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Analysis / Ecommerce

5 Amazing Ways Explainer Videos Can Increase Consumer Engagement

Video Explainer

The finance industry, for instance, is a tough field for marketers. Consumers often don’t understand financial products or services, and have no patience for boring financial statistics. Since marketers use explainer videos to communicate complex ideas in other sectors, no wonder that they turn to the format in the financial industry as well.

Finance businesses use animated explainer videos to describe their work, show changes in policy, or explain complex procedures to help consumers learn about them and make informed purchase decisions. By including such videos on their websites and in presentations, businesses in the finance industry improve their brand visibility and build trust among their target audiences.

As a marketing format, video is on the rise. Cisco predicts that by 2019, global internet traffic from videos will make up 80% of all internet traffic. Here are five ways the finance industry reaches its customers with animated explainers together with examples to show you the potential of this format.

1. Educate Your Audience

Savings, loans, or credit scores are all challenging topics that can be tricky to understand for many consumers. You can communicate the finer points of your procedures or important concepts through engaging explainer videos. That way, complicated information is more digestible and memorable. This explainer video from Mint covers different ways for keeping track of one’s financial life only to show the advantages of its product. You must admit, the video is very persuasive. By breaking down a difficult and boring topic in this way, Mint makes sure that viewers become more engaged in their financial lives and start looking for solutions, with Mint app as their first option.

2. Show How Your Services Work

Financial companies use animated explainer videos to show how their services can help solve consumers’ problems. Viewing an attractive and engaging video is bound to make a consumer feel like they are more knowledgeable about your service. Consequently, the risk of dissatisfaction with the service is much lower. Here is an example of an explainer video that offers key details of a financial service provided by UtilityScore. Showing a user story, the brand helps customers understand and relate to their service.

3. Help Them Pick The Best Product

Consumers can choose from many different products from a single financial provider. That’s why you need to make sure that it is easy for your audience to manage their financial obligations and pick the products they need. Using explainer videos, you can demonstrate how products work and what type of problems they solve. Plus, four times as many consumers prefer to watch a video about a product than to read about it. A good example of this strategy is this video from Kareo Billing Services. You can see how they use a colourful and attractive video to talk about a sophisticated product to raise the awareness of such tools among their target audience.

4. Use Video For Personalised Communications

Many financial institutions are interested in introducing alternative billing methods, but moving away from paper to a dynamic storyboard can be challenging. First, these businesses need to come up with a smart way to present the data. Even digital statements can be difficult to read. That’s why many financial institutions are now using video as a format for communicating billing information to clients. Consumers are far more likely to understand these statements because the video represents complex data clearly through charts, graphs, and other attractive visual elements. Here’s how video billing worked for Comcast.

5. Communicate Changes In Policy

Financial institutions and banks change their policies regularly. Most of the time, they send updates to their clients through email. But they have no guarantee that consumers will open and read these documents carefully. Instead, they can use explainer video animation to communicate such changes. Whenever you modify an aspect of your business practice, you should clearly explain how the new procedures will affect the end-users of your products or services. And video is the best format you can choose for that job.

Here’s an example of how finance businesses can use video for internal communications: Axis Bank introduced a new, more flexible compensation structure for its employees. This 60-second explainer video helped them to understand different plans and figure out which one would work for them.

Over 60% of marketers and small business owners plan to increase investment in video marketing this year. Financial businesses are already using explainer videos to educate consumers about their products or services, raise brand awareness, and improve communication with their clients. The profusion of explainer videos in boring industries is a sign that the format brings higher consumer engagement than any other type of content. That’s why investing in an animated explainer video for your next marketing campaign is a smart move.

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Mateusz Kowalczyk is a CEO and co-founder of Studio Pigeon, an animation studio that creates engaging stories beautifully illustrated for the web, broadcast and cinema. He’s also a successful producer specialising in animated videos for business.