Social Media and Digital Marketing for Regulated Industries – Pharmaceuticals, Legal, Insurance, Banking
In these highly controlled industries, the strategies of your social media campaign are considerably different from your typical social media engagements.
With a lot of restrictions on publishing and advertising/claims, it is essential to get every bit of information thoroughly reviewed before it is made publically available. These guidelines are equally important for other channels also – blogs, presentations, videos, or live webinars.
In order to retain customer loyalty and better brand retention, we need to introduce fundamental changes to our social media strategy, awareness, and above all, the mindset.
Take a look at these examples:
- Choose social media channels carefully.
For a financial organization, probably number of “likes” on their Facebook page will not matter much.
It is, as a matter of fact, debatable if we should really use Facebook for the endorsement and testimonial for financial advisors.
- For a pharmaceutical company, it’s best not to mention the names of their products/illnesses in their tweets.
- Establish a process where the attorney can review your content in the least possible time frame.
- Make content approval process less bureaucratic.
- Consider only data-centric claims.
- Single source the content and publish it on different channels to get the most economic value from your content.
- Ensure tighter integration with the legal department.
- Use analytics to measure the effectiveness of your content.
- Everyone in the organization should be aware of these challenges, not just the marketing department.
- Conducting a fire-drill may be a good idea to ensure that your infrastructure/processes are adequately prepared in an event of disaster. For example, incorrect or sensitive information is posted accidently.
- Engage with specialized data security companies for better data encryption and protection on the social media channels. It’s important considering the high vulnerability of sensitivity information on these social media platforms.