Of course, the power of interactive video is in the targeted use of high-quality data. Having the interactive video embedded in an email, for instance, generates data not just on viewing but engagement. As the customer interacts with the video, multiple data points are created for application to, for example, product upselling or cross-selling. The success of the content itself can also be easily measured and tweaked quickly to maximise conversion rates.
The data also feeds into the customer service function, enabling richer understanding of the array of queries and allowing for intelligent deployment of resources to more carefully meet a customer's needs.Benefits
- Improved customer conversion rates
- Improved customer satisfaction
- Improved customer retention and loyalty
- Improved customer profitability
Insurance products are complex so interactive video is the perfect medium to help a prospective customer get to grips with their policies, the range of cover and any add-ons.
While insurance products can be explained in general terms with video, it remains a broadcast rather than a communications medium. Interactive video personalises the communication between insurance company and customer. Information can be tailored to their particular situation and their particular policy, facilitating the customer's understanding, answering their queries and responding to their concerns.
Interactive video can reduce the numbers of customers calling in to customer services by tackling any queries before they become problems, thereby increasing overall satisfaction and brand loyalty.Personal Finance
Another way interactive video can optimise digital experience is in the customer journey buying financial products, a mortgage for example.
When the customer first encounters the video, they will be prompted to answer questions about their age, living arrangements and wish list. The data gathered will then individualise the messaging.
As the customer watches videos about a mortgage product, engagement can be substantially increased. Questions embedded in the content of the video prompt the customer to respond, encouraging dialogue and engagement at regular intervals. Information tailored to the customer's requirements is displayed, with terms and interest rates simply communicated.
The interactive videos draw the customer through the mortgage payment and affordability calculator, providing multiple opportunities to ask for information, up to and including when the customer is ready to complete the online application.
The use of interactive video continues after the completion of the mortgage, with a personalised message in the onboarding communication along with the facility to raise queries or ask questions. Any statements issued will also be personalised and engaging, along with offers of information about other products that are tailored to the customer's particular requirements.
We at Bridge Learning Tech believe that this technology can be transformative in customer recruitment and retention. The embedding of interactive video into standard communications are not only impactful but provide multiple opportunities to engage more memorably and effectively with customers, improving response, conversion and lifetime loyalty rates.