Top Digital Marketing and Social Media Trends Affecting Regulated Industries

Digital marketing has changed the way businesses go about acquiring and keeping customers. But industries dealing with restrictions face a particularly difficult uphill battle. As a result, many regulated industries have been slow to adapt to the digital age.

Burdensome regulations often mean less innovative digital marketing and more investment in conservative, traditional marketing tactics (print, TV, billboards, etc.).

Industries such as financial services, pharma, and healthcare have particularly tricky hurdles to overcome. While most in these verticals have adopted modern digital marketing channels (such as social media), each step is slow, methodical and tempered with caution.

A significant threat looms for those who allow fear to hold them back from making progress -- falling out of touch with a younger generation.

Digital marketing facts

Many in regulated industries sit back and play the "waiting game" as the digital world continues to progress forward without them. Traditional marketing still has its place, but online marketing has proven to be the most effective way to reach a world that has fully embraced digital.

Approximately 3.03 billion people around the world are active on social media

There are 7.53 billion people in the world today, meaning that 40% of the world's population has active social media accounts. One of the primary rules of advertising is to go where your customers are, and most of your prospects and customers are online, engaging on social media.

Digital ad spend has been predicted to reach over $375 billion by 2021 across the world

Digital marketing has become the primary way for brands to reach their prospects and customers. With $375 billion in ad spend predicted in just a few years, it's clear that more industries have begun to see the efficacy of digital marketing.  

2019 Trends That Help Drive Success For Regulated Industries

Social signals and SEO

One very powerful aspect of digital marketing is search engine optimization (SEO). With every brand, business, and marketer out there vying to rank well on Google in their respective niches, regulated industries are going to need every edge they can get to ensure their websites rank well. 

The edge they need may very well stem from social signals.

• What are social signals?

Social signals are indicators that communicate with search engines when content is engaged in a specific way on a social media platform. Engagement can take various forms -- retweets, likes, comments, shares, etc. Content that showcases significant engagement will indicate to users that it contains high-quality, valuable information. 

• How does social signals affect SEO?

Search engines such as Bing and Google aren't saying much when it comes to the significance of social signals and their effect on search engine ranking algorithms, but a number of case studies provide some insight into how social signals interact with Google. The results looked promising:

?      Likes and shares on a Facebook post have a mostly positive impact on page rank for relevant keywords.

?      Users on Twitter who send out tweets can generate temporary, but powerful boosts to their ranking.

Using social media to drive engagement on your website leads to repeat visits, reduced bounce rate, and an increase in quality traffic.

Google (amongst other search engines) take all of these signals into account when determining how a website will rank in search results.

Influencer marketing

Another aspect of digital marketing that regulated industries should take advantage of is influencer marketing. Influencer marketing involves leveraging the popularity of influencers to drive decision making actions, such as purchasing a product or submitting an email.

The concept of influencer marketing is simple enough -- find someone who has an excellent reputation with a large enough audience in a specific niche to promote your brand, support the content you create, and communicate to their audience that you're just as trustworthy as they are.

• The future of influencer marketing 

With the ever-growing popularity of social media platforms such as Instagram and YouTube, influencer marketing has become a massive cash cow for savvy marketers. This fact is emphasized by the ever-increasing global ad spend on influencer marketing campaigns as indicated below: 

Let's take a look at a few predictions concerning the future of influencer marketing.

• The formation of "influencer groups" 

Once a relationship has been established between a brand and an influencer, their authority and reputation often grow as a result. It's an interesting phenomenon that affects many brands that associate within a particular sphere of influence.

As a result of this, we'll likely begin to see groups of influencers and brands who prefer to work with one another. There may even be entire ecosystems surrounding these groups. Ultimately, this will have a direct impact on how influencers are viewed and how they end up interacting with others.

• Influencers with high and low follower counts will be targeted

It's common for big brands to target influencers with large followings. However, a massive influx of brands and marketers means regulated industries will have to fight for the attention of the influencers with the largest audiences.

Moving forward, we will see many businesses start looking to influencers of varying levels even if that means targeting those with a smaller sphere of influence.

• Major social media platforms will begin to adapt

If there's one thing major social platforms such as LinkedIn, Twitter, and Facebook have in common, it's that they must adapt or fall into obscurity. These platforms have taken note of how powerful influencer marketing has become, and we will likely see changes to these platforms that make influencer marketing far more convenient for marketers.

What's in it for the social media platforms in question? Increased profit for all parties involved. It's a win-win for everyone.

