Last week we looked at what can happen to your brand if you let your marketing compliance slip. This week, though, we get to deliver the good news. Here are some of the great benefits of staying on top of your marketing compliance:1. Improved marketing operations
Marketing compliance forces brands to review their approval workflow to ensure it safeguards them against breaches. For example, your approval process needs to entail legal and/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 workflow so that work is less error prone. You might even consider implementing an approval workflow software that protects your brand from litigation as well as improves your overall operations.
2. Greater brand loyalty
If a brand breaches consumer regulations, then consumers will learn fairly quickly to distrust the brand. Of course, if you keep your branding and messaging consistent as well as authentic, then you’re much more likely to engender customer loyalty.
3. Avoidance of exorbitant fines and lawsuits
Brands that are found by external regulatory bodies to be non-compliant ultimately land themselves in legal hot water. By upholding your marketing compliance, you will not only save your brand potentially millions but you’ll probably save its reputation while you’re at it.
4. Staying abreast of new technology
With direct access to customers, social media and data collection are hot spot for brands experiencing compliance issues. Marketing compliance means you’ll need to strengthen your knowledge of digital platforms and big data capabilities.
If your brand is fined or earns a bad reputation over breaching regulations, this is going to hurt your bottom line. By remaining compliant, you get to keep your money in your pocket. Additionally, a company with a good reputation has a better chance of partnering with key affiliates or brokering deals with other companies that can bolster the brand.
6. Hiring and retention of quality staff
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 reputation for providing quality products and services as well as a positive work culture.
7. Promoting goodwill through 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.
Who are consumers going to choose – a brand that has just breached consumer regulations 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.
Tune in next week when we offer some tips on how to safeguard your brand from non-compliance.