Companies using video have reported a 66% higher average conversion rate.
Almost 5 billion videos are watched on YouTube every single day. So, it’s safe to say consumers are interested in this type of content. Plus, it drives business. Companies using video have reported a 66% higher average conversion rate than those who don’t.
Many financial advisors want to get involved, but aren’t sure where to begin or how to do video marketing.
Here are five steps to launch your video marketing strategy:
1. Define Your Strategy
When you get started with video marketing, it’s important to have clearly defined goals so you know if your approach is working.
Think about why you’re creating videos and what you want people to do after they watch them. For example, you might want people to subscribe to your YouTube channel, or go to your website and book a consultation.
Here are a couple of samples strategies, keeping it fairly simple:
- Objective: Increase client satisfaction by offering helpful information in an entertaining format
- Target Audience: Existing clients
- Success Metrics: Video views, email open rates, website page visits, social media engagement, client satisfaction survey results
- Objective: Increase conversion rates by offering engaging educational video content on our website, aimed at our target market and not available anywhere else.
- Target Audience: Young, affluent professionals in the tech industry
- Success Metrics: Video views, website page visits, source of website visits (e.g. Google search), newsletter signups through website, “how did you hear about us” survey results, increase in conversion rates.
2. Create a Plan
How often will you create and share new videos? Be realistic and establish a frequency you can stick with — weekly, monthly, etc.
Hold a brainstorming session with your team to come up with topic ideas, referring back to your strategy. The topics you select should be relevant, interesting, and helpful to your target audience and align with your objective.
You might begin by making a list of your clients’ most frequently asked questions.
Plot these topics on an editorial calendar to stay on track with production. Start with when you plan to publish, and then work backwards from there to generate a project plan for execution.
Include steps like:
- Content writing
- Production time
- Editing time
- Compliance review
3. Choose the Video Type
Video comes in many styles and formats, so you’ll want to pick the right one to match your content and purpose.
Aiming to increase your visibility with existing clients? You should probably sit in front of the camera yourself in a “talking head” style video.
Trying to explain complex financial topics in an easy-to-understand manner? You might opt for an animated format with a voiceover for illustration purposes.
4. Select Your Equipment and/or Vendor Solution
Depending on the format, you’ll either need to purchase video equipment to shoot the content on your own, or outsource the work to a vendor or freelance professional.
Smartphones are capable of capturing high-quality video, so purchasing expensive equipment isn’t required. Simple equipment packages, including basic tripods, microphones, and lighting, are available on Amazon when you search for “video blogging equipment.”
When sourcing an outside vendor, search your local area, consult online reviews and referrals from other small business owners, or search for a freelancer.
5. Execute, Publish & Promote
As Lao Tzu once said, “The journey of a thousand miles begins with a single step.” Follow your video marketing project plan to get started, and remember that the process gets easier and faster with experience.
Once your videos are complete and compliance-approved, publish them on your website, YouTube or other video publishing website, and promote via email and approved social media platforms.
Don’t Forget: Measure, Test, and Learn
Continuously monitor your success metrics to ensure the time you’re spending on video marketing is worthwhile.
Not getting the results you were hoping for? Keep in mind it takes time to build an audience, perfect your content, and learn how to do video marketing. Test different topics, promotions, and styles to improve your results along the way.
Find out more about financial advisor marketing strategies and growing your business with LPL.
If you’re an existing LPL advisor, access premium marketing tools and training in the Resource Center.
You should consult your compliance department for information about the approval or marketing materials, and the rules and use of social media.
Sarah provides custom marketing and social media consultations for LPL Financial advisors and investment programs. In this role, she consults with and supports clients in effectively marketing their business in today's increasingly competitive environment. View full bio.