Taking a financial services firm through a large change such as a technology upgrade or new system install and coming out with a tool that delivers the right results and achieves its goals takes widespread adoption and trust among members of the team. That’s why a communication strategy is a critical component of the change management process. And, once you’ve built a communications plan that encourages both adoption and trust, your delivery tool of choice should be video. Here, we’ll explain why and answer some key questions on the best ways to use it.
Why Video?
The reason video works for change management communications is simple—people love video. They consume it regularly throughout the day. In fact, think of the employees of your firm as consumers of your internal brand:
- The average internet user spends 88% of their time on websites with video
- 91% of consumers want to see more online video from brands
- 66% of consumers actively search for video content to learn more about a brand
- Viewers retain 95% more information after watching a video and process visual information 60,000 times faster than text
Consumers like video because it gives us flexibility. Video allows your team to choose where and when they want to receive your message, and at what pace. They can rewatch it as needed to catch all of the important messages you deliver.
And, importantly, video might be the best way to control the emotions you want your audiences to feel when they consume your content. And since positivity is a key component of bringing people through change management and building trust—videos that emulate positivity and excitement will stimulate those feelings in viewers. Not sure about the psychology of video? Think about the last time you watched a scary or sad movie…did you find yourself feeling that on-screen emotion?
What Type of Videos Resonate?
Promotional messages and training and how-to tutorials are equally important in your video mix.
Promotional videos demonstrate that the firm is fully behind the changes. It takes more commitment, time, and effort to produce a video than send an email. These videos set expectations that this is well thought out. Meanwhile, training videos can accelerate adoption—four out of five people find demo videos helpful in understanding product capabilities. These videos let members of the team learn at their own speed and absorb information in their preferred manner.
The production of the video doesn’t have to be professionally polished, and can include step-by-step tutorials with screen captures. Today’s iphones and digital cameras can capture high-quality footage.
If you decide to do-it-yourself, take a disciplined approach and go through a structured production process. It can be really hard to record videos off the cuff. Prepare ahead of time so that you don’t accidentally skip a step in the process you’re demonstrating. Take time to draft audio/visual (A/V) scripts and have others review them to ensure accuracy and completeness of the information you plan to share. Outsourced professional support can be helpful in managing the production process as well as considering factors such as lighting, editing and transitions that can make a better final product.
What Timing Works Best?
Throughout the duration of the project, you should have a steady cadence of video that tells viewers the story of this effort and its value to the firm. Work to develop a campaign that takes the team through the story arc—hook viewers in the beginning, build emotion in the middle, and provide a satisfying conclusion. Toward the end of the project, increase the cadence of videos.
Internal Videos are Just the Start
Don’t stop at video creation for your team. Once you’ve established a video production routine for your change management communications strategy, you’ll be ready to take your video efforts external! Every financial services firm should have a flagship video. Flagship videos support a wide variety of firm goals including organic growth and advisor recruitment.
Learn more here and talk to us about how video can help you manage change during your next WealthTech project.
