Influencers are individuals with a massive (as high as 500,000) list of followers on social media, making them capable of setting new trends and creating a substantial impact on the digital presence of a brand.
With a rapid rise in the influencer marketing strategy to strengthen the overall marketing efforts, a large number of companies are looking to create comprehensive contracts in the form of influencer marketing agreements that help protect both the company's needs and influencer rights.
An influencer marketing agreement is essentially a legal document covering the various aspects of terms of engagement between an influencer, and the company whose products/ services influencer is marketing.
Based on the specific strengths of the influencer and interests of the target audience, influencer marketing can include different types of engagement strategies such as""
An influencer marketing agreement helps to get everyone on the same page and outlines the details as well as expectations from both parties.
Without a formal and legally binding contract, influencers end up struggling with payment follow-ups, and the company has no recourse in case the delivered product doesn't live up to their expectations.
Further, having a contract, where everything is in writing, makes the project more concrete and holds both the brand and influencer accountable in case of missed deadlines.
Here are some of the essential elements of an influencer marketing contract:
This section of the agreement should have a concrete scope of work with specific deliverables that the influencer is required to produce to fulfill the terms of the agreement. An example of this could be a 30-minute webinar or 500-700 word blog post.
The influencer marketing agreement should have a clause where both parties agree upon the start and the completion date of the contracted engagement. If the company is paying for a specific post on the influencer's social media page, the agreement must specify the required timeframe the post must be live on their page.
This section of the influencer marketing agreement includes the specifics of the content that the company would like the influencers to create such as:
It should clearly mention who owns the content that is being created as part of the campaign. Typically, the content usage rights clause of the influencer marketing agreement must highlight the copyright details, licensing rights, and clearance from any third party users.
Payment terms section of influencer marketing agreement should clearly mention the compensation details offered to the influencer such as -
Further, the agreement should also mention the total payable amount, including the creation of creative content and licensing rights for the content.
As a freelancer or consultant influencer, drawing up a social media influencer agreement is a critical part of any working arrangement you make with a brand.
The agreement helps you set out in writing what both the parties are expected to do, thus reducing the risk of any miscommunication. Furthermore, the influencer marketing agreement also helps to protect both parties from any sort of legal action that might arise from either mistakes or neglect.