other options: the three best apps for managing budgets, the five best business finance blogs or the five mistakes people make when budgeting. For the latter, she suggested calling it “You’re still not doing it right,” which she promised would drive traffic.
“Think about the questions that come in and make the videos. Show a couple buying a house, a family planning for college or a series of member testimonials about how the credit union helped them. Be the first place for people to ask questions because that builds strong relationships. The credit union can serve as the expert. When people have a good experience, they will tell other people.
Some videos will have a shelf life, but FAQs will always be pertinent, she added.