• More demand for the truth

Consumers will begin demanding the truth from the influencers they choose to follow. Many people have started to show fatigue from the endless inundation of influencer advertisements and promotions

While leveraging the goodwill of influencers has worked for some years, consumers are beginning to catch on to the fact that influencers are being recruited in increasing numbers to act as mouthpieces for a wide range of brands.

Eventually, the trust factor of influencer marketing might begin to fade. As a result, many consumers may start demanding true authenticity from their influencers.

• What does the future truly hold for influencer marketing?

As of this moment we can only make predictions about the future of influencer marketing. One fact is clear, however -- influencer marketing is too lucrative to ignore. Utilizing this strategy can prove to be a powerful tool for any regulated industry. 

Digital Marketing and Social Media Outlook for finserv, pharma, and healthcare 

 Let's look at the digital marketing and social media outlook for each of these industries and analyze what each needs to do to stay relevant in an increasingly digital world.

Major marketing trends for financial institutions

• Omni-Channel measurement and marketing ROI

Every CEO and CFO demand a straightforward answer from CMOs -- what is the return on investment (ROI) on marketing? The problem with many forms of traditional marketing is they're often difficult to measure. How do you measure the reach of radio spots, TV commercials, and billboards on the side of the road?

You can't, and many financial businesses have burned through their advertising budgets without ever truly knowing what works and what doesn't. With digital marketing, every campaign can be measured on a granular level, providing clear insight into its ROI.

Moving forward, finserv marketers will be able to gather all of the data they collect into the customer's journey. Analyzing consumer behaviors and habits will tell marketers what type of message they should be communicating at each point in the consumer's path to making a purchase.

• Content creation

The digital world thrives on content -- blog posts, videos, infographics, podcasts and more. If a financial brand wants to drive success and establish itself as a thought leader, an investment in high-quality long-form content pieces that drive real value for the audience is a must. As the future looms don't be surprised if more and more financial institutions begin to bring on top copywriters, strategists, and other content creators.

• Chatbots and advanced technology 

Customer interactions are becoming increasingly AI driven. Chatbots provide an immediate way for businesses to interact with their customers, personalizing their experience and guiding them along the buyer's journey. Chatbots can help customers to transfer money, check account balance information, pay a bill, and much more.

Financial institutions such as credit unions and banks will need to utilize the power of chatbots and other advanced technology if they wish to connect with Millennials and Gen Z. We are now at a place where AI technology is set to take off to all new heights -- if the financial industry doesn't position itself in a way to take advantage of this new technology they will be left behind.

That said, financial services firms have slowly increased spending on technological advancements. 

• Micro-moments

A micro-moment occurs when an individual turns to their tool of choice (whether that be a phone, tablet, or computer), to act on a need at that very moment. For example, "Googling" an answer to a question you may not know would be considered to be a micro-moment.

96% of users turn to their mobile devices to research on the spot. The financial institutions who take advantage of this unique trend will gain a definite advantage over their competition. This can be done by making information available at the right time when a micro-moment occurs.

Consumers easily check their phone hundreds of times a day, so it's crucial that financial institutions have content readily available to take advantage of these decisions.

• Outlook for the financial services industry

The financial services industry has been making efforts to invest in new technologies but they have a long way to go before they can claim to be ready for what the future has in store for them.

Despite their slowly increasing budget for technological investments, the financial services industry seems ill-prepared for digital marketing, as studies suggest. The biggest issue many financial institutions face is balancing the needs of the older generation with those of the new.

Where older customers prefer face-to-face interactions, younger demographics favor more digitally based services. This is why the finserv industry has long feared that the tech giants of the world, such as Amazon and PayPal, would eventually begin siphoning off their customers. 

If finserv brands are to thrive in the coming years, they must make social media a vital tool in their marketing plans. Adopting a social media strategy can serve multiple roles for the finserv industry. Not only will they be able to communicate with customers, but they can also simultaneously collect data. If the finserv industry fails to adapt, it will just continue to fall further behind.

Major marketing trends for Pharma 

• Multichannel online resources

Using online resources via multiple channels is a relatively recent trend that is increasing in popularity. This new wave of multichannel resources has begun to affect the relationships between health care personnel (HCPs) and medical representatives.

For example, product information or medial updates can now be accomplished at any given time via the web. Pharma has a unique opportunity in front of them. Possible digital solutions they can offer include e-sampling, live videos, and interactive detailing.

• Capitalizing on mobile technology 

Pharma has most certainly been on the ball when it comes to shifting with the times -- the past few years has seen significant moves by pharma to adapt to the new mobile generation. With their smartphones in hand, an increasing number of doctors and other medical professionals are now able to access the clinical information they need at any time during the day.

