Digital marketing and low-cost regulatory management do not necessarily go hand in hand. The more digital marketing you deploy you could be increasing the cost of regulatory compliance. Find out what can you do to minimize the cost of regulatory compliance while maximizing your digital marketing efforts?
Digital marketing is definitely not going away, in fact, it is accelerating exponentially, the trick is to ensure that you have the right processes and the right technology underpinning your digital marketing efforts.
The business case for digital marketing should be solidified to everyone that wants to grow Through the secular changes between traditional marketing and digital or the acceleration of change due to Covid the benefits of digital are numerous and clear:
• Increased lead generation
• Enablement of Digital Trust Scoring
• Increased Customer Loyalty
• Engagement with Prospects and clients through the Buying Stage
• Targeting a specific Audience
• Enhanced Brand Credibility
As we increase the volume and the complexity of digital marketing actions and content, what we need to avoid is a one-to-one increase in the cost of approving and managing the content. Marketing assets will need to be released but regulatory compliance efforts and costs don’t need to increase simultaneously. So how do we do that? Well, it comes down to People, Process, and Technology.
Are you clear on who needs to be involved in the digital marketing and compliance approval process? Who is initiating the content? Who is responsible for approving that content? Who is required to approve the content from a brand standpoint? Who needs to approve this from a regulatory standpoint? Is this a singular person or a team of people? Who is retrieving the saved off compliance approvals, when regulatory comes calling? Is this an insourced function or an outsourced function?
Ideally, you have a clear and effective workflow aligned to who is responsible for the digital marketing and compliance approval process and how you deliver the digital marketing and compliance approval process? Do you have a one-stage workflow? E.g. One approver responsible for approving everything? Do you have a two-stage process whereby you have different people and teams involved in the process? How do we handle scenarios where people go on leave or vacation? What’s your process to look back in time and understand what was approved or not at any particular date and time? When regulatory requests do come in, can you retrieve that information quickly and easily?
Your technology needs to enable your people and your processes. The question is whether or not your current technology enables you today and whether it will enable you going forward. As the pace of digital marketing increases and the costs of regulatory need to be managed and minimized. Does your technology make it seamless and efficient to not only deliver your digital marketing as well as manage your compliance requirements? Does it enable all of the key business processes in your workflow that you require?
What about archives and analytics? Is it easy to obtain archived data and enable the use of analytics so that you can translate vast amounts of stored data into actionable management of regulatory compliance requirements?
I asked a lot of questions in this blog and the answers you’re looking for are at our October 26th, 2021 US Market Launch. You can do digital marketing without killing yourself with compliance; you just need to be enabled to deliver on it, and we deliver!
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