Video has been around for ages (remember VHS?), but its use as a strategic marketing and communication tool among small businesses is about to explode.
Video has been around for ages (remember VHS?), but its use as a strategic marketing and communication tool among small businesses is about to explode.
As technology makes video easier and less expensive to employ, it has become the communications vehicle of choice for many professionals, as it gives clients a sense of who you are as a person. Video is more personal than print. It allows others to look you in the eye, watch your nonverbals and build an emotional connection. Based on what they see, viewers can make up their mind about whether you are knowledgeable and whether they might like to do business with you.
When I bring up the use of video with financial advisers, I inevitably hear the “compliance will never approve it” response. Let's tackle that head-on.
If you are regulated by the Financial Industry Regulatory Authority Inc., any content you develop must be approved by your broker-dealer's compliance department. With video, that can be easy. Unlike some social-media tools, video content is static — scripts can easily be approved beforehand, and there is no continuing dialogue to monitor. Compliance officers can exercise complete control over what content makes the cut and what needs to be revised prior to posting.
Whether your compliance department currently allows its use or not, the trend is certainly moving in that direction. And the savvy adviser would do well to invest time plotting out a strategy on how to incorporate this tool.
Here are a few ways to use video:
On your website. Video creates a tremendous opportunity for advisers to jazz up bland websites. Required disclosure language, combined with technical and detailed investment-related content, often makes sites read like a dictionary. Too much text, most with little meaning to clients and prospects, is a turnoff.
Adding video is a great way to personalize your site. Ruth Sherman, a speech and media coach, contends that video “lets people in and allows them to get a sense of who you are as a person.” She recommends adding a short video to your website that features a tour of your office and an introduction to key staff members. This allows clients and prospects to feel a personal connection to you and your team.
Video blogging. “Vlogging” is a form of blogging that incorporates short videos. With hectic schedules and shortened attention spans, followers don't want to read lengthy posts. Short videos make it easy to share information. It also helps raise your Google rankings and makes your content more likely to be shared with others. These short video blogs, of course, must be approved by your compliance department if you are regulated by Finra.
YouTube. As the world's second-largest search engine behind Google, YouTube attracts more than 2 billion views a day. Recent statistics show that 24 hours of video are uploaded to YouTube each minute. These videos aren't all silly pet tricks or amateur singers — businesses are using this powerful medium to educate clients.
Set up a YouTube channel and begin to post short, content-driven videos that help educate clients and prospects. Discuss recent world events and how they affect the market. Explain economic trends in lay terms. Take complex financial concepts and break them down so clients can understand them. Use this tool to become a resource in your area of expertise. It will broaden your exposure, and your reach.
Video presentations. A number of firms allow advisers to conduct client meetings via video conferencing. While not truly a “marketing” strategy, video conferencing helps solidify client relationships and builds greater trust and rapport than a phone call.
In whatever way you choose to dive into the video pool, here are a few tips to get you started: Get a webcam for your computer so you can do video conferencing and vlogging. To capture opportunities away from the office, buy a point-and-shoot video camera to take with you. Keep it simple; you don't need a three-camera shoot or a professional video editor. Whatever you decide to do, develop an editorial content calendar so new videos appear regularly. Finally, schedule a specific time on your calendar — whether it's 15 minutes a day or a half day each month — to ensure it gets done.
All advisers have access to the same markets, the same research and nearly the same investment vehicles. Video is one effective way to set yourself apart. When used creatively, it can be a unique differentiator.
Kristin Andree is president of Andree Media & Consulting. She can be reached at Kristin@andreemedia.com.
