How financial and pharmaceutical companies can be both social and compliant
29th January 2021
If your business falls within the realm of finance or pharmaceuticals, social media can be a minefield. Clear guidelines already exist with regards to marketing materials, and there’s no room for error. But how do you craft a successful and social marketing strategy with so many rules and regulations in place? Along with careful, authentic crafting of messaging and up-to-date knowledge of the dos and don’ts, the key is in the planning and having a tool that makes it simple.
We’ve summarized some of the key considerations to bear in mind when it comes to FSI marketing and taken a look at how to have fun with pharmaceutical marketing while staying completely compliant.
Certain industries are regulated in order to ensure that businesses are transparent, fair and that customers and investors are protected. When this comes to finance and pharmaceutical marketing, it means that companies have to tread a fine line to protect their followers on social media and avoid unsubstantiated claims.
As well as privacy and data, confidentiality, plus access and archiving, companies in the healthcare and finance sectors have to have a tight hold on their marketing activity. Anything that could be deemed as a ‘medical claim’ or misleading to potential customers cannot exist in the social world, or businesses may face large fines, plus the negative press that comes along with it.
Making comparisons with other products without evidence, or in an unfair way is not allowed, along with exaggerating quality without substance. The language used must be crystal clear, with no room for misinterpretation.
Being a marketer in these industries can be a struggle, but that doesn’t mean that brands should walk away at the first hurdle, or think that they can’t succeed. In fact, social media marketing can still be as effective for these brands as those without any regulation, once you have the right structure and processes in place.
If your brand isn’t on social media these days, it might as well not exist. Social media has redefined marketing strategies all over the globe and is the ultimate powerhouse when it comes to customer loyalty and business growth.
For pharmaceutical and FSI marketing, social media offers a multitude of brand benefits.
As well as traditional review sites, social media platforms can serve as a place for customers to spread the word about products and services. We all know that word of mouth is one of the most powerful marketing tools out there, but the landscape has changed somewhat. Now, many potential customers will check your social media pages to decide if your brand is legitimate and if it’s worth investing their time and money in.
Customers are switched on, and they can see when they’re being lied to. Showcasing your brand on social media in a fair, unbiased, and transparent way builds trust and improves online reputations.
Along with building an online social community, social media helps to give brands a personality. Although you might be some limitations on what can be said, there are still ways to inject a brand’s morals, stances, and tone into social media sentiments. Financial and pharmaceutical companies can be daunting to a consumer, but with an authentic, expert tone of voice and by delivering engaging content to your followers, you can build up customer loyalty, which is priceless in today’s market.
Now we’ve seen all the benefits that social media can offer, you need the right tool to see you through and ensure communications are compliant.
Marketing material is vetted with a fine-tooth comb to ensure it follows industry regulations, so why wouldn’t you do the same for social media? With ContentCal’s Approval Workflow, you can set up a chain of people to review content before it goes live.
Whether this is your management team or a legal representative, it reduces the chance of errors, incorrect wording, or misinterpretation.
Marketers in regulated sectors know how important it is for wording to be clear, which may mean certain phrases or statements come up time and time again. Snippets allow you to save these specific bits of copy to be easily attached to any post, saving time and further negating the chance of mistakes.
Content Hub Library
Not only is the Content Hub a place to store previous posts, ideas, and assets, it also allows the creation of template posts to use whenever necessary.
This means all of your standard information can be stored for ease, along with post layouts, tone of voice examples and imagery.
In the event that a company needs to stop posting, be it a world event or an internal crisis, ContentCal’s Pause Calendar function can instantly halt your content from being posted.
Furthermore, regulations are updated all the time, so if a word or phrase you frequently use is suddenly disallowed, you can edit all of your content without worrying that a post will slip through the cracks.
There’s no denying that digital marketing for financial services and the pharmaceutical sector is a complicated space, but that shouldn’t discourage brands from having a place on social media.
Whether you work in pharmaceutical marketing or are in charge of marketing for finance companies, social media can provide you with a platform to grow your brand, showcase its personality and create a community to drive sales and enable business success.
Rules and regulations exist for a reason, so it’s paramount that you stick to them. With ContentCal, you can put processes in place to avoid disaster, set up templates for ease, revisit your previous posts for consistency and create Snippets to make your life endlessly easier.
Compliance can be a headache for marketers, but a tool like ContentCal allows you to focus on delivering great content while knowing that compliance is covered.