In this article, we get to understand, the three considerations that one should give a thought to while entering into a contract with a Social Media Influencer. Today’s post has been contributed by Nadia Bubennikova, who is the Head of influencer marketing agency at BuzzGuru who helps brands, game and app developers to reach their target audience and bring the highest ROI from their influencer marketing campaigns.
There has been a paradigm shift in the way, the brands target their desired audiences. With the increasing influence of social media influencers on their followers, brands are considering to approach Social media influencers to promote their products and services. It becomes important to know some basic ground rules before engaging an influencer. So what are those considerations?
Nadia Bubnnikova-
Here are our three things to consider:
Draft Approval Procedure:
The first clause to check when signing a contract with an Influencer is the draft approval procedure. Sometimes the advertising materials that the influencers produce do not meet our expectations regardless of how detailed the task assignment was, so it is in our best interest to make sure that the contract includes some regulations for such cases.
The best practice is to include the link to the task assignment for the integration into the agreement and clearly state that the advertising materials must be filmed according to the Task Assignment and you have 2 to 3 rounds of edits in case the influencer misses something out.
This way you will be protected from having to pay for an integration that is below your standards. Another useful point to include is the timing for the adjustment of the materials after you’ve provided feedback requesting some edits from the creator. Otherwise it may take weeks and you will go far behind schedule.
Services Description:
When entering an agreement with an influencer for a paid collaboration, you should state explicitly what is it, that you need from the creator. You should always describe the ad format, the length of the promo part, and other actions that might be a part of the services the influencer is to provide. For example, after the deal is closed and the service is provided it would be very useful to get full statistics on the publication.
After receiving the payment Influencer tend to avoid other extra actions and are very unlikely to share the stats, so our advice is to put all such details in the description of services. If something is missed out you won’t be paying for it.
Payment Procedure:
Make sure that the agreement is built around the post payment model, especially if it is your first time working with a specific influencer or their representative. This allows you to hedge all the possible risks.
Of course, some influencers and agencies insist on down payment as a deal confirmation, but it is crucial to avoid the 100% down payment. In case you are interested in a specific influencer and they do not agree to work on a post payment model in any way, try 20-30-50% down payment after you have received a draft of advertising materials from the service provider.
This way the influencer will already do some work as a proof for you and you will be able to send the down payment of 20-30-50% without any risk.
Richard Brandenstein-
Richard J. Brandenstein is a New York-based attorney, and FBR Law Partner, specializing in Administrative Law. The areas he specifically focuses on include New York State Disability and New York State Workers’ Compensation. With over 40 years of experience as an attorney, he also trains new legal staff in his company too.
As a business, what three main considerations should be, while entering into an agreement with a Social Media influencer for product endorsement?
Here are the three things that should be considered before a brand or company decides to work with a social media influencer:
Analytics:
Influencers’ analytics are important to consider. This is because it will give you a better understanding of their audience in terms of their age, gender, and location. This will then allow you to determine whether they are suitable for your brand and whether their audience is likely going to purchase your products or use your services.
Engagement:
Engagement is another significant factor to consider. While a person may have millions of followers, this doesn’t mean that all of their followers are actively engaging with their content. As a result, you may find it more beneficial to choose a smaller influencer to work with in comparison to a larger one if it means that their followers engage with the content more.
Compatibility:
The compatibility of the influencer and your brand is essential and something you should take into careful consideration. The influencer should be a good fit for the brand and be able to portray what you’re asking of them.
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