In recent years, video content has emerged as a marketing powerhouse, transforming the way businesses, including community banks, connect with their audiences. From social media to email campaigns to websites, videos have become an integral component of marketing strategies, playing a crucial role in capturing attention, conveying messages, and driving engagement. Which is why I am pleased to announce that our bankmarketingcenter.com bank partners now have video editing capabilities!
Now, let's delve into the increasing significance of videos in marketing and explore why community banks should prioritize this dynamic medium.
“Video remains a key priority as a marketing tool, reaching an all-time high. More marketers credited video with increasing dwell time, traffic, leads, sales, and reduced support with 92% telling us their ROI on video content is up 87% from 2022. In addition, videos on social media generate 1200% more shares than text and image-based content combined.”
– HubSpot’s 2023 Video Marketing Report
1. Capturing Attention in Seconds
In an era where attention spans are dwindling, videos have proven to be remarkably effective in capturing and retaining audience attention. According to a report by Wistia, videos that are two minutes or less in duration have the highest engagement rates. Short-form videos on platforms like Instagram, TikTok, and YouTube Shorts have become immensely popular, allowing brands to convey their messages succinctly and creatively.
2. Boosting Conversions and Sales
The impact of videos on conversion rates is substantial. Research from HubSpot reveals that including a video on a landing page can increase conversions by 80%. Furthermore, product videos have been shown to enhance purchase confidence, with 64% of consumers more likely to buy a product after watching a related video. This highlights the persuasive power of visual storytelling in influencing consumer behavior and driving sales.
3. Search Engine Optimization (SEO) Benefits
Search engines love videos, and community banks that leverage this medium in their consumer marketing stand to benefit from enhanced SEO. According to Moovly, in 8 Powerful Reasons You Need to Use Video Marketing [TRENDS]: ”A webpage with an embedded video is 53 times more likely to appear on the first page of Google search results." Imagine that. Incredible. As search algorithms increasingly prioritize multimedia content, such as videos, incorporating video content into your website, as well as your overall bank marketing content strategy, becomes a “no brainer” move for improving online visibility.
4. Social Media Dominance
Social media platforms have evolved into video-centric spaces. According to Cisco's Annual Internet Report, "videos comprised over 82% of all internet traffic. Platforms like Facebook, Instagram, and Twitter heavily prioritize video content, and posts with videos garner higher engagement rates." Additionally, the rise of live streaming and short-form videos on platforms like Snapchat and TikTok underscores the shift towards dynamic and interactive video content.
5. Mobile Consumption Trends
The ubiquity of smartphones has fueled the rise of mobile video consumption. Marketers must optimize their video content for mobile devices to ensure seamless and engaging experiences for users on the go. Short, vertical videos designed for mobile viewing have gained immense popularity, especially on platforms like Instagram and Snapchat.
6. User Engagement and Shareability
Videos are inherently shareable and have a higher likelihood of going viral compared to other content formats. This from Crackitt’s State of Visual Content: “Social video generates 1200% more shares than text and images combined. 59% of executives agree that if both text and video are available on the same topic, they are more likely to choose video. Viewers retain 95% of a message when they watch it in a video compared to 10% when reading it in a text.”
The emotional impact of video content, combined with its visual appeal, makes it more likely to be shared across social networks, exponentially increasing its reach and impact.
7. Building Brand Trust and Authority
Video content allows community banks to leverage what makes them unique: the personalized experience. Videos are particularly effective in humanizing a brand, connecting with consumers on a personal level, and building trust. All of which you want from your marketing, right?
"The average user spent 88% more time on a website with video content compared to websites without video content."
- Forbes, Top Website Statistics For 2023. February 2023.
Through storytelling and visual elements, videos enable community banks to showcase their values, mission, and trustworthiness, and authenticity, establishing even stronger connections with their audience.
8. Email Marketing Effectiveness
Videos in email marketing campaigns can significantly boost engagement. Campaign Monitor’s What is an interactive email? states: "Including a video in your email can increase click-through rates by up to 300%." This illustrates the potential of videos to cut through the clutter in crowded inboxes and deliver compelling messages that resonate with recipients.
9. Virtual and Augmented Reality Integration
As technology advances, virtual and augmented reality are increasingly becoming part of the video marketing landscape. According to Statista, the AR & VR market is projected to generate revenue of US$38.6bn this year, and expected to grow at an annual rate of 10.77% (CAGR 2024-2028), resulting in a projected market volume of US$58.1bn by 2028. Community banks should consider leveraging these amazing, immersive technologies to create interactive and memorable experiences, further enhancing customer engagement and brand name recall.
10. Continuous Growth and Innovation
The trajectory of video marketing is one of continuous growth and innovation. With the advent of new technologies, community banks will have greater opportunities to create high-quality, immersive video content. Virtual events, interactive videos, and personalized video experiences are likely to shape the future of video marketing, offering brands innovative ways to connect with their audiences.
What next?
The role of videos in marketing is not just a trend; it's a fundamental shift that aligns with the evolving consumer preferences of a market that is increasingly digitally savvy and video oriented. The impact of videos in marketing is undeniable, from capturing attention, to sharing content, to driving conversions and building brand trust. As community banks navigate the digital landscape, integrating video content into their marketing strategies is not just advisable; it's imperative for staying relevant, engaging audiences, and achieving marketing success in 2024 and beyond.
Bank Marketing Center
Here at bankmarketingcenter.com, our goal is to help you with that topical, compelling communication with customers; the messaging — developed by banking industry marketing professionals — that will help you build trust, relationships, and revenue.
We are excited to announce that we have added video editing capabilities to our suite of services. Along with all the functionality our bank partners are already familiar with, they'll now be able to:
- Animate static elements like text, shapes, and photos
- Upload and trim your own video clips
- Access a growing library of stock videos provided by Getty Images
- Add and edit multiple scenes and transition between them
- Produce more engaging social content, more professional digital signage displays, or even a full blown commercial
To learn more about this new feature and what it can bring to your bank marketing, click here to view the educational video we just made available to our bank partners. (Yet another reason to make bankmarketingcenter.com your partner in compelling marketing messaging!)
To view our marketing creative, both print and digital, as well as learn more about our new video editing feature, go to the bankmarketingcenter.com homepage and register for a one-on-one personalized demo. You’ll learn why over 300 financial institutions have chosen us as their bank marketing partner. You can also contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.