Why personalised video is taking off in finance
Addressing each customer by their own name wasn’t something that was possible in mass communication until recently. Beginning with personalised emails, things in this space are now far more sophisticated. Brands are now embracing interactive videos which allow for real-time interactions based on insights a company may have on a particular person.
The power of personalisation
As a content marketing tool, video is already considered to have high conversion rates, with Hubspot revealing that 43% of consumers want to see more video and are more likely to pay closer attention to videos than other types of content. But when combined with data-driven personalisations, results from several campaigns have shown an increase in performance, including higher opening and click-through rates. According to Pitney Bowes – a company that offers technology to create interactive personalised videos – users of video technologies can see an 80% increase in sales targeted with the technology; and more than a 400% improvement in marketing campaign results.
Consumers love to feel that the organisation they are dealing with knows them as an individual.
One of the reasons why it is so successful is that “consumers love to feel that the organisation they are dealing with knows them as an individual,” Nigel Lester, Managing Director, ANZ software solutions at Pitney Bowes believes. “That [personal one-on-one] really is what drives engagement.”
As University of Texas research into the psychology of consumer choice has found, customised online environments play into our desire for control. The study also suggests that personalisation can help us deal with information overload. This could help explain why interactive experiences of all types have really taken off.
Barclays in the UK is one finance brand that has used personalised video technology to create a successful campaign that markets loans to existing clients.
What is possible
Nigel compares interactive videos to the ‘choose your own adventure’ books that were all the rage in the 90s. Only, the possibilities are now dictated in real time. For instance, where a client lives, their account balance or what product they’ve recently used can all influence the next segment of the video.
Finance brands can also ask questions of their customers at any time during a video and this will take the user to information that is more relevant to them.
“It’s like being able to give your customers your best ever customer experience with one of your customer service representatives,” Nigel says, adding that it also creates a very consistent way to engage.
How to get started
Because the technology is accessible, personalised video campaigns can be up and running within a few weeks. Just as with any marketing campaigns, the key to success is having clear goals. This will help develop an optimal customer journey that prompts action.
The cost of the campaigns will mostly depend on the level of interaction chosen by a finance brand. Some choose to send targeted videos that have a higher proposition value to a small audience, while others prefer a simpler approach targeting a larger number of clients.
It’s still early days for personalised videos, but already several companies have tried the technology. Nike and Cadbury, two brands that are always on the lookout for new ways to engage with their customers were some of the early adopters. UniSuper is another brand that used a personalised video to help its customers engage with and better understand the individual information in their superannuation statements.