Recent Changes in Unfair Marketing Regulations: What You Need to Know
Hey there, fellow marketers! đź‘‹
Are you one of those who are obsessed with market regulations? Or maybe you don’t have much interest in it, but either way, new changes are happening all the time that you need to keep up with! So, in this blog, I am going to discuss recent changes in unfair marketing regulations. You don’t want to miss it!
Definition of Unfair Marketing
If you’re not sure what unfair marketing means, don’t worry. Unfair marketing techniques are those that are not considered ethically or legally appropriate in the industry because they mislead or deceive customers. Unfair marketing includes false advertising, misleading promotions, and any other way that can harm the consumers’ trust on a product or service. Now that we’ve brushed up on the definition let’s jump into the new updates!
Clarity on Influencer Endorsement
🤳 Influencers are more popular than ever before, and they’re now considered important players in a marketer’s strategy. The problem is that many have been found to be pushing products without disclosing that they were paid to do it or received free gifts in exchange for their endorsement. That’s why the Federal Trade Commission (FTC) has been cracking down on this problem and now requires influencers to make it clear when they are getting paid for an endorsement by using the hashtags #sponsored or #ad.
Dealing with Fake Reviews
📝 The next update concerned the regulation of fake reviews. Companies have been caught out many times buying fake reviews to deceive potential customers into buying a product or service, with little to no consequences. Now, thanks to the European Union, companies caught doing this could face significant fines and penalties. It’s an excellent move to help restore confidence in reviews and greater clarity for consumers.
Customer Data Privacy
đź”’ Data privacy is another important issue that has been given a lot of attention in recent months. Companies that have breached customer privacy laws and were found violating customer data security and privacy rights could now face hefty fines, like in Europe with the newly implemented General Data Protection Regulation (GDPR). As a marketer, you need to make sure that you follow the guidelines set for data collection and use to avoid penalties.
Limits on Misleading Marketing
đźš« In the UK, the Advertising Standards Authority (ASA) has launched the Ad Regulation Action Plan, which resulted in a significant number of changes to the content of various ads. ASA is now using an automatic system that takes down advertisements that do not meet advertising standards and do not stick to the guidelines themselves. Companies could face penalties for using any misleading claims or confusing customers with false advertising.
Conclusion
That covers it – you should now be up to speed on the most recent changes in unfair marketing regulations. It’s essential that you stay vigilant when it comes to regulations, especially since new practices are being developed all the time. Don’t forget, unethical marketing leads to a damaged relationship with your customers – it’s best to keep it fair and transparent. Thanks for reading!
