It’s a competitive world out there. In fact, it has often been said that we’re in an attention economy, and marketers are fighting for it in an increasingly competitive match. For community financial institutions, the added hurdles of small teams, regulatory concerns, and limited budgets can make the challenge even more daunting. The answer?
The Great Oz
Over 6 billion hours of video are watched per month on YouTube. It’s the second largest search engine after Google.
Every minute, 323 days worth of video are consumed on Facebook.
Snapchat is the fastest growing social media network.
And it’s said that by 2019, over 80% of the world’s internet traffic will be video.
With statistics like these, you’d assume that most community banks and credit unions are already all over video content, but they aren’t. A recent informal study of ours found that around 66% of community institutions either don’t have a YouTube account, or have one but are inactive in posting.
Okay, time for a quick personal aside. Full disclosure, I’m a big fan of John Siracusa (BankOnIt and #BankSocial Conference) and Rand Fishkin (Moz). These guys know digital marketing, so I was thrilled to get the chance to pitch my question about what the future of content might hold. You should check out the entire podcast, but if you want to hear what Rand thinks, fast forward to the 22:50 mark.
As Rand points out, so much of the rise in video content will be driven by companies like Netflix and Hulu. There are two important implications here:
- Attention is a finite resource. These more engaging pieces of content will consume attention. Your competition isn’t the other neighborhood bank – it’s Netflix.
- Consumer expectations are set by societal trends. Businesses don’t get to choose how customers want to communicate, and as we’ve seen from the stats, video is on the rise.
The man behind the curtain
Oz seemed intimidating, but it was all show. Looking past the grandeur of the Emerald City, and the smoke and flames around a giant floating head, you get something much less formidable. The same holds true for incorporating video into your content mix. Just get started. Abandon the myriad reasons to delay experimenting with video and just start. Experience will be the best teacher. Here are some quick tips.
Follow the yellow brick road
When you think about it, finding Oz and getting back to Kansas wasn’t so hard for Dorothy. All she had to do was keep following an established path. Consider these pointers your first steps.
What equipment will I need to get started?
- Camera – You can do a lot with an iPhone.
- Audio – Only important if you want to be heard. Here are some good tips for starting equipment and techniques.
- Lighting – Audiences are pretty forgiving here, especially if you are filming live events. However, correct lighting will really boost the production value of your video. Check out this guide to get started for under $100.
What should I film?
There are many strategic considerations here, especially as you invest in video as part of your marketing strategy. Think With Google has published a brilliant guide on creating content for businesses:
Here are 10 ideas for things you could start filming today:
- Do a customer testimonial
- Greetings from employees
- A financial tip
- Customer spotlight
- Parody something
- Live stream an event
- Collaborate with a local business to highlight their story
- Interview someone from the community
- Discuss features of a product, but avoid APY, APR, or other topics that might trigger compliance issues.
- Tell a story about your company
Let us know if you’re planning on incorporating video content, successes you’ve had with the medium, or reasons you’re still wary of getting started.