When you’re a marketer, you face tough challenges on a daily basis, but these are amplified for highly regulated industries.
Some of the most regulated industries include the automobile industry, deposit and credit institutions, pharmaceutical and medical manufacturing, and alcohol and tobacco, although many other industries and businesses face stiff regulations as well.
Top Marketing Tips For Regulated Industries:-
So what should know about marketing in these areas where issues like compliance are of the utmost importance?
#1 Plan For Plenty of Review Time:-
When you’re building a marketing campaign for a regulated product or service, it’s important to make sure you’re building in ample review time. You’ll likely need quite a bit more time for all of the relevant stakeholders and key people to review all the details of a campaign, so plan for it in your initial schedule.
All of the agencies involved with your business also need to have the opportunity to review all marketing, and you need to make sure your legal department also can give campaigns a thorough review without destroying timelines and deadlines.
If you want to save time during review, consult your legal team and key stakeholders during the proposal phase.
As a marketer in a regulated industry, it’s imperative that so much of your focus go toward ensuring that you’re always up-to-date on any changes that take place both within the industry and from the FCC and other governmental groups.
A good example of this is the vaping industry. The use of vaping devices has gone up exponentially in recent years but has also been increasingly regulated, so marketers here have had to keep up with changes that occur almost monthly.
#3 Maximize Your Workflow Efficiency:-
While you do want to provide some extra time for reviewing campaigns, particularly ones that are very large or detailed, what you don’t want to do is take long periods of time to get even simple marketing messages out, such as a new social media post.
To handle this, create efficient and effective workflows that will allow rapid approval of marketing messages. A good way to improve efficiency in marketing approvals is to use technology and platforms that make collaboration and communication easier, even across departments.
#4 Focus on Storytelling:-
Regulated industries can have a lot of restrictions regarding how you’re allowed to share and sell your messaging. It can be tough to remain compliant in these situations while also differentiating yourself from the competition.
A good thing for marketers to focus on is storytelling and building a lifestyle brand. That can be one of the best marketing tools when you might be restricted in terms of the type of information you can share and how you can frame it. You can set yourself apart from your competition based on the elements of your story and the fact that you have framed your marketing around selling a lifestyle, rather than necessarily selling the product itself.
Marketing in regulated industries, particularly when it comes to digital marketing, can be tough but definitely manageable if you put your focus on improved communication across departments and stakeholders, and building a story rather than selling just the product itself.