by Tony Vidler
A little while ago I participated in a survey on the use of video by financial advisers internationally. The results of the survey are intriguing in that clearly there is widespread recognition by advisers of the importance and effectiveness of video as a communication and marketing medium, however there is a disconnect as the majority of advisers also said they don’t see the business benefits of social media.
This disconnection raised a number of questions immediately, such as:
Some 74% see client education as a critical need for their business, and 80% are actively planning to use video as a means of doing that. So they say.
But only 66% say they have a strategy, and 19% of them admit to not sticking to the strategy they have anyway. Essentially that means about half of the advisers have no plan at all.
I cannot help but conclude that the majority of advisers do not really have any clear idea about how they are going to engage with clients in a meaningful way in the future.
That is a fairly provocative statement, but with so many advisers apparently not understanding that delivering the message is as important as creating it in the right medium, together with a large proportion either having no strategy or ignoring what strategy they did create, it seems a reasonable conclusion to me.
The BIG question that this survey raises is why would anyone intend to create content, and in a new medium at that, without a clear idea as to how they are going to disseminate the content or why?
Without a Master Plan you may as well be flushing money down the toilet…
There is an abundance of evidence to support the idea of investing in producing video content, and there is a voracious appetite amongst consumers for quality video. In fact, it is almost tailor-made for professional services where we are usually engaged in a blend of educating and selling complicated concepts to customers.
According to one survey some 67% of consumers want “how to” or instructional/tutorial videos, with 34% also wanting product/technical information videos. The same survey highlighted the importance of social media, and the sharing of video content amongst peers. 38% of consumers believe a video is worth watching just because it is trending or being watched by others, and 61% will watch a video that friends have shared.
So there is a consumer appetite. And there is evidence that social sharing vastly increases the chances of the video being viewed. There seems to be a strong intent to produce the content by advisers. All that appears to be missing for most advisers is The Master Plan to begin with and an understanding of how social channels are the primary medium for distribution of the great video content.
Creating the Master Plan does not need to be overly complex. Realistically it can be summarised in 5 steps:
1. Have a clear idea of who you are trying to appeal to
2. Have a clear strategy for how you are going to appeal to them (with what type of content, and frequency, tonality and style)
3. Work out how you are going to get the material out to them.
4. Work out how/where/when you are going to produce the content.
5. Put together an action plan and timetable to make it happen.
Producing fabulous videos without going through these basics steps first is nothing short of madness. You really may as well be flushing money down the toilet.