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When expanding your online presence, you have to take into consideration your long-term strategy to determine which avenue is best. Two popular options to connect with new audiences are podcasts and video content. Both have their benefits and drawbacks, so carefully consider each one before you decide.
Here’s what financial advisors need to know about creating video content versus a podcast.
Before you begin
As excited you may, think about your long-term strategy. If that includes warming up a cold audience, then audio and video content is ideal for making a connection.
An often-repeated phrase when it comes to business is, “If you build it, they will come.” But this is not a strategy you can rely on when it comes to creating this type of content. If you’re creating audio and/or video content, you’ll want to have a solid email list with a good open rate. Otherwise, you are creating content that very few people see.
Cost is another factor to consider when deciding between videos and podcasts. Sure, you can make a video with your smartphone and upload it yourself, but will it be professional looking enough to represent your business? Unless you have the time and skills to do things like audio and video editing, creating cover art, writing social media promotions, and more, then you’re going to have to pay someone to do those things for you.
While costs for these services vary, this is one area where you don’t want to save money. Things like poor quality audio or choppily edited video are an immediate turnoff for those watching or listening, which defeats the purpose of what you’re trying to accomplish and reflect negatively on your business. And without the right promotional copy and cover art to go along with your video or podcast, your content won’t reach more than a few people who subscribe to your page.
Podcast content: What financial advisors should consider
What’s the strategy?
If you’re considering creating a podcast, it’s not quite as simple as just recording a show. Your overall strategy will need to include how the show will be marketed, where it will be published, and which social media platforms you’ll use to promote it.
Podcasts are easy to create, highly engaging, and offer a way to build a relationship with your clients and prospects. Costs for podcasts are significantly lower than for video content. A real plus with podcasts is that people can listen anywhere, any time.
Podcasts by the numbers
It’s estimated that there are more than 1,750,000 podcasts with roughly 45 million episodes as of January 2021. Nearly 50% of homes in the United States are fans of podcasts, and nearly 75% of people who listen to podcasts say they enjoy learning new things.
These numbers represent a huge opportunity to capture the attention of potential customers for your firm if you’re targeting the right people.
Who’s listening to podcasts?
If the purpose of your podcast is to warm up leads, knowing if your target audience listens to podcasts matters – – otherwise you are wasting your time. Here are a few statistics to consider from PodcastHosting.org’s 2021 Global Podcast Statistics, Demographics & Habits Report:
- 51% of podcast listeners are male, 49% female.
- Age of listeners:
- 12-34: 48%
- 35-54: 32%
- 55+: 20%
- 41% of monthly podcast listeners have a household income over $75K (vs. 29% for US population).
- 25% of US podcast listeners have a 4-year college degree (vs. 19% of US population).
Types of podcast content
As far as subject matter, anything goes when it comes to podcasts. However, you have a very short window to hook the listener in at the beginning, so your content needs to be compelling.
Think about what your audience would get the most value from. Options for podcast formats include:
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Solo podcasts: Just you and the microphone speaking to the audience about whatever topics you choose.
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Interviews: Feature guests to cover a variety of topics that relate to your field of expertise and that may be of interest to listeners.
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Educational: A more structured approach where your focus on teaching and educating the audience on specific topics related to finances.
Video content: Is this the better option for financial advisors?
What’s the strategy?
One of the biggest factors when considering creating video content is the cost. The last thing you want is for your videos to look unprofessional as this will be a huge turn-off for your viewers. For your videos to truly support your marketing goals, ensure that they are attention-grabbing and have a clear and compelling topic.
Determine your goals before you begin. What does your audience need from you? What type of information will be the most valuable to them?
Budget to cover production, editing, promotion, and more. To keep costs in check, starting with short videos is a great way to test it out without committing too much time or money.
Roughly 87% of video marketers have said that YouTube has been effective as a channel for video content marketing, making it the ideal platform to test the waters without incurring unnecessary costs.
Video content by the numbers
From Facebook Live to YouTube to websites, there’s no question that video content is absolutely everywhere. It’s estimated that 60% of businesses use video content for marketing purposes, and 30% of marketers feel video is just as important to their marketing strategy as their website.
In a 2021 survey of nearly 700 marketers and small businesses, when asked how video content helps their marketing strategy their primary responses were:
- Raising awareness: 53%
- Building trust with potential customers: 52%
- Engaging their audience: 49%
Why do consumers watch video content?
While the demographics of who’s watching videos spans across all age groups, it’s not about who is watching, but why they watch that matters.
When it comes to learning about a product or service, 69% of consumers said a short video would be their preference. Videos can be a reliable way to warm up your leads, with 89% of consumers indicating that watching a brand’s video has convinced them to make a purchase. Additionally, video content is twice as likely to be shared than any other kind of content, making it easier to get eyes on the videos you create.
Types of video content
Just like podcasts, your videos need to be valuable and informative to your audience. However, they need to look great. Humans are visual creatures, so consider things like the colors you wear, lighting, and background.
Types of video content that may be appropriate for financial advisors include:
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Educational: Teach your audiences about topics related to your industry.
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Explainer: Give a step-by-step explanation of your products or services.
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Service: Showcase your services and share how you can provide value to clients.
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Frequently asked questions: Answer some of the common questions you get from potential and existing clients.
Consistency is critical no matter the media
Whether you decide to go with a podcast or videos, there’s one thing that’s critical: consistency. To get traction with your audience, they need to expect content from you at regular intervals. This trains them to look for your content, so if they go looking and don’t find a new podcast episode or video, they’ll stop looking at some point – either out of frustration or forgetfulness.
Whether you choose podcasting or video content (or neither), making an informed decision that supports your overall marketing strategy will ensure that your efforts deliver the ROI you want.
Crystal Lee Butler, MBA is a creative marketer and results-oriented business consultant with over a decade of experience collaborating with independent advisers. At Crystal Marketing Solutions, she delivers exceptional insights for financial professionals enabling them to create a consistent marketing presence so they can focus on the things that matter most to them.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.