The Value of Short-Form Videos for Banks and Credit Unions
Short-form video content has become a valuable marketing tool in today’s digital age! As of 2023, 73% of consumers prefer to watch a short-form video to learn about a product or service, making this a top-ranking video format for lead generation and engagement. This type of content consists of any video typically under three minutes, with some as long as 10 minutes, with an overall goal of being consumed in one sitting. Embracing the power of short-form video to communicate complex financial concepts, educate customers, and promote their products and services is essential for financial institutions to remain competitive online. In addition, with their cost effectiveness, high engagement, increased reach, and mobile optimization, we highly recommend integrating this content into your marketing strategy!
Cost-Effective
Short-form videos are less expensive to produce than long-form videos, making them a cost-effective option for smaller institutions with limited budgets. The estimated baseline costs for video production are about $1,000 – $5,000 per finished minute of footage, meaning the longer the video, the higher the price. Some factors included in these costs are the size of the marketing team, the time and effort of the crew, equipment, editing, software, and everything else involved in the process. Devising a strategy for making the most out of footage and resources available in a shorter amount of time is essential in using budget efficiently. For example, a series of short-form videos with a similar template and production process to post on social media is among the most cost-effective options.
High Engagement
Video content is one of the most engaging forms of content, and short-form videos are no exception! Due to their length, short-form videos are designed to be watched in one sitting, making them an easy and accessible way for customers to learn about financial concepts, products, and services. With 59% of short-form videos watched for 41-80% of their length and 30% having an average watch rate of over 81%, your investment in content is worth it. As 95% of viewers also retain the messaging in video marketing, this is a great way to dip your toe into micro-learning videos to tackle complex financial topics that aid in the sales process of your products and services.
Increased Reach
With the rise of social media, it’s never been easier to share and distribute video content. Short-form videos can be easily shared on social media platforms such as Facebook, Instagram, LinkedIn, TikTok, and more, reaching a wider audience and driving more traffic to your website. There are about 4.9 billion social media users worldwide as of 2023, and every month, the average user uses 7.5 different social media platforms. Therefore, posting videos across any profiles you have across various social media platforms is essential in maximizing the reach of your short-form video. More specifically, for financial institutions struggling to reach a variety of demographics, this provides an excellent opportunity to expand your reach.
Mobile Optimization
Mobile has taken over! As of 2023, 60% of global internet users are accessing the internet through their mobile devices, a number that has been growing year over year. Being as short-form videos are optimized for mobile screens; this makes them an ideal choice for reaching what is now the grand majority of internet users.
Looking to get started with a short-form video strategy? Strategis is a full-service marketing agency developing strategies proven to increase the (ROI) through a wide range of methods. Contact us today!
