Creating video content is the first step, but what matters is measuring whether this content has led the audience to interact and be driven down the sales funnel.

12 Video Metrics You Should Know to Elevate Your Marketing Strategy

<h1>Introducing VS Messenger &nbsp;</h1>

In today’s fast-paced and crowded digital world, it is vital for your business communications to stand out. You may have heard of <a href="https://www.videosmart.com/products/personalisedVideo">personalised video</a> and <a href="https://www.videosmart.com/products/interactiveVideo">interactive video</a> as powerful marketing and sales tools, that effectively increase the engagement of your audience. To be precise, viewers retain 95% of a message when it’s in video format, compared to 10% when reading it in text (Insivia).&nbsp;&nbsp;
Is your business stuck in traditional modes of text-based marketing? A recent statistic showed that 70% of ‘non-video-marketers' plan to start using video marketing in 2023 (Wyzowl), so it is urgent to move with the times. When looking at reasons why ‘non-video marketers’ weren’t using video, this report found that 30% of people said they lack the time to create it, whilst 18% don’t know where to start (Wyzowl). If you can relate to these reasons for being reluctant to use video marketing, our new VS Messenger product will make the transition easier. &nbsp;
<a href="https://www.videosmart.com/products/vsmessenger">VS Messenger</a> is VideoSmart’s new video messaging platform that places the creativity and control in your hands, allowing you to create, send, and track personalised and interactive videos.&nbsp;
<h3>Industry Use Cases &nbsp;</h3>
VS Messenger has endless potential for improving communications across a variety of industries with video messaging. Let’s explore some use cases of video messaging that will allow you to visualise its versatility and effectiveness. &nbsp;
<h3>Recruitment &nbsp;</h3>
Recruitment is an extremely competitive industry and whilst finding the right talent is key to company success, it can also be challenging. According to LinkedIn, 30% of the workforce are actively job searching whilst 70% are passive talent. To ensure you aren’t missing the attention of these passive job seekers, you may need to think outside the box of a standard bullet-point job specification.&nbsp;
76% of hiring managers say the most difficult challenge in recruitment is finding the right candidates for a role (LinkedIn), which is particularly hard if a role requires specific or niche experience. Often, the best bet of finding high-quality talent is to source candidates by headhunting instead of relying on applications, as 62% of talent teams agree (LinkedIn). To stand out amongst other job offers that top&nbsp;candidates may be receiving, why not film a personalised video to send with <a href="https://www.videosmart.com/products/vsmessenger" rel="noopener">VS Messenger</a>, that goes directly to their LinkedIn inbox. The more effort invested in reaching out to candidates, the higher the chances of gaining their interest in a role. In the long run, this is more likely to generate ROI, as organisations who invest in strong candidate experiences find that the quality of their new hires improves by 70% (LinkedIn). &nbsp;
Have you ever come across a video CV? This is an example of how video has already made its mark on the recruitment process. Rather than relying on paper CVs, candidates film a short video to introduce themselves, allowing them to speak directly to potential employers whilst showcasing their personality and skillset. &nbsp;
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Recruitment_image2.png" alt="Recruitment_image2" width="586" height="479" loading="lazy" style="height: auto; max-width: 100%; width: 586px; margin-left: auto; margin-right: auto; display: block;">
But why stop there? With VS Messenger, you can create engaging video job specifications that are more likely to attract top talent. Research shows that the average job seeker takes around 50 seconds to decide if a job description suits them but are willing to invest over 5 minutes of their time to watch a video job advertisement (Entrepreneur). With VS Messenger, you can even add in-video CTA buttons that allow a candidate to instantly apply for the job or schedule an interview, making the job application process seamless. &nbsp;
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Recruitment_image1.png" alt="Recruitment_image1" width="534" height="437" loading="lazy" style="height: auto; max-width: 100%; width: 534px; margin-left: auto; margin-right: auto; display: block;">
<h3>Real Estate&nbsp;</h3>
Selling a property is largely about the look and feel of a place, so video is no doubt&nbsp;a powerful medium to utilise. When it comes to attracting potential buyers, you can record a video message that outlines the main selling points of a property and send this as an email, text message or video link. 
