Compliance is defined as “(1) the act or process of complying to a desire, demand, proposal, or regimen or to coercion (b) conformity in fulfilling official requirements.” Many industries are heavily regulated, including real estate, banking, and even politics. Marketing within those industries are often bound by laws and statutes, as well. If your business falls under those guidelines, is your marketing compliant?
Is Your Industry Regulated By Law?
This is an important question to find out when you’re getting started. As we stated above, many industries are heavily regulated. Here are a few examples of governing bodies that require certain marketing rules:
- Real Estate Agents – The Texas Board Of Realtors
- Attorneys – The State Bar Of Texas
- Mortgage Lenders – The Texas Department Of Savings And Mortgage Lending
- Elections – The Texas Ethics Commission
- Insurance – The Texas Department Of Insurance
Why Is Advertising & Marketing Regulated?
The most basic explanation is consumer protection. Many highly regulated industries require some level of education and expertise. There’s a reason a layperson isn’t allowed to practice law. Easily put, that person does not know the law, how other laws work in relation to it, or how wide its scope would be…but an attorney (in theory) should.
By creating advertising regulations, the consumer is given an additional layer of protection. The professionals in these industries are require to advertise and market their skills ethically and fairly. Confusing, misrepresenting, or defrauding consumers is strictly forbidden. These compliance mandates are established to help the governing bodies create an even playing field, so to speak.
What’s The Best Thing I Can Do To Stay In Compliance?
SDB Creative Group has extensive experience working with businesses in highly regulated industries. When we become your marketing company, we work with you and the powers that be. SDB wants to ensure that we have a firm grasp of the requirements prior to starting any marketing campaign. That way, your advertising and marketing efforts are well within the required guidelines. Some additional tips for staying in compliance:
- When in doubt, put yourself in the consumer’s shoes. If there is any grey area, definitely err on the side of caution.
- Be transparent and honest with your marketing. If you’re selling flip-flops, you shouldn’t market them as running shoes (silly example, but you catch my drift).
- Make sure that all members of your team are aware of their actions at all times.
If you want to make sure that you’re in compliance with your marketing and advertising, give SDB a call or fill out our form below. We’re happy to work with you to make sure you’re on the right side of your industry’s regulations!