I teach at Rutgers University in New Jersey, the epicenter for many major companies in pharmaceuticals, insurance, and banking. And when leaders from these companies take my classes on digital marketing, there’s one objection to social media and content marketing that comes up almost every time: “But Mark, you don’t understand. We’re regulated.”
The time for highly regulated industries to hide behind this excuse has passed. Figure. It. Out. Already.
Harsh? Insensitive? I don’t think so. The companies who re-organize and adjust for today’s market realities and customer needs will win. This is what must happen and in a few cases, this is what is happening.
Jeremy Floyd is president of BPV Capital Management, a national financial services company based in Knoxville, Tenn. Financial services is, of course, a highly regulated industry. They have incredible restrictions on publishing, advertising, and even live interviews. Every piece of content must be reviewed by an attorney, and often an outside compliance agency. They can’t post claims or customer testimonies.
This is an excruciating marketing environment. And yet BPV is a content marketing machine.
How can this be? The answer is simple. Floyd and the BPV leadership team realized that to market in today’s digital environment they had to finally move away from both “brochures” and fear of the digital realm.
They had to overhaul their strategy, their organization, and their mindset to compete with the cards in their deck:
- They created a management structure that supports the rapid development of content — including access to an attorney who can approve something in as little as an hour.
- They built a strong workflow and approval process to make interaction across departments more efficient.
Read the rest: https://hbr.org/2016/01/companies-in-regulated-industries-can-also-do-digital-marketing