Marketers around the world acknowledge the power of video marketing to persuade their target customers to take action. Experts agree that well-crafted video can cause consumers in both the B2B market and B2C markets to literally sell themselves.
Around the world, the digital viewing audience has grown and according to a new report by eMarketer, the audience is expected grow 8.2% in 2017. More people have access to the web via mobile devices and free WiFi hotspots. However, this growth is primarily taking place in developed countries like the US, UK and Canada. It isn’t taking place in unbanked world populations.
Though more people in third world countries have access to the internet than they did a few years ago, video viewing requires a fast and developed infrastructure to handle bandwidth demands. People in countries with internet that can handle these demands watch streaming TV and video regularly. However, because of the inability of consumers in the Middle East, India, Indonesia and Africa to have access to video, international video viewership will only climb 8.2% in 2017; whereas from 2013 to 2017 it grew double digits every year.
What Does this Data Have to Do with Your Financial Institution?
Through video marketing likely won’t reach your customers via their home or mobile web connections any time soon, it’s still a wise decision to harness the power of video marketing to persuade your customers.
You can do this by playing videos in your branches that:
Explain your products and services,
Teach them about the benefits you offer,
Teach them financial skills
- and much more
There are amazing free tools anyone can use to edit videos, slideshows and other presentations. You can also hire a company to craft explainer videos, how-to videos, testimonial videos and much more. There are many talented professionals that offer affordable rates.
Video marketing is gaining so much attention because it’s extremely effective. One of the best ways to enhance or build a business relationship with low-income consumers is to feature videos in your branch. Because of the web, video is easier and more affordable for businesses to produce than ever before. According to recent statistics:
After watching video, 64% of users were more likely to buy a product online.
90% of users say that product videos are helpful in the decision process.
80% of users recall a video ad they viewed in the past 30 days; and
5% of viewers will stop watching video after 1 minute and 60% by 2 minutes.
Shouldn’t you start playing videos in your bank branches and at community events to reach more customers? One day faster internet speeds will be more common in your community. However, you can still use video today.
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