LIGHTS! CAMERA! SALES! SHORT-FORM VIDEO MARKETING IS TAKING OVER Any business incorporating the best marketing practices has been using videos to connect with its customers for years. But with the advent of TikTok and Instagram Reels, people want bite-sized clips to deliver information without fluff. Businesses looking to keep audiences engaged must begin incorporating short-form content into their marketing strategy. Most experts define short-form video as lasting 60 seconds or less, and Influencer Marketing Hub reports that 73% of internet users prefer them to longer videos. Social media has conditioned people to enjoy brief content that quickly gets to the point, and TikTok purposely shows users video after video. The format is also taking over other platforms, and users find loosely scripted, on-the-fly content more relatable than meticulously produced videos. Fortunately, research indicates that short-form videos attract more engagement than static images. These are low-budget videos, so many marketers believe they have a higher return on investment (ROI) than traditional videos and are more likely to result in a viral hit. Best of all, the shorter the video, the more likely someone will watch until the end and absorb your entire message. But if your video doesn’t quickly grab a viewer’s attention, they know another potentially more interesting one will immediately follow. So, your videos should incorporate an instant hook to get users engaged. You might try a provocative question in the text over the video, an attention-grabbing song, or striking initial imagery. Many people new to short-form video don’t know where to start, so it’s crucial to note that it’s about more than making briefer versions of your existing content. Encourage user- generated content from people using your product, show behind-the-scenes clips that might interest your audience, or quickly answer a frequently asked question. If you want to stay relevant, your marketing team should remain on top of the latest trends. We don’t recommend jumping on the bandwagon for every “challenge” that appears on your feed, but you should watch for trends that fit your brand and will resonate with your audience.
DON’T UNDERVALUE YOUR BUSINESS Insurance rates have been on the rise over the past couple of years. Many of us have noticed it with our car or health insurance, but property insurance has also significantly risen, creating one of the most challenging times in the history of our country’s property insurance market. Property insurance rates have steadily risen over the past five years, and they are expected to continue to increase throughout 2023. Many have wondered why the rates have increased as much as they have. The truth is that many factors have contributed to this increase. Many have chalked it up to the record-high inflation we’ve experienced recently. While this certainly plays a role, we’ve seen widespread supply chain interference due to political instability, rising material costs and labor shortages, the war in Ukraine, extreme weather disasters, and significant loss experience, which occurs when loss amounts are vastly higher than past experience would project. These issues are causing headaches for business owners as they try to figure out how much coverage they need to protect their businesses and how much they can afford. Many are finding themselves underinsured or have been forced to take on large deductibles. Kroll, a risk consulting firm based in New York City, recently analyzed property appraisals for businesses across the country, and their findings are shocking: 68% of businesses valued from 2020 to 2021 were underinsured by 25% or more, 19% of which were underinsured by 100%. Nearly 90% of buildings appraised during this time were undervalued. Since these businesses are not properly valued, they’re putting themselves at risk if an incident should occur that causes them to rely on their insurance policy. This can make it difficult for them to get their claims paid properly, as their total loss amount may be greater than the reported values for their property assets. Additionally, underwriters will ask questions about how each business owner calculates their replacement costs. Having incorrectly valued assets makes this process much more difficult and may lead to potential carriers declining to quote. So, what can business owners do to ensure their property is valued correctly? It starts with staying up to date on your valuations and getting your property’s replacement costs reevaluated regularly. We’ll go into more detail in next month’s newsletter.
Finally, remember that authenticity is the point. Short-form videos should be playful and spontaneous and talk directly to your audience. Users won’t connect and share if it looks like a TV commercial; they’ll see it as just another ad and keep scrolling.
2 • www.INSURICA.com • Specialized Insurance Programs for Specialized Industries.
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