The benefits of staying on top of marketing compliance
Marketing compliance might not be as exciting as creative work but it's definitely reassuring to know that you're safeguarding your brand from non-compliance issues. After all, the risks of not complying with regulations and protocols can be costly for your business in many different ways
Risks of marketing projects not been compliant:
- Expensive fines for breaching external marketing compliance regulation
- Loss of brand trust and reputation for misleading messaging
- Decrease in sales as a flow on effect
- Less connection with audiences with inconsistent branding and messaging
- Loss of time and money having to deal with non-compliance issues
- No accountability for errors due to no audit trail of marketing work
- High staff turnover or low morale due to poor reputation/work culture
- Overall marketing efforts are compromised
- Profitability of brand is negatively impacted
The benefits of managing your marketing compliance effectively:
1. Keep your money in your own pocket
The ACCC has pledged to dish out harsher penalties for businesses that breach Australian Consumer Law. Nowadays, corporations can be fined in excess of $10 million dollars. By upholding your marketing compliance, you can potentially save your brand millions of dollars. If that alone isn't worth the time to practice good compliance habits, then what is?
2. Bolster your reputation
If your brand is found to be non-compliant, this will not only potentially hurt your bottom line, it will negatively impact your reputation. Marketing compliance protects a brand's reputation by ensuring that campaigns are always in line with regulations. Additionally, a company with a good reputation has a better chance of partnering with key affiliates or brokering deals with other companies.
Recommended reading: Best practices for marketing compliance in tightly regulated industries
3. Feel the love that comes with brand loyalty
With customers being so well connected today, it's difficult for news of a large-scale breach to go undetected. Consumers will love you one day and then leave you the next if they distrust your brand. Maintaining brand consistency and authentic communications, on the other hand, will engender trust which is the essential driver behind customer loyalty.
4. Avoid wasting time that you'll never get back
If marketing compliance isn't high on your priority list, you probably spend a lot of time fixing non-compliance issues. Even if you manage to avoid the big fines, lots of frequent little mistakes can equate to a loss of revenue because productivity is being compromised. Marketing compliance is not only important in terms of following protocol, it also helps to keep you and your team efficient.
Recommended reading: 5 ways to solve your marketing compliance issues
5. Run a sleeker marketing operation
Marketing compliance often forces marketers to review their approval workflow to ensure the right measures are in place to safeguard their brand. For example, your approval process needs to entail Legal or Compliance sign off on artwork to make sure all campaigns comply with regulations and brand guidelines. Additionally, stakeholders should always provide input at the right time in the approval process to avoid errors or confusing feedback. You might even consider implementing approval workflow software which protects your brand from litigation as well as improves your overall operations.
Recommended reading: 5 ways admation helps legal and marketing compliance teams
Stay in sync with new technologyWith direct access to customers, social media and data collection are hot spots for brands experiencing compliance issues. Marketing compliance will strengthen your knowledge of social platforms and big data capabilities so that you avoid the trap of breaching any digital protocols such as sharing personal data.
6. Hire and retain top talent
Professionals today are seeking to work with brands that echo their own ethics and values. For this reason, they are drawn to and more likely to continue working for brands that have a strong reputation for providing quality products and services as well as a progressive work culture.
7. Foster goodwill with public relations
The opposite of a PR nightmare (in the case of consumer misconduct) is being able to tout the accomplishments of a brand and provide leading examples of professional conduct. For this reason, marketing compliance makes it easier for your public relations team to promote your brand to the public.
8. Beat the competition hands down
Who are consumers going to choose ? a brand that has just breached a consumer regulation or one that is known for being upstanding in the marketplace? Marketing compliance increases your overall competitiveness and places your brand front and centre of consumers.
Recommended reading: Features and benefits of admation for marketing compliance