Video analytics can be defined as a technology that uses data science and data visualization to extract and represent key trends on video consumption to business users.
With video consumption skyrocketing, banks must pay close attention to analytics insights to maximize their investments. According to research, 63% of consumers feel that companies using video can reach their customers better. 1 in 4 customers will even lose interest in a service provider if it doesn’t use video in a meaningful way.
Unfortunately, video marketing is often seen as a “shot in the dark” – i.e., one-off campaigns that garner attention without any visible returns for the business. As a result, it becomes increasingly harder for a BFSI institution’s marketing team to obtain buy-in for video campaigns and justify the cost. Analytics is key to addressing this, as it clearly joins the dots between your marketing effort and investment, and outcomes in terms of revenues, new account openings, product upselling/cross-selling, and reduced churn.
The Need for Video Analytics in BFSI
Banking, financial services, and insurance (BFSI) has always suffered from a long-standing churn problem. New customers are likely to abandon their service provider at a roughly 20%-25% attrition rate, and 50% of customers won’t stay beyond the first 90 days after opening the account. This is a major cause for revenue loss – research suggests that banks can bring about an 85% increase in profitability by curbing churn by just 5%.
This is why BFSI firms must observe, analyze, and optimize the customer journey at every step if they are to improve revenues from existing customers and lower the cost of acquiring new ones. Given that video is a popular medium of engagement between customers and BFSI companies, it is essential that banks adopt advanced analytics and avoid “shot in the dark” marketing tactics. This is particularly true in the post-pandemic world where video consumption has increased exponentially, and also due to the entry of a new, fiscally solvent Generation Z in the global workforce.
5 Ways Video Analytics Can Drive Marketing ROI for Banks
By deploying analytics, you don’t leave marketing campaigns up to chance. New products, video content design, topic selection, channel distribution, and other decisions are all data-driven to bring about a scientifically predicted outcome. As a result, BFSI firms witness more predictable ROI. There are five ways to achieve this:
1. Understand viewership attribution to invest in the right channel
Digital banking leverages a variety of channels and platforms to reach the customer – e.g., social media, website videos, mobile app videos, videos sent via email, and videos sent via chat messages. With engagement spread across a large digital footprint, banks must watch which channels are the most ROI-friendly.
Analytics can help debunk common stereotypes or generic (i.e., non-data-driven) customer cohort analysis. For instance, a bank might find that a major portion of its rural and tier 2 city viewership comes from mobile, even if there is an assumption that smartphones proliferate among urban account holders. Video analytics will tell you where to invest in a broad marketing mix for maximum returns.
2. Analyze trending videos to pinpoint top-performing creators
The ROI from marketing initiatives has a lot to do with the quality of content, and thereby who created it. An employee or partner who has successfully created a number of highly engaging, high-viewership video assets can be utilized further to get ROI. Note that banks should be able to view dynamically updated trending video metrics – this helps understand audience engagement and preference for a content creator in near-real-time.
3. Push videos that generate the most leads and opportunities
As you roll out a consistent and long-term video marketing campaign, a few trends will emerge. For example, you might find that there is a specific time of day when customers from a particular segment or location engage with your videos. Some video templates might perform better than others, and there might be an ideal video length that’s neither too long nor too short for your audience. Armed with analytics insights, you can create videos that are known to work with your account holders/prospects and have a high clickthrough rate.
4. Optimize sales enablement using effective assets
Sales enablement videos are an excellent way to boost your marketing ROI. Once marketing has done the top-of-the-funnel and mid-funnel work, sales can step in to convert the customer using effective and impactful video assets. This is particularly useful in scenarios like commercial banking/insurance, wealth management, and B2B taxation & audit advisory. Analytics will reveal which types of video assets are correlated with the highest number of deal wins, so you can invest accordingly.
5. Regularly monitor video analytics to stay fresh and up-to-date
Finally, analytics will tell you when your campaigns have run their course, are becoming slightly staid, and no longer make an impact on new prospects. BFSI firms may choose to reuse and re-reuse video assets if their products and offerings have not changed in a while. But customer sentiment is extremely dynamic, and banks need to regularly monitor video analytics to detect assets with dipping engagement. These can be retired or revised so you can “cut your losses” or preserve your investments, as needed.
Getting the Right Metrics
While analytics plays a key role in ROI generation, getting hold of the right data can be difficult. More than 1 in 4 marketers struggle with data collection and integration, which is why a sophisticated video management platform is necessary. kPoint video management platform provides marketers in the BFSi industry with a single pane of glass to view key metrics. You can even integrate it with existing business intelligence tools, marketing automation platforms, and customer relationship management systems – to obtain a precise understanding of marketing performance, strengths, and weaknesses.
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