By Eleanor O'Connor – On
The statistics don’t lie. According to a HubSpot research study done in 2020, 72% of consumers prefer video over text for receiving branded marketing information.
Video is widely used as a way of entertaining, interacting, informing, marketing to and building trust with consumers on the internet. What does this mean for your collection agency? In an industry that is often plagued by a lack of consumer trust, it is so important to convey information through a medium that consumers can connect with and enjoy.
In the interview below, we discuss all things video with Paul Greiner from Vidwheel - its importance, different use cases, beginner tips and ultimately, how it can help your agency build trust with consumers.
Tip: At Arbeit, we are aware of the fact that although video is becoming an increasingly popular medium of communication, there are still individuals that prefer to read. Our solution? Combine the two. Our discussion with Paul is available in video format combined with a text summary below.
Is Video Really an Option for Debt Collection Agencies? (3:10)
Leaders can often feel like their industry isn’t trendy or flashy enough to warrant incorporating video into their business’ strategy. The reality is that using video is actually more important in these types of industries.
When it comes to the debt collection industry, the importance of video is heightened.
Why? Overall, consumers find it difficult to trust debt collectors. Incorporating videos into your agency’s business strategy can work in combating this.
How? Video can be a great way to show the friendly, compliant and trustworthy side of the debt collection industry, specifically in regards to your agency. As Paul says, “show versus tell.” Your agency’s website can talk all about how consumers can trust you, but the consumer isn’t able to see any hard evidence on why they should.
Putting a compelling video together that shows the “human face” of your agency can really improve the way consumers feel about you and the debt collection industry as a whole.
We cannot stress this enough - building trust with consumers is essential to your agency’s success!
Getting Started With Video at Your Agency (5:00)
From our initial experiences of trying to incorporate video into our business strategy at Arbeit, we know that it can seem overwhelming at first.
Getting started with video doesn’t have to be a complicated process though. You should start creating videos with the philosophy of “create now, refine later” in mind. Your agency can easily purchase a starter kit on Amazon to help with initial video production. These don’t necessarily include the highest quality production equipment, but they do make it easy to give video a try.
In all honesty though, depending on your strategy you may not even need to purchase a starter kit. You can easily make lower quality videos that convey valuable information using just an iPhone or basic camera.
According to Paul, getting started with video is all about actually creating the content, promoting it, and seeing what sticks. Once you know which types of content work for your agency, you can refine your strategy, upgrade your equipment, and even consider outsourcing the production process.
Standard Use Cases for Building Trust Through Video (6:42)
Ultimately, it does depend on what your collection agency is trying to achieve. There are certain “standard” types of content though that are known to be effective in video format. Paul describes the following as standard use cases:
➤ The “about us” video that allows you to share the company story
➤ The “insight and tips” video that allows you to share valuable information
➤ The “explainer” video that describes your company’s service or product
➤ The “interview-based testimonial” video that serves as social proof
Video is all about sharing real stories.
Getting Others Involved in Your Videos (8:40)
So you’ve come up with a great video idea, but you find out that nobody wants to be in the actual video. This is often the case for testimonial and recruiting videos.
What you need to focus on first is giving something to the individual you’d like to feature. It can be something very simple. Paul suggests having a day where you’re able to interview multiple people and provide a free lunch to all who participate. Not only is this a great incentive to get others to participate in your videos, but it also promotes a relaxed environment. This will encourage your interviewees to share their most authentic self and stories. You can also frame the interview as a positive asset to their company or personal brand.
Paul also recommends “going for where the interest is.” Don’t spend time trying to convince uninterested individuals to get involved, but focus rather on finding those who are interested.
Most importantly, when it comes to recruiting videos don’t have an HR professional read a script and call it a day. Allow your employees to authentically share their positive thoughts and feelings about working for your company.
Always remember that you don’t need everyone to be involved in your videos, just willing participants!
Have a Plan in Place (13:20)
In its simplest form, video is a way of communicating. This means that you can use it to replace some of the other communication methods you’ve been using. For example, if you’re using a marketing strategy that involves blogging, you can replace some portions of that with video and still maintain the same overall business goals. You can even turn your successful blog post topics into video content.
Combining a variety of communication methods is key. Some individuals prefer visual and auditory consumption of content, while others would rather read text on a webpage. It all depends on who you are trying to communicate with and what their current situation is. Paul recommends using around 4-5 different methods to communicate your message effectively.
About Our Guest
Paul Greiner is the Director of Business Development at Vidwheel, an end to end video agency. Vidwheel works with companies from start to finish in planning, producing and distributing effective video content as part of a larger overall strategy. His role involves handling and generating new business while assisting in planning out Vidwheel’s overall marketing strategy.
If you're looking to get started creating videos or are looking for assistance with your current video strategy, get in touch with Paul! You can also download Vidwheel's guide to video marketing for small business if you're not quite ready to reach out just yet.