The Innovation Challenge Within Regulated Industries
Having worked with many financial services clients over the years, Suzanne Jiggens-Johnson (Director at CACI Digital Consulting) provides some thoughts and guidance on how to innovate within highly regulated industries.
The Compliance Challenge
Creating campaigns and assets for digital marketing activities within regulated industries can be extremely frustrating for marketers.
Even something as simple as a PPC ad can invite extensive debate over a single word. The position of a call to action (CTA) on a landing page can be debated for days.
Over time, marketing teams can stop bringing new ideas to the table based on the assumption that they’ll never get it through compliance. Not only can this lead to complacency, but this aversion to risk and fear of rejection means many businesses within the financial services sector are missing key opportunities to optimise their digital marketing activities.
With this in mind, I’ve pulled together 5 tips for making compliance work for you and your marketing.
- Understand the compliance requirement
- Understand the FCA requirement
- For example, currently there’s a CTA at the bottom of the page because prospects have to read certain information before they can start the application funnel. If you’re recommending adding a CTA higher up the page, ensure you understand why it’s not there at the moment, and how you can fulfil the FCA requirement in a new layout.
- Think outside the box when looking for new solutions
- If you understand the FCA requirement, consider how you can meet this requirement within your campaign/ landing page, even if what you’re submitting is different to what’s currently being done.
- Are any of your competitors doing what you’re trying to achieve?
- See what your competitors are doing.
- How might they have justified certain wording/ CTA positioning/ etc.?
- Go and speak to compliance
- If you suspect your submission is complicated/a departure from current practice, go and speak to compliance to explain your ideas before making a formal submission.
- You will be better placed to explain your ideas and justification and which can help avoid misunderstandings.
- You will also be better placed to reach a compromise with compliance this way as you can explore alternatives with compliance in the room.
- Be clear with your submission
- Explain and clearly label exactly what you propose and why.
- Provide all supporting evidence.
- Be sure to explain that in some cases, your ad/ campaign may not show – e.g. PPC ads
Although financial regulations can be seen as a hindrance to being innovative within digital marketing, it is achievable. Thorough interpretation of marketing guidelines coupled with fostering good relationships with compliance teams will allow savvy digital marketers to break boundaries and open up new routes to market.