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Real%20estate_image2%20(2).png" alt="Real estate_image2 (2)" width="511" height="418" loading="lazy" style="height: auto; max-width: 100%; width: 511px; margin-left: auto; margin-right: auto; display: block;">
Virtual tours and property videos are already a hit with&nbsp;potential buyers, but why not make these personalised and interactive with <a href="https://www.videosmart.com/products/vsmessenger" rel="noopener">VS Messenger</a>? Once an estate agent has built a relationship with the buyer and developed an understanding of what they’re looking for, they can use the 1-2-1 video platform to create a video tour which explains what elements of the property match their expectations and needs. &nbsp;
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Real%20estate_image1.png" alt="Real estate_image1" width="568" height="464" loading="lazy" style="height: auto; max-width: 100%; width: 568px; margin-left: auto; margin-right: auto; display: block;">
Video messaging is also a more time efficient way of showing a property, allowing the viewer to eliminate properties they don’t like which saves time on viewings. When it does come to booking a viewing, in-video CTAs with VS Messenger will allow the viewer to do this immediately, whilst also being able to download the floor plan. &nbsp;
<h3>Healthcare&nbsp;</h3>
When the COVID pandemic hit the world by storm, there was a significant shift in healthcare communications. Face-to-face consultations were often replaced by digital services, such as messaging, calls, or video calls. Even as services have gradually returned to normal, digital healthcare communications continue to be used. &nbsp;
A recent study found that a combination of face-to-face and video consultations are most effective for delivering healthcare (Williams et al., 2023). With this in mind, it is clear that video is a powerful tool for delivering sensitivity and clarity when communicating with patients.&nbsp;
With <a href="https://www.videosmart.com/products/vsmessenger" rel="noopener">VS Messenger</a>, video messaging can be used to respond to health queries of patients, provide personalised medical advice, send appointment reminders with necessary information, appointment follow-ups, and much more. It would also be valuable to make use of CTAs, with buttons that direct the patient to book another appointment, access further medical information, or direct the patient to a support group. &nbsp;
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Healthcare_endscene_image2.png" alt="Healthcare_endscene_image2" width="522" height="294" loading="lazy" style="height: auto; max-width: 100%; width: 522px; margin-left: auto; margin-right: auto; display: block;">
Furthermore, private clinics can make use of video messaging with VS Messenger, including private dental clinics, aesthetic clinics or cosmetic clinics. 
You may want to consider using VS Messenger at these stages of the patient journey:&nbsp;
<ul style="line-height: 1;">
<li data-leveltext="" data-font="Symbol" data-listid="7" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">
Preparing patients before a treatment whilst addressing any enquiries or concerns.
</li>
<li data-leveltext="" data-font="Symbol" data-listid="7" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">
Checking in with a patient during the recovery process.&nbsp;
</li>
<li data-leveltext="" data-font="Symbol" data-listid="7" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">
Gaining feedback to learn how happy the patient is with a procedure.&nbsp;
</li>
<li data-leveltext="" data-font="Symbol" data-listid="7" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1">
Introducing any product launches that the patient may be interested in.&nbsp;
</li>
</ul>
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Healthcare_image1.png" alt="Healthcare_image1" width="618" height="512" loading="lazy" style="height: auto; max-width: 100%; width: 618px; margin-left: auto; margin-right: auto; display: block;">
<h3>Finance &nbsp;</h3>
When it comes to <a href="https://www.videosmart.com/products/personalisedVideo" rel="noopener">video personalisation</a>, banking and finance firms should employ this technology to demonstrate their level of care towards customer&nbsp;financial wellbeing and stability. Customer engagement is key in the finance industry as it forms the basis of trust in financial services. &nbsp;
To increase customer engagement in financial services, there are many use cases of video messaging that will help. With <a href="https://www.videosmart.com/products/vsmessenger" rel="noopener">VS Messenger</a>, video can be used by investment managers to send clients an overview of how their investments are performing. This is particularly helpful when explaining figures that may not be as well understood via text. 
