AE Marketing Group CEO and Founder, Brian Walker, discusses the hidden opportunities when advertising in regulated industries. This video is helpful for marketers who are struggling to creatively market a product or service that is regulated by the government.
Today I want to talk about advertising in a regulated industry, like pharmaceuticals or financial services.
As some of you may know, the government limits and regulates how some of these brands in these industries are allowed to market their products or services to consumers. The idea is to protect the consumer, but what it does is pose both an opportunity and a challenge for brands. On the challenge side, when you are operating in an industry that’s regulated, oftentimes what it does is stymies creative thinking and strategy and it allows a lot of creative and stuff in the market to look the same.
A good example of that is Medicare and advertising toward seniors. It all kind of has the same look and flavor and feel. So, while this is designed to protect the consumer, oftentimes what it does is confuse the consumer and it makes it harder and harder for brands to step out and stand out in a sea of clutter and competition.
On the flip side, this actually creates quite an opportunity for brands that, while still staying compliant with regulations, are willing to be innovative and strategic and push the boundaries of creative strategy and maybe even new mediums, to be able to target their consumers. If you take some of these innovative approaches and try to stretch outside the typical boundaries, it gives you the opportunity to really push your brand forward and that can be a great opportunity and a great win for brands. So, I would encourage you to not feel defeated when you’re operating in an industry that is regulated by the government. Instead, use it as an opportunity to be innovative and not like anyone else, and that will set you up for success.
We hope you enjoyed this Marketing Minute, we look forward to talking again soon.
