Stay relevant by delivering the right content with the right message at the right time.
Dynamic, engaging and versatile, video marketing is undoubtedly a stronghold in mobile advertising today. It’s also one of the most popular ways consumers view content. “For credit unions, video marketing provides a personalized way to connect with members, from onboarding to cross-selling new products,” says Mallory Porter, digital solutions program manager for CUES Supplier member Allied Solutions LLC, Carmel, Ind.
In the indirect lending space, for example, many new loan holders don’t realize they’ve become a part of a credit union. “Video can welcome the member, highlight benefits and cross-sell additional products or services,” explains Porter. “It also enables you to connect with all demographics, not just millennials.”
To ensure relevancy, begin the planning process with goal setting and segmenting members. “Your goal is for the member to view the right content, at the right time,” says Porter. “This requires clean data, especially email addresses. We also recommend using a flowchart at this stage to map the member’s life cycle.”
Customizing your videos to be consistent with your brand is crucial. The user should recognize your credit union’s look and feel. “And use only a few messages or scenes per video,” continues Porter. “This ensures the member doesn’t feel overwhelmed but instead takes your intended action.”
With Allied Solutions’ SmartVideo platform, CUs can incorporate video marketing directly into their marketing plan. Members can receive cross-sales videos in real time, according to their journey. “There are no ads per se in the videos,” explains Porter, “but they instead contain cross-selling scenes based on member needs. These can include a checking account or credit card cross-sell scene, designed to tie in with products the member does not have.”
Videos are typically delivered via email but sometimes by text message or through a landing page. “When a CU doesn't have a clean list of email addresses or hasn't collected that data, we recommend sending videos by text, particularly if the CU has a trusted record of cell phone numbers,” says Porter. “CUs can also use the videos as part of other website campaigns, placed in areas members consume content.” To illustrate: Videos can be placed on a web page as an interstitial popup ad, but the page content must “live” behind authentication (i.e., a login) to gather the data for the video.
What about the tie-in with email marketing?
“Members want to engage with the digital platforms they’re using daily,” reiterates Porter. “Remarkably, our average SmartVideo email open rate stands at 47 percent. This compares to an industry average of just 21 percent and assures a large percentage of members are engaging with the content.”
CUs can choose from 38 scenes for their SmartVideos. See a current skin example and a new skin, coming by the end of this year.
Porter’s Video Musts
- Use clean data (especially email addresses!) to reach members and potential members Getting clean data can be the number one challenge to mobile (video) marketing success.
- Customize the video to accurately reflect your trusted brand, so it’s familiar to members.
- To avoid losing members’ attention, stick to just a few scenes, and keep the video length to 120 seconds or less. Avoid fast-moving videos.
- Understand which videos work best on which channels. Also ensure video can be viewed—and comprehended—with or without sound. (Eighty-five percent of Facebook videos, for example, are viewed without sound, while on YouTube, 96 percent are viewed with sound.)
- Reach your member at the right time in their journey; the time of day is not necessarily the relevant factor, but rather sending the right message via the platform and device they prefer—when they’re ready to buy.
- Include clear calls to action in the delivery medium's content as well as at the end of the video itself.
Stephanie Schwenn Sebring established and managed the marketing departments for three credit unions before launching her business. As owner of Fab Prose & Professional Writing, she assists CUs, industry suppliers and any company wanting great content and a clear brand voice. Follow her on Twitter@fabprose.