With crucial medical information just a click away physicians can now focus more of their energy and attention on the more complicated aspects of their jobs as they leave the simpler tasks to the technology in their pockets.

• Big data, artificial intelligence, and machine learning -- the next level of service 

Medical professionals are always looking for far more complex and advanced datasets that they can access in real time. Now that data is being collected and represented in a more authentic and up-to-date manner, pharma can capitalize on the strategy of combining content with artificial intelligence.

Artificial intelligence and other automation tactics can significantly influence marketing for the pharma sector. For example, it may become possible to optimize the functionality of medical equipment without the need for a human technician. This will greatly increase cost savings.

It's believed that individual data preferences will be unveiled, ensuring that pharma marketers can send customers the information they require promptly.

While automation is most certainly the way of the future, humanity can never be truly removed from the equation. If that were the case, there would be no empathy behind the processes of AI intelligence -- just cold, hard calculations. 

Therefore, marketers should always understand that their contributions are still extremely valuable. Processes, data, and technology all still require the mindset and strategic thinking of humans.

• Outlook for the industry

Pharma has been on the ball in terms of staying up to date with many new online marketing trends. If pharma is to continue thriving, it will need to identify current trends and technology as they work with healthcare payers and providers (whether they be health insurers, employers, governments, or patients).

Investing in artificial intelligence, capitalizing on mobile technology, and using multichannel online resources are all great places to expand. Empowering healthcare payers and providers with a quick, digital means of placing orders will greatly improve customer interactions.

Major marketing trends for Healthcare  

• Patients rely heavily upon smartphones to check on medical conditions

Patients want to feel like they have power over their health situation no matter how severe it is. The flexibility of smartphones allows patients to get their information instantaneously while on the go. Querying information on the spot is a trend that will only increase in popularity in the future. The healthcare industry must capitalize on mobile marketing if they want to stay current.   

• Healthcare provider selection via social media

The medical community can no longer sit back and offer advice without receiving feedback from its patients. They must be more social and engage in conversations by taking to social media. Patients want to be comforted as they deal with various conditions and improving their exercise and diet routines. The healthcare businesses that can engage in this dialogue will likely be the most successful when it comes to bringing in a nonstop flow of patients. 

• An increase in healthcare research via Google

5% of Google searches are for health-related information. Once you do the math, you'll realize that technically one in 20 Google searches are health related. One would naturally think patients are initiating most of these searches, but many queries are conducted by regular everyday people who are merely looking for information. 

The current trend is that if you have any medical question, you turn to Google (and other online resources) to find the answers you seek. A Google study revealed that 77% of patients research their conditions before turning to a doctor.

If practices are to thrive, they must position themselves where they appear during these health queries. This is where SEO and content marketing enter the equation. Ranking well written and highly informative blog posts, videos, and other forms of content will significantly increase visibility. 

• Leveraging online videos

Researching a medical condition can be a frightening experience for many patients. Due to the uncertainty of what they'll find, patients are attracted to the sound, sight, and emotion of online videos. Videos have proven to be excellent tools to educate patients about medical conditions, procedures, medication, and also serve as motivation to visit a specific practice to make an appointment.

With videos quickly becoming the most popular form of media consumed online the healthcare industry would benefit greatly by using videos to educate their patients while also positioning themselves to bring in newcomers looking for a medical provider.

• Outlook for the healthcare industry

It should come as no surprise that the healthcare sector is staying on top of current trends, especially due to how closely its tied to pharma.

Healthcare has done a great job of staying engaged with their patients via social media as well as taking full advantage of reporting data. As a result patient loyalty and engagement will only continue to flourish and grow.

Still, just like most regulated industries, digital marketing is still new and unwieldy to the healthcare sector. It will take time for the healthcare industry to truly catch their stride. However, if their current progress should be used as a measuring stick, the healthcare industry will not only keep up but will eventually thrive. 

Final Thoughts

Regulated industries have been playing it cautiously for far too long. Fear of rules and regulations have led to slow adoption of new digital marketing opportunities. That's why the finserv, pharma, and healthcare industries are all playing catch up. Traditional marketing such as radio ads, TV commercials, and printed advertising no longer drive results. Social media, SEO best practices, and other forms of online tactics have become the way of the future when it comes to attracting and retaining a new generation of customers. 

If regulated industries allow fear to hold them back, then they will slowly fall into decline. Customers don't care about regulations -- they care about the level of service a business can provide for them.

While branching out into new spheres of marketing may seem risky with seemingly endless rules and regulations at play, sitting back and fading into obscurity is an even more significant risk.