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Finance_image1.png" alt="Finance_image1" width="556" height="455" loading="lazy" style="height: auto; max-width: 100%; width: 556px; margin-left: auto; margin-right: auto; display: block;">
Additionally, mortgage advisors can provide breakdowns of client mortgage offers and agreements. To view an example, take a look at how we created a personalised mortgage onboarding video for <a href="https://www.videosmart.com/assets/videos/ourWork/NatWest_VideoSmart.mp4" rel="noopener">NatWest here</a>.&nbsp;<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Finance_image2.png" alt="Finance_image2" width="413" height="546" loading="lazy" style="height: auto; max-width: 100%; width: 413px; margin-left: auto; margin-right: auto; display: block;">
<h3>Conclusion &nbsp;</h3>
The industry use cases discussed in this article are just some examples of how video messaging can effectively build a trustworthy relationship with clients to drive sales and conversions. &nbsp;
If you’re considering adding video messaging into your marketing strategy, our new <a href="https://www.videosmart.com/products/vsmessenger" rel="noopener">VS Messenger</a> product is an efficient, functional, and powerful platform that drives results.&nbsp;
<h3>Get started today&nbsp;</h3>
If you want to test the power of VS Messenger before you subscribe, you can start a free 7-day trial of the platform that can be used between 5 users in your business. Simply visit <a href="https://www.vs-messenger.com/signup">https://www.vs-messenger.com/signup</a>. &nbsp;
Do you have any questions? Here at VideoSmart, we are happy to provide a demo of our products and discuss how they can benefit your business with effective customer journeys. Contact us at <a href="mailto:hello@videosmart.com">hello@videosmart.com</a>. &nbsp;

VS Messenger has potential to improve communications across a variety of industries with video messaging. Let’s explore some use cases of video messaging

4 Key Industries VS Messenger Can Make a Splash In and How

In today's fast-paced digital world, effective communication is vital for businesses to stay ahead of the competition and build meaningful relationships with their customers. With the rise of remote work and global collaboration, finding innovative ways to connect and engage with teams, prospects, and clients has become even more critical. Enter VS Messenger, a groundbreaking video messaging platform designed by VideoSmart to transform the way businesses communicate and collaborate.

<h1 style="font-size: 20px;">What is VS Messenger?</h1>
VS Messenger is a purpose-built online video platform that allows businesses to create and send personalised, interactive, and on-brand video messages via email, link, and SMS. Every video message is tracked from end-to-end using VideoSmart’s bespoke video player, and results are available in real-time using the platform’s metrics dashboard. It’s simple and fast to use the platform, with just four steps from start to finish to send your video message:
<ol style="line-height: 1;">
<li>
Upload or record your video,
</li>
<li>
Add interactivity,
</li>
<li>
Personalise,
</li>
<li>
And send!
</li>
</ol>
Every VS Messenger subscription includes access for a total of 5 team members (more users per platform is available to bespoke and enterprise subscriptions). You can customise your platform with your brand by uploading your logo and selecting 2 colours from your brand’s palette. These will appear across your video message landing pages and emails so that everything you send matches your brand.
<h3 style="font-size: 20px;">Who is VideoSmart?</h3>
VideoSmart is a video technology and marketing agency based in central London. We deliver personalised, interactive, messaging, and AI video solutions to our clients. We are 7 years and millions of videos into our journey. Our clients include many globally-recognised brands such as American Express, Shell, Royal London, and Renault. Our personalised and interactive video campaigns drive results for both our clients and their customers, and as such are multi-award winning. As a business, we are always looking to improve and innovate our product offerings, which is why we chose to develop our online video messaging platform: VS Messenger. VS Messenger allows businesses of all sizes and industries to harness the power of video in their day-to-day marketing and communications.
We love seeing video become an integral part of businesses’ growth and digital transformation journeys. Video has grown into the number one form of media over the past few years, and we can't wait to see what our customers achieve with it.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Frame%20907.png" alt="Frame 907" width="850" height="484" loading="lazy" style="height: auto; max-width: 100%; width: 850px;">
<h3 style="font-size: 20px;">The Power of Video Messaging</h3>
Video has emerged as a powerful communication tool, capable of conveying information, building connections, and leaving a lasting impact on an audience. According to recent studies, video content not only is proven to drive higher engagement rates, but people are also more likely to remember information presented in a video format compared to plain text (95% of information is retained when presented via video, versus just 10% when in text - Insivia). In a world where personal connections matter, video messaging enables businesses to add a human touch to their interactions, fostering stronger bonds with team members, clients, prospects, and partners.
