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A social media influencer contract is a crucial agreement between a company and an influencer, who can sway purchasing decisions through their social media following. These contracts are vital for companies aiming to grow market share, as endorsements from influencers replicate the coveted word-of-mouth recommendations. Given the novelty of social media influencers, it's essential to have a contract to clarify expectations for both parties involved. The video will also provide a link to a comprehensive social media influencer contract template to assist viewers in creating their own agreements.