Simply put, compliance regulations and enforcement of those rules in professional industries exist to manage and mitigate risk. The directive of compliance governing bodies is to protect the health, safety, and finances of the consumer. Reducing consumer risk also helps you to avoid costly legal issues and reputational damages.
Any business that offers products and services to the general public needs to be mindful of risk management, but there are some industries that are more heavily regulated than others. Here are a few examples:
Regulations are in place to ensure the general public is safe from foodborne illness and potential allergens. This industry is regulated by the Food and Drug Administration.
The general public and investors are protected from fraud, the risk is appropriately managed, and fee structures are kept at a minimum. Compliance is maintained in this industry with regulations through the SEC and FINRA.
In addition to protecting the public from physical harm, compliance regulations are in place to protect patient information. HIPAA protects patient privacy, and organizational bodies such as the DEA, FDA, and the Department of Health and Human Services protect the health and safety of patients.
In retail, is important to regulate the management of data, supply chains, and health and safety risks of having a brick and mortar store that is open to the public.
Protecting the safety of consumers is critical in the automotive industry. Vehicle manufacturing is heavily regulated by the NHSTA. There are also supply chain ethics and laws to be considered.
This is not an exhaustive list of compliance-regulated industries, but it gives you an idea of the depth, breadth, and importance of risk management.
“Without [Compliance], many organizations wouldn’t have security controls in place, and there would be no consistency of standards among the protocols being used. In that regard, compliance has created a level playing field that all organizations are expected to meet when it comes to protecting sensitive data.”
—Paul Koziarz, Computer Services Inc.
So how do compliance regulations affect how you can market to potential clients? Email campaigns and social media posts don’t put the consumer at risk, right? In marketing you need to be mindful of maintaining brand image and consistency, truth in advertising, protect against potential fraud, and avoid making unrealistic promises/guarantees, or promising future gains.
Once you understand the importance of compliance and all the regulations you must follow, you can create a marketing strategy, or playbook, that will work with the rules rather than running into issues of falling out of compliance.
To protect yourself and your business, every email, social media post, blog post, direct message, and any other written asset that will exist in a print or digital format must be reviewed by several people before publishing. It’s impossible to have too much feedback when it comes to managing your own copywriting.
You may have compliance regulations that control how many prospecting emails you can send out in any given 30-day period, very strict regulations in regard to language used (requiring you to have any copy for digital or print marketing material to be approved prior to use), and rules that must be carefully followed in regard to the use of social media whether you are publishing personal posts from your professional account, or using direct messaging to communicate with existing and prospective clients.
Tip: The process of having original content approved can take a bit of time and have fees associated with each submission. When creating original content for compliance approval, try to make the content "evergreen." Meaning it will be material that you can use for a long time across multiple platforms. If you have several pieces of content that need approval, if it's possible to submit them all at once rather than one at a time, sometimes the fees are lower than if you were to submit them individually.
Every organization's compliance regulations that apply to original content used for marketing purposes are slightly different, it's important to understand how you can most efficiently work through the process.
Our founder is a veteran of the financial services industry and is well-aware of the importance of following compliance guidelines. We help you maintain your good standing with your necessary regulations. All of our plans are fully customizable to work with your individual needs. If having us fully in the driver's seat doesn't work for your situation, not a problem! We offer coaching services, allowing you to remain in compliance, and help you reach your goals for growth. Check out our services, attend one of our webinars, or schedule a call to learn more!
Remember, compliance regulations are not only there to protect the consumer, but also to protect you from potential risks that could be very costly, ruin your professional reputation, or even cause you to lose your business. The stakes are simply too high not to make compliance a priority. It's absolutely possible to follow the marketing plan you want to achieve the growth you're after while remaining in compliance to protect yourself and your clients.
Are you interested in using the same software we use in our Cold-Click® marketing method? Click on the image below to get started on your free trial! With Octopus and our coaching services, you're well on your way to reaching your business growth goals!