Video drives significantly higher levels of engagement amongst all audiences when compared to any other media format. Due to Covid-19 and the rise of TikTok, we now as a world create and consume more video content than ever before. In 2022, people watched an average of 19 hours per week of online video content (Statista). The world loves video, and we view more than 1 billion videos each day on TikTok.
We not only consume more video content than ever before, but we also rely on video to communicate with one another more than ever in history. Our turn to video calling and video conferencing skyrocketed in 2020, increasing by 500% across both business and personal accounts as the pandemic restricted our ability to speak face-to-face. Whilst the limitations of lockdown have long since been lifted, video calling has remained a crucial tool for most businesses as the world has begun to embrace more hybrid and remote working.
It’s safe to say that the world has fully embraced the flexibility and connectivity of video across all areas of our lives. There is, however, one area of business that is yet to catch up: messaging.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Frame%20906.png" alt="Frame 906" width="854" height="488" loading="lazy" style="height: auto; max-width: 100%; width: 854px;">
<h3 style="font-size: 20px;">The State of Business Communication - Email</h3>
Businesses have been relying on phone and email for the past 50 years, with the first email being sent in 1971, and the first cellular phone call being made in 1973. The number of emails we send every day has grown from 12 billion in the 2000s (Forbes) to 347 billion in 2023 (Statista).
Although the number of emails we send grows every year, its effectiveness in selling hasn’t followed the same trajectory. In 2021, the average conversion rate of emails was just 1.22% (Barilliance). This translates to just over one out of every 100 emails sent leading to a sale.
<h3 style="font-size: 20px;">How can businesses use video to transform their email communications?</h3>
VS Messenger enables businesses to take advantage of the power of video within their day-to-day email communications. By adding video to marketing emails, companies see their click-through rates increase by a mega 200-300% (HubSpot). Sales emails also benefit from the addition of video, seeing 5x higher open rates and 8x higher open-to-reply rates than standard emails (SendTrumpet).
Video doesn’t just improve email open, click, and reply rates, it can also significantly improve conversion rates. In fact, 93% of surveyed sellers, marketers, and customer service reps report that video has the highest conversion rate. Furthermore, personalised video messages and marketing increase email conversions by 500%.
It is easy to incorporate video into your email communications with VS Messenger, once you have uploaded or recorded your video message, added the interactive video buttons, and added any personalisation to your video’s landing page, simply select ‘Email’ under the video send options, and input:
<ul style="line-height: 1;">
<li>
The email subject line,
</li>
<li>
The recipient’s email address,
</li>
<li>
Their name,
</li>
<li>
And the email body text.
</li>
</ul>
Once you have added all of this information, click ‘Next Step’, this will present you with the option to ‘Preview’ and ‘Send’ your email containing a video. Email and video performance will be tracked and available in real-time via your metrics dashboard, including whether your email was delivered and opened, whether your video was played, how many times it was played, and whether your interactive in-video buttons were clicked.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Frame%20908.png" alt="Frame 908" width="850" height="484" loading="lazy" style="height: auto; max-width: 100%; width: 850px;">
<h3 style="font-size: 20px;">The State of Business Communication – Phone Calls</h3>
Today, around 52% of businesses still consider phone calls as a primary form of communication. Cold calling is also still a common tactic for salespeople. The average sales representative makes 52 phone calls per day (Gitnux), but this number can reach into the 100s for some heavy hitters.
Whilst cold calling is still commonly used, the average cold call success rate is just 2%. To add to the difficulty, it takes an average of 18 phone calls to connect with a buyer (Gitnux), and 1.5 hours of cold calling per day for 5 days to win one appointment (Gitnux). Thereafter, after reaching a prospect, salespersons need to make an average of 5 successful follow-up calls to close a deal (Marketing Wizdom).
The cold calling process generally isn’t enjoyed by salespeople either, with 63% of salespeople saying that cold calling is what they dislike most about their job (LinkedIn). Cold calling also requires salespeople to be well-informed and able to think on their feet, because of this, 42% of sales reps feel that they do not have the right or enough information before making a sales call (CSO Insights). Training sales reps to be ready for cold calling is costly, with companies spending around $2,000 per sales rep to train sales staff every year (Brevet Group).
