advertising + marketing for innovative brands

Tweeting Inside the Lines: 5 Social Marketing Solutions for Regulated Industries

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Legal/Regulatory and Marketing commonly go at it over social media in regulated industries. Healthcare, financial servicesand pharma continue to be the last holdouts.

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In regulated industries, every Tweet often needs Corporate and Legal approval. Even in straight-ahead BtoB markets, Twitter sites can keep banker’s hours.

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All this conservatism can suck the life out of social media and dull its original intent—to promote direct interaction. But the walls are starting to come down even in regulated industries.

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3 PROBLEMS SOCIAL MEDIA CAN SOLVE IN REGULATED INDUSTRIES

It can improve your image in a market where leaders often look like the bad guys, even if they create and distribute life-saving therapies

It can keep lines of communication open when there is

a shortage of new product introductions—often a chronic problem in pharma and biotech markets

It can demonstrate transparency, an essential quality for any brand’s success today—but one that regulated companies never instinctively offer

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So what are Five Social Marketing Solutions for regulated industries?

You can demonstrate that your brand has a consistent and important role to play in the community—without triggering an extensive legal review.

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Although Amex works in a highly regulated industry, it has had a field day with Small Business Saturday, a social media-driven effort that generated $5.7 billion for independent merchants on one Saturday in 2013. Source: https://www.americanexpress.com/us/small-business/shop-small/

You can free doctors to tweet and blog and let information-hungry patients connect by condition area—without violating HIPAA laws.

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Mayo Clinic has generated more than 500,000 likes by acting as a social media connector, despite the prevalence of privacy laws in U.S. healthcare. Source: http://www.facebook.com/mayoclinic

You can post thought-provoking, educational content that elevates your brand and gets people blogging about it.

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Bank of America recently partnered with Khan Academy to provide educational online content that didn’t require paragraphs of financial investment disclaimers.Source: http://www.bettermoneyhabits.com/

You can do primary research on your customers’ aspirations without requiring them to sign non-disclosure or privacy agreements—and use it to improve their experience.

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By inviting women with breast cancer to share their stories online and complete surveys, Novartis Oncology can mine insights about the treatment regimens and information needs of its patients.

Source: http://www.pinterest.com/countus/

Social media is a great place to highlight and test out cause-based marketing—no 510K approval required.

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Medical device maker Boston Scientific used social media to spread the word about the global diabetes epidemic and promote their support of its foundation.

Source: https://www.youtube.com/watch?v=rXEwfUK6a1Q

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Early adopters have advantage in any market. Social media may be mainstream for non-regulated companies, but first mover advantage is still available across regulated industries. Don’t let regulations keep you from the party!

advertising + marketing for innovative brands

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