The Association of National Advertisers and member marketers have begun discussing an industry self-regulatory body to handle social media issues and disputes, plus creating a new marketer council and “bill of rights” for brands and consumers covering such issues.
The efforts spring from a virtual meeting last month of the ANA’s CMO Growth Council to set an agenda for 2022. Many marketers expressed concerns about recent social media controversies reported in The Wall Street Journal and "60 Minutes" involving Meta and its Facebook and Instagram platforms, said Nick Primola, executive VP and head of the chief marketing officer practice for the ANA. And while all the ideas are preliminary, marketers plan to start developing them further this month, he said.
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Among presenters to the roughly 200 CMOs in virtual attendance last month was Eric Reicin, CEO of BBB National Programs, whose National Advertising Division adjudicates disputes from marketers over ad claims and sometimes launches independent investigations. The NAD lacks enforcement authority, but participating marketers agree to abide by its recommendations. Those who don’t comply with them can be referred for enforcement to the Federal Trade Commission, former staffers of which work for the organization.
A new body to oversee social media content moderation and monetization issues could be akin to expansions of the BBB National Programs’ programs over the years to cover children’s advertising and direct marketers.
Reicin in an interview described his discussions with CMOs as a look at “the art of the possible of independent industry self-regulation and how CMOs and other like-minded stakeholders could come together just like they did in 1971 [to form the NAD]. I look forward to a robust debate with all the different stakeholders as to what options of the various models are.”