Another area of business that heavily relies on phone calls is customer service. Customer service is a huge area of importance for businesses, but it is one that is proving tricky to handle. Poor customer service can have an insurmountable impact on customer attrition, business growth, and overall revenue. In fact, poor customer service is costing UK businesses £11.4 billion a month in lost productivity, with employees averaging one day a week dealing with problems (The Guardian). Overall, poor customer service threatens $4.7 trillion in annual revenue globally (Qualtrics).
According to Salesforce, 50% of customers believe that the customer service and support from most companies need a major overhaul.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Frame%20904%20(1).png" alt="Frame 904 (1)" width="868" height="488" loading="lazy" style="height: auto; max-width: 100%; width: 868px;">
<h3 style="font-size: 20px;">How can businesses use video to supplement or replace the way they use phone calling?</h3>
Video messaging is a great, digital-first alternative solution to cold calling and call-based customer servicing.
Where cold calling relies on Sales Representatives:
<ul style="line-height: 1;">
<li>
Knowing their product inside-out,
</li>
<li>
Being able to think on their feet and answer any challenging and unexpected questions,
</li>
<li>
Being able to build a connection without putting a face-to-a-name,
</li>
<li>
Hoping that they can reach the buyer,
</li>
<li>
And hoping that their voicemail is listened to when they can't…
</li>
</ul>
VS Messenger’s video messenger platform allows sales representatives to:
<ul style="line-height: 1;">
<li>
Pre-prepare their messaging,
</li>
<li>
Record, edit and upload their video message,
</li>
<li>
Have full control of the conversation,
</li>
<li>
Engage their facial expressions, body language and tone of voice – keeping in mind that in traditional settings, communication is 55% nonverbal (visual, body language etc.), 38% vocal (tone, accent, etc.) and 7% words only.
</li>
<li>
Track and measure the effectiveness of their message using the dashboard,
</li>
<li>
Make timely and informed follow-ups, knowing whether their message was received and CTAs clicked on,
</li>
<li>
Drive action, no matter which stage of prospecting they are currently at, using interactive CTAs,
</li>
<li>
And add legitimacy to their cold prospecting, by delivering their message in a branded, digital format.
</li>
</ul>
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/Frame%20905%20(1).png" alt="Frame 905 (1)" width="868" height="488" loading="lazy" style="height: auto; max-width: 100%; width: 868px;">
Customer service can also significantly benefit from integrating video messaging into the customer experience.
In July 2023 the UK received its lowest Customer Service Index score (76.6/100) since 2015. Based upon their survey, the Institute of Customer Service recommended businesses to ‘make it easier for customers to access help and expertise’. They expand on this with the following ‘key recommendations':
<ul style="line-height: 1;">
<li>
‘Map the hand-offs or transfers between channels, especially between digital channels and direct employee intervention.’ and
</li>
<li>
‘Ensure all channels through which customers can engage with the organisation are appropriately resourced so that customers can access help in a reasonable timeframe.’
</li>
</ul>
Technology can play an important role in this: ‘At its most effective, deployment of technology in customer service generates a win-win scenario for customer and organisation: cost to serve and failure rates are reduced; customers get rapid access to key information; employees are freed up to focus on helping customers with complex or sensitive issues.’
By integrating video messaging into the customer servicing journey, reliance on call-centre interactions can potentially drop – being reserved for the most complex and sensitive of issues that require more extensive one-to-one support. With VS Messenger, marketers and customer success managers alike can build video messages into customers’ ticketing, troubleshooting and even onboarding journeys, where video messaging improves:
<ul style="line-height: 1;">
<li>
The understanding and retention of information - pre-recorded video messages could be re-sent to customers requesting support on frequently asked questions. 96% of marketers agree that videos have helped increase user understanding of their product or service. (HubSpot)
</li>
<li>
The connection a customer has with a business or brand, by adding the personal touch of having a human speak with them in a format that is similar to face-to-face. 91% of consumers want to see more online video content from brands. (Wyzowl)
</li>
<li>
Customers’ ability to self-serve and self-teach. 83% of people surveyed by TechSmith reported that they prefer watching video to accessing information or instructional content via text or audio.
