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BizReport : Trends & Ideas archives : August 08, 2016

Online video can help sell anything - even insurance

Have you ever watched an online video to help you decide which insurance product to purchase? No? Then you are the majority. According to new research released by digital marketing specialists Speedie Consultants video is a great way to market what can be viewed as a boring, and complex, product.

by Helen Leggatt

Online video is a medium many turn to when they want to learn something. Many look for DIY solutions to everyday problems, while some look to online video to learn about products they are considering to purchase.

According to Speedie Consultants' survey in the UK, 72% of Brits have watched an online video to help them make a buying decision. Slightly more men than women did so (75% vs. 72%) and more men turned to YouTube than women (85% vs. 56%).

However, when it comes to insurance products, 85% said they had not turned to video for help in a purchase decision.

"This could mean one of two things. Firstly, there is no need to use video when selling insurance - yet we know from the FCA under their smarter communications bill that video is a great way to interact and explain product information," said Jason Hulott, director at Speedie Consultants.

"Secondly, that the customer was not provided with the option to watch a relevant video. Of those that said they didn't use video, 21% said it was due to the fact they couldn't find a video to watch."

Yet, the study found that almost three-quarters of those who had found and watched a video about an insurance product had found it useful, saying it explained how the product worked, with 9% saying they liked the fact it had lots of FAQs.

Furthermore, video content should not be limited to YouTube. As mentioned above, women are less likely to use YouTube than men and, instead, they turn to a company's website for information.

"The other interesting statistic that leapt out of the report was the fact that when looking for a video to help them, nearly 4 times (23% to 6%) of women would look on a company website rather than using YouTube or Facebook," added Hulott. " So if video is part of your marketing strategy, you need to make sure you include it in as many places as possible."

Tags: insurance, marketing, online video, trends

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