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For FinTech startups, it is imperative that they make it clear to their target audiences what they are all about. For me, this necessitates the use of video marketing. But before we go further, let’s talk about FinTech industry itself first.
Financial technology or “FinTech” has slowly but surely become one of the trendiest startup industry. The reason is quite simple – like all other disruptive ideas that have fused modern technology with something conventional, a FinTech does it with financial services. With an overwhelming investment of 49.7 billion dollars from 2010 to 2015, financial technologies are now one of the most lucrative investment opportunities.
Now, I understand that this all seems awesome but that’s not what I want to talk about. Basically, when you think about any FinTech company, you will like me realize that it is directly focusing on customer needs. Whether this is in lending and financing, capital markets, processing payments or financial assets – FinTech are changing the way customers are using financial services, allowing them to complete their transaction quickly and securely. And that’s not all. FinTech is easily available to everyone, whether it’s a huge multinational company or a small business to a single individual.
From a marketing perspective, almost all FinTech companies have tried their best to brand themselves differently from conventional financial services.
Before I dig deeper, take look at this incredible Superbowl spot by PayPal:
PayPal is already established as a leading online payment system and compared to other FinTech startups, doesn’t require an introduction. However, this ad that was aired as the Superbowl 2016 spot talks about “new money” and compared it with “old money”. Basically, it says PayPal is cooler, faster and works 24/7 compared to the “old money” that works only from 9-5.
For FinTech startups, refreshing video marketing content like this does wonders. Firstly it’s simple and bold. It showcases its features without actually saying them aloud. Also, it’s flashy and engages everyone. This is what I wanted to talk about, on how FinTech startups can leverage video marketing for more exposure, more sales.
Explaining something that is complicated and technical can be hard if you want to do it in a minute or two. You can either create a lengthy presentation or a document that explains every nitty gritty detail or create a wonderful explainer video. I would prefer to use an explainer video.
The reason is that when you a nice, well-illustrated video, you can easily explain anything using a great voice over.
Consider this, according to one research, visuals are more readily processed by our minds compared to text. In fact, the human mind will process it 600,000 times faster.
Like the example above, you can find so many ways through which you can use PayPal and its incredible features. That was the intention here as they didn’t talk about PayPal upfront but found the pain points of their customers and created a visual that showcases them all.
Here are some more examples on how PayPal uses video marketing:
Video marketing helps in retaining customer attention:
Since the earliest of days, humans have an affinity towards visuals. From cave paintings to clip art, nobody can dispute the fact that to get the message across and to retain attention, you need to rely on visuals. Here’s a fun fact for you. Humans can easily remember 80% of all the things that they see compared to any other stimuli!
So for a FinTech, this seems an opportunity. They can rely on beautiful video marketing content to share their information with their target audiences and can also be assured that it will remain there.
Here’s the explainer video of Metro mile which is only 1:18 but explains everything there is to learn about Metromile in this time. See it for yourself:
Video Marketing – It’s the millennial thing to do:
I know that almost every day once in your office your boss comes to you asking what you have planned for millennials. This is one segment of the target audience that many brands are trying very hard to reach and relate to.
This is where video marketing becomes even more important. According to one report by Ernest and Young, it was the young, high-income people that accepted FinTech companies and their services first.
This shows that millennials are the core group that you need to work your magic on. However to gain their attention you will have to rely on visual content. The reason is that those in the age group of 18-30 are predominately using Instagram, Snapchat and are very much interested in seeing creativity compared to simple advertising.
They are more perceptible to clicking on an interesting video compared to downloading a PDF document explaining your features and services. Remember, to attract Millennials, you will have to work with brevity and creativity and nothing does it better than visual content.
Here’s an interesting ad by Ffrees that got “Rage Against the Machine”, Jon Morter to present their idea of banking without banks.
Also, you will love the idea that Mogo where it combined wine drinking with financial training. Here’s their ad:
Social Media Rewards video marketing:
Social media is the best way to reach out to your audiences. Here’s the best part, according to one research, most consumers solemnly believe that the social media advertising by banks is bland and boring.
You can take the opportunity from this. Consider the fact that almost every social media marketer will talk about getting you engagement online. Because, if you are looking for leads, your best option is using Google AdWords or Bing Ads, however, if you want to get your message across, use social media.
According to eMarketer, those that add images into their posts on Facebook have gotten 87% more engagement compared to those that haven’t. Here’s another that you will like, on Twitter, tweets that have images got more clicks, favorites and had an overwhelming 150% chance of being retweeted.
In conclusion, video marketing can do wonders for any FinTech that is looking to increase its brand exposure online. Once you create a solid content strategy using videos, you can rest easy when it comes to engagement as more and more people will interact with your content.