</li>
<li>
Accessibility, video is highly engaging and allows you to convey information via audio, on-screen text, and captions.
</li>
<li>
Seamless journeys, adding in-video interactive buttons allows viewers to take the next step in their support enquiry right there and then. Improving the overall customer experience.
</li>
</ul>
<h3 style="font-size: 20px;">Conclusion</h3>
In today's digitally connected world, video messaging has become an indispensable tool for effective business communication. With VideoSmart's VS Messenger platform, businesses can foster meaningful connections, streamline collaboration, and achieve new heights of success. Embrace the power of video messaging and elevate your business communication to a whole new level with VS Messenger.
<h3 style="font-size: 20px;">Getting Started</h3>
Getting started with VS Messenger is quick and straightforward. Simply visit <a href="http://www.vs-messenger.com/signup">www.vs-messenger.com/signup</a> and sign up for a 7-day free trial for yourself and up to 4 team members, to experience the power of video messaging for your business. Our team is available to assist you at every step of the way or provide a demo of the platform by contacting <a href="mailto:hello@videosmart.com">hello@videosmart.com</a>.
Happy video messaging!
&nbsp;
&nbsp;

In today's fast-paced digital world, effective communication is vital for businesses to stay ahead of the competition and build meaningful relationships with their customers. With the rise of remote work and global collaboration, finding innovative ways to connect and engage with teams, prospects, and clients has become even more critical. Enter VS Messenger, a groundbreaking video messaging platform designed by VideoSmart to transform the way businesses communicate and collaborate.

VS Messenger: Revolutionising Business Communication with VideoSmart’s Cutting-Edge Video Messaging Platform

The final rules of the FCA’s new Consumer Duty are here and with the deadline for compliance fast approaching on the 31st July 2023, we’re here to provide you with the latest regulation’s key takeaways to help you take action.

What are the key dates?
<ul>
<li>
27th July 2022 – The final rules and guidance on the duty were published.
</li>
<li>
31st October 2022 – Firms agreed upon implementation plans.
</li>
<li>
30th April 2023 – Manufacturers were required to complete reviews to meet the outcome rules.
</li>
<li>
31st July 2023 – Rules start for open products and services.
</li>
<li>
31st July 2024 – Rules start for closed products and services.
</li>
</ul>
With just under 7 weeks to go until the deadline of the 31st of July 2023, we understand how daunting it can be in the final throes of reviewing your whole customer journey according to the defined four outcomes quickly and effectively – but don’t worry – we’re here to summarise exactly what to need to know if you didn’t already, and give you a nudge in the right direction to start planning your next marketing and communications campaign with these regulations in mind.
So, what exactly is the ‘Consumer Duty’ and what’s changing for your business and its customers?
The Consumer Duty is ‘the standard of care that firms should give to customers in retail financial markets’ as set by the Financial Conduct Authority, a financial regulatory body in the UK.
Simply put, the latest Consumer Duty sets high standards for 2023 and beyond, really pushing firms to focus on delivering good outcomes for retail customers – within the bounds of what can be considered objectively reasonable.
This latest duty and its principles reflect what consumers are currently facing today and will likely be facing in the future: a fast-paced, ever-changing, and increasingly digital environment.
Digitalisation can be a fantastic opportunity for firms to create a faster, more accessible, and ultra-personalised journey for consumers – but it’s important to monitor and regulate this changing landscape due to the potential backlash that a poor customer outcome can have on their financial future.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/5.jpg" alt="Royal London Personalised Pension Video from VideoSmart" width="1920" height="1080" loading="lazy" style="height: auto; max-width: 100%; width: 1920px;">
What rules and regulations do I need to be compliant with by July 2023?
The Consumer Duty is underpinned first and foremost by the Consumer Principle, Principle 12, requiring firms to ‘act to deliver good outcomes for retail customers.’ This sets an expectation of positive and proactive firm conduct when considering customer outcomes.
This standard of behaviour is further defined by its 3 ‘cross-cutting rules’ that:
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Require firms to act in good faith,
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Avoid causing any foreseeable harm,
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And enable and support customers to pursue their financial objectives.
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To be applied across all areas of firm conduct.
