Consider content, cost and frequency

by Chuck Meyers and Debbie Harris

Credit unions excel at connecting with members by maintaining excellent relationships with members, offering more personalized services and cultivating a sense of community. But recently credit unions have started to lag behind other financial institutions when using video to impact their members.

According to a study conducted by Eloqua, CMO.com and Software Advice, website video content is growing exponentially as a preferred medium by consumers. In response to this trend, the most innovative financial institutions have begun to offer website videos as a new element to inform and attract consumers. This is a relatively simple tool with which you can demonstrate your relevance and attention to your members’ needs.redit unions excel at connecting with members by maintaining excellent relationships with members, offering more personalized services and cultivating a sense of community. But recently credit unions have started to lag behind other financial institutions when using video to impact their members.

When using video, keep these three key things in mind:

• Have good content that resonates with your members and future members.
• Cost-effectively produce your videos, which enables you to get the maximum impact on as small budget as possible.
• Manage the frequency of video releases so your members and future members have a reason to keep coming back.

Good Content

Your content should reflect your credit union’s goals—enhancing your members’ experience and attracting new members. Video content on your website should showcase the services you offer and provide relevant information to your members that they want to see. Remember, your videos are not advertisements! They are magnets that should attract existing members and potential new members to your site. Make sure viewers find your content informative and compelling.

When developing video topics, think about the following:

• Timeless subjects like how to join a credit union or how to apply for a loan answer basic questions that many people have about credit unions;
• Timely tips that solve members’ immediate problems, such as how to take advantage of low interest rates or the impact of high unemployment on members’ finances, can encourage members to visit the credit union’s website every time their financial situation changes and they need advice.
• Videos demonstrating a personal touch provide a level of intimacy between the members and their financial institution that a large bank can never offer. The website can offer videos highlighting charity work a credit union has supported or showcase a video submitted by a member.
• Video blogs done by a credit union executive can offer the credit union’s opinions on topics that impact the way its members handle their finances. Topics can include discussions about regulations, financial trends, new technology solutions and new financial product offers. These videos demonstrate your credit union’s expertise in the financial industry.

Cost-Effective Video Production

When considering the cost of your video production program, make sure you set your budget to match the importance of the content. All videos are not alike and they shouldn’t cost the same amount. More can be invested in timeless videos that many people will see, such as focusing on how to join a credit union. These videos tend to be more formal or higher-cost videos. Informal or lower-cost videos, such as video blogs, may only be relevant to members for a few months and should be done less expensively to make them easier to produce on short notice. Of course, videos submitted by members cost a credit union nothing but the time it takes to post the video on the website.

Frequency of Video Releases

Videos need to be posted regularly. Nothing turns members off more than seeing the same, tired videos they saw the last time they visited their credit union’s website. Frequency is also important because it impacts the cost-effectiveness of your video program.

When determining when to release your videos:

• Consider how often your members want new videos.
• Calculate what the ratio of informal or lower-cost videos and formal or higher-cost videos will be.
• Set up an annual schedule for the release of your videos. Make sure you plan for unexpected, last minute videos when a timely subject arises unexpectedly.

Adding relevant videos to your website can enhance your credit union’s reputation for providing member service and get the attention of potential new members. Releasing new videos regularly encourages them to come back for more. As videos become more popular on the Internet, they also become mainstream enough that a credit union risks being left behind by other financial institutions if it doesn’t invest in a video production program.

Chuck Meyers and Debbie Harris work for Atlanta-based William Mills Agency, the nation's largest independent public relations firm focusing exclusively on the financial services and technology industries. The agency can be followed on Twitter, Facebook, LinkedIn, or its blog. For more information on how video can be used to communicate with target audiences, contact Chuck Meyers at chuck@williammills.com.