This week the Federal Trade Commission (FTC) passed regulations for advertisers doing endorsements or testimonials on blogs. The FTC can now fine bloggers up to $11,000 for doing paid product reviews without full disclosure. You can read several good opinions about why this is a bad idea from TechCrunch, David Risley and Frank Kern. I happen to agree that the FTC has gone way to far. I mean if we’re gonna regulate full disclosure lets attack all mediums equally, TV anyone? How about product placement that litters every show on TV these days. That’s an argument for another time, what I’m interested in as that the FTC has targeted bloggers and the blogging world.
Good News for All
The FTC’s targeting of bloggers really speaks to the power that blogging is having on the market place and business. Blogging has transformed from as an online diary of years ago to a very trusted source of all information. In fact blogs are quickly becoming the go to source for the latest news, reviews and information on just about anything. Not only are they the go to source but they are trusted as well. That’s what this is all about, trust. In general the public trusts blogs. Do you hear that executives? Are you listening entrepreneurs? Blogs are such a trusted source of information that the FTC, which hasn’t enacted a new law in 29 years, sees fit to implement an all out attack bloggers and disclosure. Talk about an endorsement to the power of blogs!
Find the Bloggers
If the FTC puts that much credibility into blogs then your company better as well. In fact if your company has completely ignored the entire social media wave then you’re on the verge of getting crushed by it, instead of riding it. As a business what do you need to be doing?
- Reach out to bloggers in your industry, engage them, do paid testimonials
- Listen to the conversations on the blogoshpere
- Participate in the conversations
- Allow for honest reviews and feedback.
- Ensure that any paid reviews meet the new FTC guidelines
Regulated Industry
As a blogger and a business owner I recognize that these new guidelines are a complete joke and ultimately a waist of time. Most of your good bloggers are practicing full disclosure now anyways. The good bloggers are the ones that have the attention of the people. So in the end not much will change.
However I’m most cognizant of the shift in public perception of blogging. As a blogger that is something you already know, but when you start becoming a “regulated industry” you’re moving into new territory. Yeah its seemingly negative at first glance, but the way I see it, it’s one more validation of why blogging and social media are the future of marketing.