Importantly, these also help firms to interpret what comes next in the duty - the four key outcomes:
Ensuring that consumers receive…
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Communications that they can understand
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Products and services that meet their needs…
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…and offer fair value,
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And the support that they need.
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You may be asking at this point, well – does this apply to me, my business, and the customers I serve?
In short – ‘the Duty applies to all firms that have a material influence over, or determine, retail customer outcomes&nbsp;’ across the distribution chain.
From the design, operation, pricing, and distribution of these products or services, to the preparation and approval of communications, and customer support. If you have had a hand in any of these stages in a significant enough way to have an impact on customer outcomes, then this new regulation may apply to you.
This includes everything in the ‘retail customer’ space, whether that be credit-related, deposit-taking, insurance, payments, and investment activities. Both in relation to actual and prospective customers. And in some instances, even the customers that you have opted to decline to offer your product or service.
Although primarily in the B2C space, when in the B2B, if your product or service, when moved or sold down the distribution chain, still directly impacts the outcome for the end consumer – then yes, the consumer duty is applicable to you too.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/3.jpg" alt="FCA Consumer Duty Compliance Graphs" width="1920" height="1080" loading="lazy" style="height: auto; max-width: 100%; width: 1920px;">
How do I ensure my firm is ready?
As a good rule of thumb, the FCA suggests that firms should ask themselves whether they are applying the same standards and capabilities to delivering good customer outcomes as they are to generating sales and revenue in comparable areas of business.
Are your customer-support communications as clear as your sales-driven communications?
Is the quality of the post-sale support as good as the pre-sale support you are offering?
Your consumer has to be at the heart of everything, with the aim of helping them achieve their financial objectives and taking as many steps as reasonable to prevent causing any undue harm.
Communication is one of the major pillars of the Consumer Duty and it can make or break your ability to deliver good customer outcomes. 
The FCA expects firms to ‘communicate and engage with customers so that they can make:
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Effective,
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Timely,
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And properly informed decisions…
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About financial products and services’, this also aims to ensure that consumers can take full responsibility for their actions and decisions thanks to the fact that your firm will have taken all the necessary steps to enable them to do so.
What are some best practices?
The FCA states that ‘Consumers can only be expected to take responsibility where firms’ communications enable them to understand their products and services, features and risks, and implications of any decisions they must make.’
In order to do this, your firm must equip customers with the information they need:
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at the right time,
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in a way they can understand,
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tailored to their individual needs and characteristics – including any characteristics of vulnerability,
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via the right channel,
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securely,
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and in a tested and monitored environment.
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This is the only way that firms can put their best foot forward to ensure customers are fully equipped and that you are covered in terms of compliance. These rules are applied across the entirety of the customer lifecycle.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/2-1.jpg" alt="Customer Care Consumer Duty" width="1920" height="1080" loading="lazy" style="height: auto; max-width: 100%; width: 1920px;">
At the crux of the issue: Do you understand your customers?
In order to best serve your customers, tailor your communications to them, and deliver good outcomes – you need to ensure that you fully understand them, their characteristics – vulnerable or otherwise, behaviours, demographics, preferences, and financial goals. Principle 12 of the Duty focuses on customer outcomes, and requires firms to:
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‘pro-actively act to deliver good outcomes for customers generally and put customers’ interests at the heart of their activities’
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‘Focus on the outcomes customers get’
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Act in a way that reflects how they ‘actually behave’
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Better enable them to ‘access and assess relevant information’
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Help them to ‘pursue their financial objectives’
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Ensure they have ‘sufficient understanding of customer behaviour’
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Act to address when it’s been identified that good outcomes are not being achieved
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Consistently ‘challenge themselves to ensure their actions are compatible with delivering good outcomes for customers.’
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When understanding your customer, we see best practice as:
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Addressing them as an individual via personalisation,
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Serving them via a channel that will effectively engage them,
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Tailoring the visual identity and messaging in a way that will resonate with them and the market audience they belong to,
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And monitoring the outcome of both their experience with your product and service, and their engagement with your communication methods.
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<li style="text-align: justify;"><img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/6.jpg" alt="Mobilize Financial Services Personalised Welcome Video from VideoSmart" width="1920" height="1080" loading="lazy" style="height: auto; max-width: 100%; width: 1920px;"></li>
</ul>
Are you delivering good outcomes for all audiences?
