If you're like me and have been binging Netflix recently, you've probably watched the documentary on the Fyre Festival (or maybe the one on Hulu). While all the buzz is very exciting to the average person, those of us in the influencer marketing world are a bit more skeptical. I think the travesty of the Fyre Festival leaves us with four lessons to consider about influencer marketing for this year.
#1. Influencer Marketing Works
Now everyone can see that influencer marketing can work. I think there's little doubt that the endorsement of all these celebrities worked to drum up excitement for the festival. However, this doesn't mean that you have to use celebrities in order to implement a successful campaign.
#2. Disclosures Are Essential
Yes - disclosures are REALLY important! Many of the lawsuits that came out of the Fyre Festival are charges against the influencers because they did not say #ad or disclose they were doing a paid ad in any way. They were in fact personally endorsing this festival. That comes with a different level of responsibility. So disclosures are really important for the influencers, not just the brand.
#3. Influencers Will Become More Selective About Partnerships
It's likely that now influencers will be more mindful of checking out the products they work with before signing a contract. We already have influencers who check on some of our clients, reputable, well-known brands, to make sure that what they do fits into what they want to be known for. So look for more influencers to say no to even somewhat questionable products.
#4. More Regulations to Come
Lastly, more regulations are coming. I think England's ahead of the United States on this in terms of the regulations they're putting on influencer marketing. They may have even taken it a bit too far. But I think with the Fyre Festival coming to the wider public consciousness, it makes it more likely that Congress or a regulatory body will put more regulations on influencer marketing and be more likely to crack down than the FTC has been so far in the United States.
So as entertaining on some levels and as disappointing on other levels as the Fyre Festival documentaries are, I think we can also all take a moment to learn from them as we do legitimate influencer marketing. If you need help making sure your campaigns are properly set up to avoid disaster, contact us today.