Whether or not you are an experienced digital marketing consultant, you need to set your digital marketing consultant rates in a very reasonable way. However, not all marketing consultants know how to effectively set up their rates that they often settle for less or lose their clients. In other words, you need to know how much to charge for your clients by not overlooking to the number of hours that you need to work for your clients and marketing.
Most people are uncomfortable in talking marketing consultant rates. Well, there is nothing wrong in talking about playing fair and reasonable. As long as you have met the results required and you are comfortable with the fees paid for your hard work, everything is smooth. However, not all consultants have the idea on how or what to charge to their clients, especially those who are new to digital marketing arena.
You do not want to undercharge nor overcharge your client. You just want to make the right price. So do we do it? Start making an annual salary target.
If you take $70,000 as your annual salary target, you have to count the number of weeks there is in a year. Normally we have 52 weeks all in all. However, you do not want to spend all your weeks in a year working. You will always have some weeks for vacation, special holidays or unexpected events. Let us just say you end up with 45 weeks allotted solely for work and you need to spend 40 hours every week. So, multiply 45 by 40 and you will get your total number of hours in a year for work, which is 1800. With 70,000 USD as your salary target, divide it by 1800 and you will get your hourly rate for the whole year. In this case you have $38.39 per hour.
Although you have computed your estimated hourly rate, you do not want to work 1800 hours for the whole year as you need to spend some time in marketing and administrative work. So, to get your actual working hours you spend with your client, just simply multiply 1800 by 50%. This will give you 900 hours - the estimated hours you spend solely for your client. Given that you have 70,000 as your annual target, 70,000 divided by 900 hours will give you your billable rate per hour of about $77.78.
This calculation does not only apply to hourly work. You can also take this consultant rates in digital marketing on your project based work. Although you might have selected a project based work, you still need to calculate the estimated hours you need to spend to finish the work given that you have considered the time it would take you for marketing, administration and etc.
This is the secret why most marketing consultants are confident in dealing with their customers. They understood the whole concept of the calculation - making the most out of their job while giving some time for their loved ones and even to themselves. If you ever you might want to take result based tasks, this calculation might not work anymore. They normally have their own way of computation which might be different from the concept tackled above. Still the choice is yours.
Most people are uncomfortable in talking marketing consultant rates. Well, there is nothing wrong in talking about playing fair and reasonable. As long as you have met the results required and you are comfortable with the fees paid for your hard work, everything is smooth. However, not all consultants have the idea on how or what to charge to their clients, especially those who are new to digital marketing arena.
You do not want to undercharge nor overcharge your client. You just want to make the right price. So do we do it? Start making an annual salary target.
If you take $70,000 as your annual salary target, you have to count the number of weeks there is in a year. Normally we have 52 weeks all in all. However, you do not want to spend all your weeks in a year working. You will always have some weeks for vacation, special holidays or unexpected events. Let us just say you end up with 45 weeks allotted solely for work and you need to spend 40 hours every week. So, multiply 45 by 40 and you will get your total number of hours in a year for work, which is 1800. With 70,000 USD as your salary target, divide it by 1800 and you will get your hourly rate for the whole year. In this case you have $38.39 per hour.
Although you have computed your estimated hourly rate, you do not want to work 1800 hours for the whole year as you need to spend some time in marketing and administrative work. So, to get your actual working hours you spend with your client, just simply multiply 1800 by 50%. This will give you 900 hours - the estimated hours you spend solely for your client. Given that you have 70,000 as your annual target, 70,000 divided by 900 hours will give you your billable rate per hour of about $77.78.
This calculation does not only apply to hourly work. You can also take this consultant rates in digital marketing on your project based work. Although you might have selected a project based work, you still need to calculate the estimated hours you need to spend to finish the work given that you have considered the time it would take you for marketing, administration and etc.
This is the secret why most marketing consultants are confident in dealing with their customers. They understood the whole concept of the calculation - making the most out of their job while giving some time for their loved ones and even to themselves. If you ever you might want to take result based tasks, this calculation might not work anymore. They normally have their own way of computation which might be different from the concept tackled above. Still the choice is yours.
About the Author:
Want to find out more about marketing consultant rates? Visit us here digital marketing consultant rates for your needs.
No comments:
Post a Comment