In today’s world, every business, whether large or small, is vying for attention in an increasingly crowded marketplace. This is especially true for industries that are highly regulated, such as finance and health.
While regulations are designed to protect consumers and ensure fairness, they can present unique challenges when it comes to visibility and marketing.
In this post, we will explore these visibility challenges, why they exist, and how businesses in regulated industries can overcome them.
Regulations in the finance and health sectors are meant to safeguard sensitive information, ensure compliance with ethical standards, and protect individuals from harm. These industries deal with data that can have significant personal and financial implications, making them subject to strict guidelines on how information can be shared and communicated.
In the finance sector, companies must adhere to a myriad of rules, including those set by bodies like the Securities and Exchange Commission (SEC) or the Federal Trade Commission (FTC). These rules cover everything from how companies advertise their products to how they handle customer information. For example, financial companies must ensure their advertisements are not misleading and clearly explain the risks associated with financial products like investments, insurance, and loans.
While these regulations are essential for preventing fraud and misleading information, they often make it difficult for companies to stand out in the market. Finance companies can’t always use bold or aggressive marketing strategies that might grab consumers’ attention. This makes it harder for companies to build brand awareness in a competitive industry.
Similarly, the health industry faces its own set of regulations aimed at protecting patient privacy, preventing misinformation, and ensuring that health products are safe and effective. For example, under the Health Insurance Portability and Accountability Act (HIPAA), healthcare organizations must safeguard patient information, making it more difficult to use personal patient stories or case studies in marketing efforts. Additionally, health-related advertising must be precise and scientifically backed, with a careful balance between conveying information and avoiding false claims.
Given the sensitivity of health-related information, healthcare businesses can’t engage in the same marketing tactics as other industries. This often leads to struggles with building consumer trust and visibility in a market where information overload is a significant challenge.
In today’s digital age, most businesses rely heavily on online platforms to build visibility. Search engines, social media, and content marketing are all vital tools for engaging with potential customers. However, for industries like finance and healthcare, these tools come with their own set of challenges.
One of the biggest challenges in digital marketing for regulated industries is Search Engine Optimization (SEO). For example, a financial institution may not be able to rank well for high-traffic keywords like "best credit cards" or "best investment opportunities" because they are bound by regulations that prevent them from making certain claims in their content.
In the healthcare industry, the situation is similar. Many health-related keywords, such as "miracle weight loss pills" or "cure for diabetes," are heavily scrutinized to ensure they comply with advertising guidelines. Additionally, search engines like Google have strict policies about what can and can’t be advertised, making it more difficult for healthcare companies to promote their products or services.
For both industries, content marketing requires a delicate balance. Companies must provide valuable and informative content without making unsubstantiated claims. This makes it difficult to create the kind of engaging content that would typically perform well in SEO.
Social media platforms are another area where regulated industries face unique visibility challenges. In sectors like finance and health, companies can’t always rely on viral campaigns or influencer marketing due to compliance restrictions.
For instance, a financial institution may want to run an Instagram campaign that features a well-known influencer talking about the benefits of a specific investment product. However, doing so might raise red flags with regulators, as the influencer could be perceived as endorsing a financial product without fully explaining the associated risks. Similarly, in healthcare, it may be challenging to showcase real-life patient testimonials due to privacy regulations and the risk of making unverified health claims.
When it comes to paid digital advertising, such as Google Ads or Facebook Ads, finance and health companies are often restricted in what they can advertise and how they can target consumers. In many cases, both industries face restrictions on keywords, targeting options, and the types of content that can be promoted.
For example, finance companies can’t run ads that make overly optimistic promises about returns or gains, while health companies are prohibited from making claims about the effectiveness of unapproved medical treatments or products. These restrictions limit their ability to reach potential customers through paid advertising, making it harder to compete with companies in less-regulated industries.
Despite the difficulties posed by regulations, there are several strategies that companies in regulated industries can use to improve their visibility and stand out from the competition.
Although regulations may limit the types of claims companies can make, content marketing still offers opportunities to engage and educate consumers. Finance companies can create informative blog posts or videos that explain complex financial concepts, without making specific promises or guarantees. Similarly, healthcare businesses can share expert advice, health tips, or general information about medical conditions without making any unsupported claims.
The key is to focus on providing value and information, rather than pushing products. By establishing themselves as thought leaders and trusted resources, companies can build credibility and visibility over time.
In highly regulated industries, trust is everything. One way to increase visibility is by focusing on building trust with consumers. This can be achieved through transparency about how products and services work, as well as clear communication about risks and benefits.
For finance companies, transparency might involve explaining how investment products work, what fees are involved, and the potential risks. For healthcare companies, it could mean being upfront about the limitations of a medical product or treatment and providing evidence-backed information to support claims.
While influencers may be restricted in how they promote products, collaborations with respected industry thought leaders can still be valuable. These experts can help generate visibility for a brand without violating advertising regulations. For example, a healthcare company might work with a respected doctor to share information about the benefits of a new treatment, ensuring that the message complies with all regulations.
For businesses in regulated industries, focusing on local SEO can help improve visibility while staying within regulatory limits. By optimizing their online presence for local searches, businesses can attract customers who are searching for services in their area. Local SEO can be particularly helpful for healthcare providers, who often serve specific geographic regions, and for finance companies that want to target local communities.
While visibility challenges in regulated industries like finance and health can be daunting, they are not insurmountable. By focusing on building trust, being transparent, and responsibly leveraging digital marketing tools, companies can overcome these obstacles and effectively reach their target audience.
Although these industries face unique constraints, they also have the opportunity to build strong, long-lasting relationships with customers through content that educates, informs, and adds value to the consumer’s life.