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How video cuts through the noise, drives ROI and what categories to employ for best effect.
Fintech marketing, or specifically marketing tailored to financial technology companies, is not an easy path to pursue. With a traditionally ‘dry’ subject matter, deploying the right fintech marketing techniques to cut through the clutter and ensure your business is a success is an increasingly difficult challenge in an increasingly saturated market.
Why? Well from a consumer’s point of view, ‘financial services’ have traditionally been viewed as boring – don’t shoot the messenger! – with the shutters coming down the moment we even read those two words. With people only tempted to dive in and engage with marketing campaigns if and when they truly need to, its essential fintech companies recognise this first and foremost in order to work around this challenge. Because you absolutely can.
These challenges are easily overcome. While the B2B fintech story is a difficult one to tell – it doesn’t exactly scream bedtime reading – the very nature of this difficulty is exactly what makes fintech organisations so incredible. Powered by complex technology to overcome a very real consumer challenge and bring innovative solutions, fintech companies often trip themselves up by focusing on the wrong factors in marketing campaigns, like technical details rather than the benefits they bring to customers. And with the fintech industry using new technologies to improve the use of financial services to consumers, there’s a lot to celebrate in terms of those aforementioned benefits.
Another opportunity for fintech companies? Audience – the potential reach for fintech business is colossal. According to EY’s 2019 Fintech Adoption Index1, 64% of customers around the world already use at least one fintech platform, while 96% are aware of the existence of at least one app or service. It’s a great starting point – the appetite is there, but the challenge is breaking into the market, which makes your fintech marketing strategy even more vital. The industry is rife with competing and conflicting companies and to an untrained eye, it can be difficult for everyday consumers to understand exactly what they do – not to mention capture audience attention long enough to educate them on this.
So, a complicated, bordering boring product and a saturated market… As a fintech company, how do you cut through the noise and deliver a message that resonates and connects with the audience? Not to burst the fintech marketing bubble, but this is even more difficult when you consider that, for the most part, you’re competing with big-name banks, with staggering marketing budgets… In fact, according to findings from EMI research2, in 2018 the top five US banks spent an eye-watering US$1 billion each on marketing! Contrast this with your everyday fintech start-up and the disparity in marketing budgets is inconceivable.
With limited resources – both financial and personnel – as well as having to establish a brand in an already cluttered market, and put a spin on a traditionally uninteresting product, there’s only one solution for it – video marketing, your ROI-proven savior.
Why? A well-crafted video, one that cuts straight to the heart of an issue can grab and retain consumer attention more so than any other marketing method. But don’t take our word alone for it – the statistics speak for themselves:
Consumer demand: nine out of 10 consumers want to see more videos from brands and businesses in 20223 and come the end of the year, video streaming will make up more than 82% of all consumer internet traffic4. Social media posts with video have 48% more views5 and video-led campaigns on LinkedIn have 50% higher viewership rates.6
Lead generation: Social Media Week recently revealed that emails with the word ‘video’ in the subject line are opened on average, 7% more than emails without it. What’s more, marketers who use video generate 66% more qualified leads per year.7
It’s effective: moving visuals are processed 60,000 times more quickly than text8; they’re more emotive, engaging and can communicate ideas in ways words simply cannot. Viewers retain 95% of a message when ingested via video, contrasted strongly with just 10% when read.9
Clear ROI: marketers who use video grow revenue 49% faster than non-video users and 88% of marketers report a positive return on their investment.10
Et voila! The power of video is unrivalled and delivers results unlike any other medium. What makes it especially effective for fintech companies is the ability to reach and connect with audiences, as well as communicate potentially complex information in a short amount of time. Concurrently, you’re ensuring that information is going to stick with them for the long haul, not be lost in the information void with your competitors’ marketing campaigns.
While we’re admittedly biased, video content is more valuable than ever, but even more so for fintech businesses. For example, Millennials, whom by 2025 will occupy 75% of the workforce11, are traditionally put off by fintech business, seemingly uneducated in the health of their finances or future-proofing – as such, they’re a tough nut for the fintech marketer to crack… And yet, a recent study12 found that 45% of Millennials want financial products and services that help them handle their financial situation, and yet 37% cited they couldn’t find access to online educational resources on vital financial topics. This presents a fantastic opportunity for savvy fintech marketers.
But where and how do you begin? With Moonray Labs of course. As the world leading video content creation, we’re extremely adept at producing award-winning content that delivers exactly what it needs to – and from anywhere in the world at that. Working with businesses like Barclays, Standard Chartered Bank and Nium, we’re extremely well-versed in the marketing challenges the fintech industry face and even more accomplished in how to overcome them. If you’re unsure where to start, read on for tips, or of course, skip ahead and get in touch straight away!
Awareness first and foremost
Geared towards creating a sense of familiarity with your product and raising overall brand awareness, awareness-style videos are an excellent first step in terms of launching your fintech video marketing strategy.
With the aim of emotionally connecting with your customers, a Company Story video does exactly what it says on the tin. By introducing the audience to your business, you’re providing them with a sense of who you are, what you stand for and how you operate. People Stories can also foster a similar effect and are a great option for those who wish to bring their people alongside to illustrate their product and/ or service.
Authenticity is essential here. The main purpose of awareness videos is to push prospective customers further down the channel, rather than securing their funds there and then. Draw the audience in – don’t scare them off, which is expertly done in this example by Capital Markets who showcase the variety of deals they’ve worked across in South Korea, in a way that grabs attention rather than gets into the technical details.
Nurturing leads
So, you’ve lured the audience in with your awareness video campaign, secured leads with your webinar, now you’re at a point in the sales funnel where you understand that a customer, in all likelihood, is interested in your product or service. All that is left is to cement a relationship with them, educate them on the array of benefits your business brings and then convert the lead into a paying customer… To do so, you need to demonstrate value – for the fintech industry there are three main video styles that work in partnership with you to do exactly that.
Product Demos, or a broader, general video addressing common questions and providing an overview of your products or services, are a must have. They can be an especially powerful tool when placed on a homepage, with 74% of people who watch product demo or explainer videos going on to purchase the product or service.
Customer Stories: we humans are social beings and just as we filter our B&H searches by ratings, we too seek affirmation when making a fintech purchasing decision. With trust from unbiased sources being more naturally cultivated, producing customer stories or testimonials speaking to your business is a powerful way to gain a competitive market edge.
Case Studies: using a customer as an example, relaying how your product or service helped them is an incredibly powerful sales pitch – not to mention, effective in terms of maintaining engagement. Soludos uses this video technique incredibly effectively in this case study in partnership with Moonray Labs.
Get your home in order
While it may sound obvious, first and foremost, make sure you house video on your homepage. People spend twice as long on pages with videos, therefore it’s not surprising that those that include them on a website’s homepage are 53 more likely to rank on Google’s first page of search results.14 A subsequent benefit of this uptick in ranking is that it enables you to grab further traffic – according to Wix, approximately 157% more. And if that weren’t enough to tempt you, studies have found that having a video on a landing page can boost conversion rates by up to 80%.15 In short, videos on your fintech homepage generate wins all round when it comes to SEO, brand awareness and customer conversion.
While a fintech business has it seemingly tougher than most in terms of breaking into the market, with a creative and considered marketing strategy centred around video content creation, you can ensure your product or service is reaching the right audience and in turn, engaging them enough to drive conversion. Speak to us today to see how we can partner to drive results.
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