Influencer marketing is a powerful way to reach your target audience, build trust, and generate conversions. But to make the most of your influencer campaigns, you need to align your contracts with your goals. Here are some tips on how to do that.
Before you sign any contract with an influencer, you need to have a clear idea of what you want to achieve. Do you want to increase brand awareness, drive traffic, generate leads, or boost sales? How will you measure your success? What are your key performance indicators (KPIs)? Having a SMART (specific, measurable, achievable, relevant, and time-bound) goal will help you communicate your expectations and negotiate the best terms with your influencer.
The internet is a gray area. Although many websites have been reviewed, the still looms the threat from hackers and scammers. Some seemingly legitimate employers take innocent freelancers on a wild goose chase for weeks. Nevertheless, a great number of contactors can deliver honestly without the signing of documents. I worked with a decent Vietnamese professional who honored every promise. I loved her approach despite an inflated pay scale.
It is important to begin with a clear picture of the influencers goal and overall vision. This may entail a detailed Brainstorming session. During that time, deciphering the goal into realistic and attainable milestones will allow for a proper plan towards marketing, KPIs and negotiations related to the financial terms in the contract. Not every goal that an influencer has is truly within reach by the anticipated time frame. This is also where it is important to have the rapport to guide this potential client into the best case scenario with honesty and integrity.
Not all influencers are created equal. You need to find someone who matches your brand values, has a relevant and engaged audience, and can deliver high-quality content. You also need to consider their rates, availability, and reputation. To avoid wasting time and money, do your research and check their previous work, reviews, and analytics. You can use tools like BuzzSumo, Upfluence, or AspireIQ to find and evaluate potential influencers.
A contract is a legal document that outlines the rights and responsibilities of both parties. It should cover all the essential aspects of your influencer campaign, such as the deliverables, deadlines, payment terms, ownership rights, disclosure requirements, and termination clauses. A contract should also include a brief that specifies the tone, style, format, and guidelines for the content. A clear contract will help you avoid misunderstandings, disputes, and breaches.
Contracts are designed to protect both parties and not mislead the end consumer. It is important that contracts are inclusive of clear expectations with dates, identifying roles and responsibilities of key parties and potential options for breaches. The more clarity provided, the better either party is able to meet the goal of the contract versus failure to meet the requirements. Contracts should be revised and negotiated by both parties until it is clearly understood and agreed upon. If there is any concern, attorneys should be consulted. Lastly, Contracts signed under coercion or duress are arguably null.
Once you have signed the contract, you need to monitor and review the influencer's performance. You can use tools like Google Analytics, Bitly, or Trackr to track the traffic, clicks, leads, and sales generated by the influencer's content. You can also monitor the engagement, reach, and sentiment of the influencer's audience. You should provide feedback and support to the influencer throughout the campaign and address any issues or concerns as soon as possible.
After the campaign is over, you need to evaluate the results and decide whether to renew or revise the contract. You can use the KPIs you set at the beginning to measure the return on investment (ROI) and the impact of the influencer marketing on your goals. You can also ask the influencer and the audience for their feedback and suggestions. If you are satisfied with the outcome, you can renew the contract for another campaign or a longer-term partnership. If you are not, you can revise the contract to improve the terms, conditions, or deliverables.
One consideration to make in contracts is the IRS reporting requirements and true contractor status. This is often misunderstood by many small and even mid-sized businesses. It is not always legal to just 1099 an individual and then set requirements with KPIs, etc. Businesses often find themselves in a situation where they hold a contract with an individual that would qualify as an employee and therefore would be subjected to tax obligations.