Mortgage Companies and individuals alike need a mortgage video marketing strategy in today’s marketing environment. It is no longer something you need to stand out in a crowded marketplace, it is necessary just to stay current and not fall behind your competitors.
The Importance of Mortgage Video Marketing
It is safe to say that in 2018 we saw the transformation of video marketing into a complete strategy to grow your business. The explosive growth of YouTube for many years has been hard to miss, and video has definitely gone social. It has been hard to miss the surge in video on all the major Social Media platforms. An interesting piece of news that has circled the internet was the prediction by Nicola Mendelsohn head of operations for Facebook in the Middle East, Europe, and Africa. Mendelsohn said that by 2021 Facebook content would likely be all video, and it would be mobile mostly. A recent report also shows that on a 2018 survey, 47% of respondents preferred to watch video content on Facebook as compared to 41% on YouTube.
Video as a marketing platform offers numerous advantages. It allows brands and individuals to convey their message and connect with current and future customers in multiple modalities; Visual and Verbal. It also provides the leverage of presenting a message in a one-to-many relationship rather than one-to-one. Additionally, it allows anyone to build a storehouse of content that can generate leads, awareness, and goodwill in perpetuity.
On the traffic conversion front, a report by depositphotos.com shows that using video can “increase conversions by 80% and email open rates by 19%” .
In as much as video has exploded in the overall context of marketing, it is still underutilized by the majority of small and medium businesses. It is particularly noticeable that in the Real Estate and Mortgage space. Where there is an even smaller number of companies and individuals leveraging video effectively. The time is now to capitalize on this opportunity. The consumer is accustomed to video marketing from other industries. As mortgage lenders and Real Estate practitioners, we need to quickly adapt and adopt.
A consistent video marketing strategy is important because, without it, your business will soon become irrelevant for the most part. It is a way for you to leverage your efforts and magnify impact by reaching a much larger audience. Even building a library of resources which you can use to pre-sell your prospects. Videos can also be used to support marketing by providing answers to FAQs. Video marketing is a wide-open opportunity. Anyone who commits to it and executes can have a significant impact in their market.
Here are 5 top mortgage marketing video influencers if you need a little inspiration or want to see mortgage video marketing at play.
The Challenges Of Video Marketing
One of the most common replies from individuals when it comes to doing videos for their business is: “I HATE video, I don’t look good on camera, I get nervous and don’t know what to say.” The good news is, you DON’T have to be the one on camera!. There are many ways to use video without having to be on camera and do the “talking head” style video. You can do “Doodle” style videos, “White Board” videos, and animated character videos. You can also partner with others in related services, such as Real Estate agents, accountants, estate planners, etc. who like being on camera. By co-marketing and co-branding, you can both benefit. Larger businesses of course, don’t have to worry about that, they are able to hire actors and other talent to handle that part of it.
Most also think they need to have expensive equipment to produce video. The reality is, great video is not so much about the equipment as it is about the content. The fact that many YouTube channels have garnered audiences in the millions tells you that professional grade video equipment is not absolutely necessary. There are channels with very large audiences, and the creators often review the equipment they use. Many have started creating video with just their phones. Setting up a production environment can be very affordable if you know the basics of video production. You can start with a very small budget, or if resources permit, spend a couple thousand dollars and you will have everything you need to start making an impact in your market with video.
Another often quoted reason for not having a video marketing plan in place is not knowing what kind of video to make. The good news, with a little research, you can easily come up with an entire video marketing plan you can execute in a short time.
Why you haven’t started using video. The primary reason lenders have not started using video is a perceived lack of resources and a definite lack of a video marketing strategy. For most, it just seems so daunting that the first step is never taken. Mortgage video marketing is definitely achievable without the need for expensive equipment or a large number of resources.
What Equipment Do You Need?
Choosing between scripting and Producing videos VS “Phone Selfie style” videos that can be created and uploaded on the fly is a common conundrum. Those with a “perfectionist” personality will tend to want to go all out in production, staging and scripting. This often leads to “Paralysis of analysis”. Unless you are a huge brand and are specifically looking for professional broadcast-quality video for Superbowl grade commercials, you don’t need to go that deep into production.
For individuals looking to take on the task of producing their own video content, there are plenty of online resources that can give you the basics of creating effective video using minimal resources. It is not difficult to hire out talent if you need actors, copywriters, and editors.
For those with the monetary resources to hire out, there are online outsourcing places such as Upwork and Fiverr which have hundreds of freelancers to cover every aspect of your video production needs. Websites such as Behance, Production Hub and Stage 32 specialize in providing outsourcing solutions for video production.
If you are committed to starting a mortgage video marketing strategy, you can start with just your smartphone, a selfie stick and/or a basic tripod. For less than a hundred dollars, you can begin to record the style and type of video that has literally launched many into an “Influencer” status. It is that simple.
Video Distribution and Hosting Platforms
Once you have a mortgage video marketing strategy ready to be launched, where should your videos be hosted? This will depend on the size of your business and the type of content you have produced. For brand awareness, SEO and general information purposes, the most common hosting platforms are YouTube, Vimeo, and Facebook.
YouTube is the number one video hosting platform. It is free, it gets a lot of visitors every month and watch time on the platform is the highest of any other platform. YouTube videos tend to be information as well as entertainment. If you have long-form content that will be shared with the public, YouTube is the perfect platform for that.
Vimeo is a bit of a niche type of platform. Their content has much greater production and generally is not focused on advertising type video. Their paid platform does allow you to host videos privately, behind paywalls. If you have a membership type video strategy, where only those who have paid to view the content, Vimeo is a good platform for that.
Facebook has made huge strides to become THE video platform. There are many advantages to hosting on Facebook. Considering that it is the biggest Social Media platform, hosting videos where your potential consumers already hang out makes perfect sense. It easy for them to consume your content without leaving the platform. You can create ads, run campaigns, and essentially use Facebook as the place to handle your entire video marketing strategy. It is important to note that users on Facebook tend to watch short video. Anything over 2 minutes, is better handled on YouTube.
Facebook and YouTube live are also simple and effective ways to record a video, and automatically have it hosted on the platform. You will need to be comfortable enough to do a “One Take” video as there is no editing once you are done.
Other niche video hosting and distribution platforms you may consider are:
- Wistia – Wistia is the most popular choice for taking your video marketing strategy to a higher level. Wistia provides marketers with a complete suite of tools to create, host, and promote your videos. The system gives you tools such as in-depth analytics, a brandable player, customizable thumbnails and an ad-free experience.
- BombBomb – BombBomb is a unique platform. It has a high user base of Real Estate and Mortgage Lending professionals. The system makes it very easy and simple to send highly personalized videos, a huge benefit to an industry that needs that personal touch. They have many automation tools that make it easy for the user to effectively respond to leads and follow up with them.
- Animoto – Animoto is more geared towards making creative videos using a variety of stock elements as well as your own assets. You can create videos that use photos and video clips to create a higher perceived production product, without having to hire a video producer/editor. It is highly unlikely that you will use Animoto exclusively but it is a good add-on for your marketing toolbox.