Influencer marketing is one of the most in-demand and growing industry in the digital world. Since every person has a social media account, brands and companies look out for people who have a high number of engaging followers so that they can advertise and promote the company’s products with other users.
The market has proven to be really successful as many brands are opting for influencer promotions. The main reason behind the success of this market is that influencers have an ability to get their followers to do stuff. This is why they are able to convince their followers to buy different products. These influencers are paid a decent amount by brand advertisers. Apart from that they also receive products for themselves as well.
There are many pros and cons in industries which everyone isn’t aware of. Same is the case with the influencer market as there are many influencers who take payments from brands and they don’t tell their followers that their stories and posts are paid or are in collaboration with some company.
As per. TIN, the UK Watchdogs, the Competition and Markets Authority (CMA) has come up with a strategy, which would start of by punishing these influencers and creators who are involved in this chain.
George Lusty, the CMA's ranking executive for customer creation told the House of Commons that," The market has been developing at a quick rate, the quantity of influencers in the market have multiplied in the last two years and it has ended up being very successful".
He further said that, "These influencers are exceptional and can draw in more consideration and traffic on their items than the customary T.V promotions and ads".
Despite the fact that the market has been creating a ton of revenue, Lusty was worried about the influencers who were not declaring their paid posts on their accounts. He needed this thing to stop and he wanted the court to provide them with a temporary power of attorney which would allow them to take the matter into their own hands.
He also talked about the promises and commitments made by instagram that they will have a whole operation against these defaulters who were not declaring these paid posts but sadly nothing happened.
Lusty said, "We're actually seeing an extremely low measure of authorizations applied on these Influencers, social media sites should be severe with regards to paid advertisements. They ought to have an approach where the influencers would get fined in the event that they couldn't announce their paid posts".
These fines can be effective since this practice will bound Influencers to proclaim their paid posts. Inability to agree would bring about a punishment.
Read next: The Ideal Image Sizes for Social Media Ads, Profile and Cover in 2022 According to HootSuite
The market has proven to be really successful as many brands are opting for influencer promotions. The main reason behind the success of this market is that influencers have an ability to get their followers to do stuff. This is why they are able to convince their followers to buy different products. These influencers are paid a decent amount by brand advertisers. Apart from that they also receive products for themselves as well.
There are many pros and cons in industries which everyone isn’t aware of. Same is the case with the influencer market as there are many influencers who take payments from brands and they don’t tell their followers that their stories and posts are paid or are in collaboration with some company.
As per. TIN, the UK Watchdogs, the Competition and Markets Authority (CMA) has come up with a strategy, which would start of by punishing these influencers and creators who are involved in this chain.
George Lusty, the CMA's ranking executive for customer creation told the House of Commons that," The market has been developing at a quick rate, the quantity of influencers in the market have multiplied in the last two years and it has ended up being very successful".
He further said that, "These influencers are exceptional and can draw in more consideration and traffic on their items than the customary T.V promotions and ads".
Despite the fact that the market has been creating a ton of revenue, Lusty was worried about the influencers who were not declaring their paid posts on their accounts. He needed this thing to stop and he wanted the court to provide them with a temporary power of attorney which would allow them to take the matter into their own hands.
He also talked about the promises and commitments made by instagram that they will have a whole operation against these defaulters who were not declaring these paid posts but sadly nothing happened.
Lusty said, "We're actually seeing an extremely low measure of authorizations applied on these Influencers, social media sites should be severe with regards to paid advertisements. They ought to have an approach where the influencers would get fined in the event that they couldn't announce their paid posts".
These fines can be effective since this practice will bound Influencers to proclaim their paid posts. Inability to agree would bring about a punishment.
Read next: The Ideal Image Sizes for Social Media Ads, Profile and Cover in 2022 According to HootSuite