There is no sign of the influencer industry slowing down with brands estimated to be spending up to $15 billion on influencer marketing by 2022 . It is critical that the channel is regulated for the protection of both brands and audiences alike and that the guidance provided is clear and does not cause confusion.
CAP (Committee of Advertising Practice) and CMA (Competition and Markets Authority) have announced an overhaul of the guidelines for the disclosure of advertising by influencers. They stated that while the rules and the advice haven’t changed, they have simplified the message and sought to provide greater clarity. The new and improved guide, along with other resources including infographics, webinars and articles, can be accessed from www.asa.org.uk/influencers.
This upgrade is following a report published in September last year by the ASA which highlighted the importance of clear labelling “with ‘ad’ or ‘#ad’ used at a minimum”. The ASA commented that “Influencers and brands who don’t disclose ads are not only treating their followers unfairly, they erode trust in the wider and legitimate influencer community – and run the risk of potential investigation and enforcement action.”
With Influencer marketing here to stay this is a welcomed move by the whole industry. “Recent market research finds that social media influencers will continue to be an invaluable trust-building mechanism that can be tapped to establish brand identity. In the new decade, expect to see influencer marketing surge, with an increasing share of marketing strategy budgets allocated to this effective outreach method” (Forbes)