Two marketing hills we’ll happily die on…

Hill #1: Showing the value of working with you is always better than telling people and hoping they believe you.

Hill #2: Client testimonial videos are perhaps the most effective way to show that value.

Unfortunately, our latest research shows that only 13% of financial advice and planning firms have them.

That’s usually because advisers, planners, or business owners either don’t understand the benefits or let myths, misconceptions, and excuses hold them back.

The result?

They’re denying prospects the opportunity to hear the benefits of working with them from the people who know best: their existing clients. They’re also missing a huge opportunity to stand out because most of their competitors don’t have testimonial videos either.

Over the last 10 years, we’ve run countless video projects and heard every myth, misconception and excuse under the sun.

So, let’s bust a few and hopefully stop you from holding your business back.

#1. “My clients won’t do them”

Assuming your niche isn’t working with members of the SAS, MI5, or MI6, we’re confident that if you ask the right clients, in the right way, enough of them will agree to record a video.

It’s all about having an open mind, asking people in the right way, and remembering the client’s motivation for appearing on camera.

In our experience, they agree because it’s a way of thanking their adviser/planner that goes beyond simply paying their invoice.

To prove the point, let me tell you a quick story.

It was a cold, snowy, dark December morning, and the client of a financial planner had driven 50 miles from Wales to record a testimonial video. Over a coffee before we started shooting, I asked why he’d agreed to be filmed. His answer was telling: “It’s my way of saying thanks to Nick. He’s changed my life”.

Don’t decide for your clients. And don’t deny them an opportunity many will gladly take.

#2. “It’ll feel awkward to ask”

That’s probably true. But there are plenty of times in your business and personal life when you’ve felt awkward, carried on regardless, and good things happened.

To make life easier, we’ve developed a template you can use to ask clients by email. And if you’d rather ask on the phone or face-to-face, the template can become your script.

A planner we work with used it recently. Nervously, they sent it to two clients and asked a third in person. Each quickly agreed to record a video, proving that when we keep an open mind and move forward despite feeling awkward, good things happen.

#3. “Our competitors don’t have them, so we don’t need them”

There are two responses to this myth:

• You should invest in testimonial videos precisely because your peers and competitors aren’t.
• You should never limit your marketing by copying people who are getting it wrong.

Look at it another way.

If a prospective client said: “My friends don’t have a pension, why should I?”, you’d be tearing your hair out.

So why use the same logic with your marketing?

Don’t let your competitors set your standards.

#4. “Compliance won’t allow it”

This simply isn’t true. We’ve never had to stop a testimonial video project because compliance got in the way.

The bigger barrier is usually the belief that compliance will be a problem.

#5. “They’re expensive to record”

Cost is subjective; what’s expensive to one person is surprisingly affordable to another.

So, we’re not going to tell you that this myth is completely wrong. However, we charge £349 plus VAT per remotely recorded video, which makes them accessible to most advisers/planners, even those who run small firms and have tight budgets.

And, if that’s still too much, then there’s always the DIY option. It won’t be perfect, but it’s better than having no testimonial videos at all.

#6. “Let’s just use written testimonials instead”

That’s certainly an option; written testimonials are better than nothing. But they’re still weaker than video for several reasons:

• Many people would rather watch a video than read text on a page.
• Videos are more impactful, allowing people to hear your client’s words, tone, and emotion.
• Written testimonials are often hidden away on a testimonials page, which only 1-2% of website visitors will read.

#7. “High-net-worth clients won’t appear on camera.”

That might be true for some high-net-worth clients, but certainly not all.

To prove the point, we recorded testimonial videos for a wealth management firm whose clients could absolutely be defined as high-net-worth. Not only were the clients happy to take part, but they invited us into their homes to film the videos.

So, let’s put this myth to bed. Some high-net-worth clients won’t appear on camera. Others will. But you’ll only find out if you ask.

Feel the fear to stand out and impress

Firms with testimonial videos impress prospective clients and stand out from the crowd.

So, if logic is on our side, why do so many advisers, planners, and business owners believe these myths and misconceptions?

Honestly, it’s probably the fear of asking, coupled with the fear of rejection.

In reality, yes, some clients will politely decline, but if you ask the right people, in the right way, enough will agree to take part. Then you’ll join the 13% of firms already enjoying the benefits of this valuable form of social proof.

The key is simple: Don’t answer for your clients. Ask them.

Here to help

Over the years, we’ve run countless video projects, filming remotely, in advisers’ and planners’ offices, and even in clients’ homes.

If this blog has helped you think differently about testimonial videos, and you’d like to develop your own, email abi@theyardstickagency.co.uk or call 0115 8965 300 and we’ll explain how we can help.