This is a question we get asked on a regular basis and hopefully after reading this short post, you’ll have a better understand of the different pricing methods a marketing consultant might put in front of you during the pitching process.
Typically a marketing consultant will charge by the day, also known as their day rate. They may also charge hourly, monthly or on a project basis. How much will depend on the scope of the work, their level of expertise and location. For example your friendly, local marketing consultant in Hampshire would typically charge less than a consultant based in London where fees tend to be higher.
Let’s now take a look at the different pricing methods and throw in some indicative costs where possible.
Day rates explained
Marketing consultants will often have a ‘rate card’ which is like a price list and sets out their typical prices for certain scenarios. Day rates will often feature on a rate rate and will of course vary. In most cases you might expect to pay anywhere between £250 to £600 per day. VAT may also applicable if the consultant is VAT registered so be sure to check.
Charging hourly
Depending on the volume and regularity of work, some consultants may opt to charge hourly. This is useful for jobs that don’t require much time i.e. making quick edits to a website or creating an image for social media. Some consultants may charge slightly more on a per hour basis. A good marketing consultant is likely to charge anywhere between £30 to £80 per hour as a guide. If you’re planning on working with a consultant for more than a month, we would suggest a move towards day rate or a monthly retainer which might give you as a business owner scope to negotiate a better detail. The guarantee of work will be welcome to any consultant.
Monthly retainers
In some cases. retaining a consultant on a monthly basis is a good idea because it gives both parties the assurance that work will be performed on a regular basis – consistency is a vital ingredient for an effective marketing campaign so avoid stop-start marketing activity where possible. Some clients like monthly retainers because they ‘guarantee’ a certain amount of time each month which they know will be dedicated to their business. A monthly retainer doesn’t necessarily mean locking in to a long term contract either, ask your consultant about an minimum contract terms. Here at Just Add Treviss we don’t lock clients in to lengthy contracts because they tend to do more harm than good.
The cost of the monthly retainer could be calculated based on the number of days multiplied by the day rate. Some consultants may be inclined to discount their day rate depending on the number of days worked in a month.
Project basis
This usually means a fixed price for an agreed project. This type of pricing is often used for things like website builds and is useful because it gives the client clarity over how much the project is going to cost from start to finish. Be sure to check that the project cost is in fact fixed and doesn’t include any nasty caveats or additional costs.