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Navigating the Complexities of Sales Practices in Regulated Industries

Sales can be complicated. Marketing products and closing deals in highly regulated sectors like health care, finance and government services is even more complex.
 
Stringent rules can slow the sales pipeline, but failing to take the time to account for them can result in hefty fines. Thankfully, there’s a solution. When businesses know how to account for nuanced regulatory environments and take advantage of everything available to them, they can develop high-performing sales practices while remaining compliant. Our guest blog offers helpful insights for ‘Navigating the complexities of sales practices in regulated industries.’

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Navigating the Complexities of Sales Practices

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Review Applicable Regulations

First, familiarize yourself with all applicable codes before developing a sales or marketing strategy. Whenever possible, companies should build policies and workflows around legal considerations instead of deciding on a direction first and adapting to regulations later.

Industry-specific requirements are a good starting point, but due diligence must go further. There may be unique state and local laws to consider, too. In some situations, even other nations’ laws may apply. For example, Europe’s General Data Protection Regulation applies to any company that collects data on European citizens, even if it’s not in Europe.

Of course, laws can change. While it’s best to ensure compliance from the start, sales practices may need to adjust after the fact when regulations update. The secret is to stay abreast of all applicable regulatory bodies and be agile enough to respond quickly.

Consider Non-Legal Ethical Factors

Firms in tightly regulated sectors should also consider legal gray areas and ethical codes without specific laws. Err on the side of caution if it’s unclear where something falls under specific regulations. Similarly, some issues may be legal but unpopular, so it’s best for your sales strategy to avoid them.

Artificial intelligence is an excellent example. While marketing materials using AI-generated content are copyrightable and legal, the line between what’s merely AI-assisted and entirely AI-driven is subjective. Many audiences also frown upon AI-generated content, so it may be better to avoid it, especially in highly regulated industries.

When the law isn’t clear, look to public opinion to determine how a given strategy may come across. Avoiding controversial tools or new technologies before industry-specific regulations address them may be best, too. In fields like law and medicine, it’s safest to wait for the letter of the law to catch up than to have to roll back initiatives later.

Turn to Outside Experts When Necessary

Given how complicated these regulations can be, it’s often advantageous to consult expert help. Companies can look for law firms operating in their specific industry or niche to clarify some issues or verify sales and marketing tools’ compliance before putting them into action.

On top of simplifying tricky legal matters, consulting an expert can reduce the time it takes to close a deal by streamlining processes and research time. Your organization may need a dedicated legal department if you have high sales figures or are subject to multiple strict regulations.

Some departments only need a one-time consultation to grasp how the law impacts their marketing and sales tactics. Others in more frequently changing sectors or with varied sales strategies may need regular help. Seeking expert advice is often worth it, as the cost of noncompliance penalties is much higher than hiring a consultant.

Document Everything

Keeping notes and evidence is a good rule of thumb in any regulated environment. A record of all client conversations, research, strategic decisions, and steps to ensure compliance is essential.

Thorough documentation makes it easier to prove your business has gone above and beyond to uphold regulations. It also makes audits easier when reviewing processes to ensure compliance. Many laws also require detailed record-keeping, so it’s a good habit to get into.

Of course, manual record-keeping often leads to errors and lost productivity, so automating data entry and documentation is usually better. Remember to secure all documentation, too, restricting access to sensitive details only to those needing that data. Encrypt and monitor these databases and consider keeping multiple copies — at least one offline and one in the cloud.

Write Clear Rules and Train Everyone

Along those lines, sales leaders should develop specific guidelines once they understand the requirements they face. That way, people have an official source to check whenever they have questions about a decision’s legal impact. These company-specific rules should require care beyond what the law requires, just to be safe.

Remember that protocols are only effective when everyone follows them. Human errors are a common cause of noncompliance in many industries. For instance, accidental disclosures and similar issues led to 114 health care data breaches in 2024 alone. Consequently, training is crucial.

Teach all sales team members what rules they must follow and why that matters. Regularly review these protocols to ensure they align with regulatory changes and retrain everyone if the requirements shift.

Regulated Industries Require a Careful Sales Approach

Tight regulations make sales more challenging, but don’t mean effective deal-making is impossible. When sales teams follow these five steps, they drive results while avoiding unwanted legal trouble. Some industries require more care than others, but your business will enable high-performance sales teams to thrive by knowing how to operate within these frameworks.

Understanding and navigating the complexities of sales practices in regulated industries is not a choice but a requirement for performing well. Ultimately, the decision is in your hands. Beware that the critical piece is to embrace highly ethical practices to establish credibility and trust, thereby earning a returning and referring clientele—the essence of the Smooth Sale.

Author Bio– Dakota Deter is the Vice President of Go To Market at Alias Intelligence, which provides timely and accurate background investigations via its highly efficient, client-driven investigations and intelligence platform. Deter leads strategic initiatives to expand the firm’s presence in key sectors of the due diligence industry. With a background spanning institutional sales, residential construction, and military leadership, Deter brings a unique blend of strategic insight and operational experience. An MBA from Michigan State University and a bachelor’s degree in finance and international studies from Indiana University support this expertise. 

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Sales Tips: Navigating the Complexities of Sales Practices in Regulated Industries

1.. Commit to your long-term vision for accomplishment(s) and share details with your staff to stay on track and enjoy business success. 
2. Always consider the greater good of staff, business connections, and your community so that everyone can feel the ‘win.’
3. Keep client goals, priorities, and values in mind during every conversation and ask meaningful questions throughout each meeting.
4. Test specific new strategies, and again ask for input from clientele, and your staff members, too.
5. Never underestimate anyone’s novel ideas; remember that each person and country operate differently.
6. Share favorite learning moments with staff, prospects, and current clients to improve client engagement and business growth.
7. Always seek out new ideas to improve staff engagement for business growth.
8. At the end of all communications, ask team members involved if they have questions to ensure clarification.
9. ‘Don’t give up – find a better way!’
10. Celebrate Success!

Today’s insights are provided to help you achieve the Smooth Sale!

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