Should social media be regulated?

Transparency, authenticity and credibility are the three mantras to the success of any media platform, and this is true even in the case of social media, to make business sense. This is even more important as company representatives, knowingly or unknowingly, are now engaging themselves in social media communication. In these circumstances, the thin line between what is ethical and unethical for the consumer, and also from the business perspective, becomes very difficult to demarcate.

Today, social media is an outlet not just for sharing information with the world, either from customer to customer, or from consumer to business or the other way round, but is also an important platform for product and theme promotions.

When there are commercial interests involved, it becomes imperative that the platform is regulated. Restrictions here would mean a centralized body that legislates, and helps the industry and the end-users interact with each other responsibly. Self-regulation is not an option, as there need to be standards and benchmarks to maintain constancy.

Gears have been fast shifting towards holding search engines responsible for sponsored links. Also, trade journals have been creating customized limitations that make it mandatory to list the researchers’ affiliations and the funding received, when they submit studies on company drugs or express their opinion on industry issues.

The drug industry and the FDA have been actively involved in formulating how prescription-drug advertisements are posted on electronic media. In many cases, the industry has been accused of deliberately or intentionally hiding side effects and limitations of usage of a particular drug. Even off-label uses are carefully worded to expand the patient database. Hence, it is essential that federal bodies such as the FDA and the FTC play a prominent role in regularizing the content posted.

Extending the same logic to the automobile industry, it is learnt that better car designs are produced, based on the feedback provided by consumers of previous models. So, billions are at stake if the feedback provided is not authentic and credible.

In case of FMCG goods, the huge chunk of information that a prospective consumer has to digest, before he makes an informed decision, may most of the times leave the end user more confused than he initially was.

Social media is undeniably a very important platform for marketing and branding in businesses. At the same time, it also helps consumers make informed decisions. Centralized regulation of this mode of communication will definitely go a long way in preventing the chaos that currently exists. Without curbing the right of free expression of opinion, the world of social media can be effectively regulated in a similar manner that currently governs the rest of the advertising industry.

By Shilpashri