Accessibility is also an important factor in this Duty. However, it goes without saying that accessibility standards have been raised across the board. Guidance in the Duty is also aimed at better serving consumers in vulnerable circumstances, and working on diversity and inclusion. ‘The Duty raises the standard if care afforded to all consumers’, this means that your communications should be accessible as standard, all the time, no matter the audience. The foreseeable risk that could be caused by serving accessible communications to all is very little to none, by comparison, the harm that forgoing delivering on accessible requirements for more vulnerable customers is considerable. Firms should look to ‘ensure that customers in vulnerable circumstances experience outcomes as good as those for other consumers.’
The Duty is also sets expectations on diversity and inclusion. Seeing ‘a diverse and inclusive industry as central to achieving the outcomes we expect in financial services.’
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/4.jpg" alt="National Pension Trust Personalised Pension Video from VideoSmart" width="1920" height="1080" loading="lazy" style="height: auto; max-width: 100%; width: 1920px;">
Do you need to tailor your communications to the nature of the product or service being offered?
Absolutely. In 4.17 of FG22/5, the FCA provide guidance on how firms should act depending on the nature of the product or service – and above all, its risk of harm to customers. Here’s some quick guidance on this:
Where a product is higher risk, firms should ‘take additional care to ensure it meets customers’ needs and is targeted and distributed appropriately.’ Certain products are only appropriate for certain customers.
Where a product or service is more complex, firms should ‘take extra care to promote, and monitor, customer understanding.’ Examples of this include designing customer journeys that make it clear that a product is only appropriate for a narrow target market. Or, to introduce ‘positive friction to a sales process for a complex and high-risk product. E.g. requiring customers to ‘watch a video on the risks, before they can make a transaction’.
In short, are your communications: relevant and timely, accessible, personalised, engaging, secure, and monitorable?
If not, it’s time to get them up to scratch. In a digital-led world, there is a multitude of solutions that can help you ensure that your marketing and communications delivery is compliant with this new Consumer Duty. VideoSmart’s video marketing solutions can do just that. <a href="https://www.videosmart.com/products/personalisedVideo" rel="noopener">Personalised video</a> delivers tailored content to your customers at the highest level, furthermore, it drives engagement by bringing financial data to life through video. <a href="https://www.videosmart.com/products/interactiveVideo" rel="noopener">Interactive video</a> can also make your video more effective, improving understanding, driving higher levels of activity, and reducing the number of steps in a customer journey. The FCA states that ‘research by the Behavioural Insights Team found that using a question-and-answer format to present key contractual terms improved consumer understanding by 36%.’ <a href="https://vs-messenger.com/" rel="noopener">VS Messenger</a>, our <a href="https://www.videosmart.com/products/videoMessageApp" rel="noopener">video messaging platform</a>, delivers all of this on a one-to-one basis so that you are covered from every angle. All video solutions, whether personalised, interactive, or messaging – come with access to our metrics dashboard as standard. So you can monitor the effectiveness of your campaign, and the outcomes for your customers, in one dashboard.
<img src="https://20378409.fs1.hubspotusercontent-na1.net/hubfs/20378409/7.jpg" alt="Legal &amp; General Interactive Pension Video from VideoSmart" width="1920" height="1080" loading="lazy" style="height: auto; max-width: 100%; width: 1920px;">
VideoSmart has the perfect solution for your financial product or service, no matter the complexity. We offer a consultative approach to our campaigns, working with our clients to help them deliver good outcomes for their customers. Our work in the financial services space has led to multi-award wins over the past few years, including Marketing Campaign of the Year two years running at the European Pensions Awards 2021 and 2022, the Success in Customer Service award at The Card &amp; Payments Awards 2021, the Best Use of Technology Award at The Car Finance Awards 2020, and more. Get in touch with us at <a href="mailto:hello@videosmart.com">hello@videosmart.com</a> to see how we can transform your marketing and communications strategy with our video solutions.

The final rules of the FCA’s new Consumer Duty are here and with the deadline for compliance fast approaching on the 31st July 2023 we’re here to provide you with the latest regulation’s key takeaways to help you take action.

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