In addition to pitching social media influencers on promoting your products or services, you’ll want to put in place a signed written contract that protects you for each influencer you work with.
Although there are similarities in deals, chances are each social media influencer agreement should contain differences that you’ll want to make sure are covered properly. So there’s no confusion between you and the influencer about who does what when…and equally important, what not to do when promoting your business.
Here are just a few of the issues you’ll want to address in the contract.
1. How will the influencer be compensated? Money? Equity in your company? Or a combination of the two?
2. Will the influencer promote your venture exclusively or on a nonexclusive basis?
3. How will the influencer disclose the relationship with your company (a “material connection”) when pitching your products and services? Did you know the FTC can seek up to $50,000 per violation of applicable law on this issue? And that’s not counting your legal fees.
4. How will the influencer promote your business? What social media platforms? And how frequently? Will you be providing any samples or creatives for the influencer to use?
5. What happens when the agreement ends? Will the influencer be able to promote your competitors? Or even set up a competing venture?
Of course, there are other issues you’ll want to address in a social media influencer contract.
If you need help with this, schedule a phone consultion with Internet Business Lawyer Mike Young.