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How Professionals Set Their Digital Marketing Consultant Rates

Sep 14

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.

However, some consultants are not good in giving reasonable charges to their clients. They are afraid to bid or ask because they do not have the idea on how much working hours it would take them. It is never wrong to be practical and direct to your clients, especially when you know your capabilities. There is nothing wrong in asking for the rates for digital marketing consultant that would compensate your hard work and experience in digital marketing even if you are still an amateur.

Get rid of overcharging your clients otherwise; you will lose them. You can learn how to compute your price by starting with your annual goal.

For example, you think of 70,000 as your annual salary goal this year. You know that there are 52 weeks in a year. Given this fact, you compute the number of weeks in a year that you have to spend for occasions like holidays, physical health examination or birthdays. Say, you ended with a remaining of 45 weeks. Normally, you would work 40 hours per week as a full time consultant. To get the total hours you preferably use to work, just multiply 45 by 40, which will give you 1800 hours. With your set annual salary goal, you divide it by 1800. This will give you 38.39 USD as an hourly rate for the year.

However, you do not want to skip the actual (real-time) hours you work for your client. You do not actually work for him or her straight for 1800 for the whole year. Preferably, you might only be working for him by half of your 1800 hours because you need to spend 50% of it for marketing or administration. This time, you have to calculate your billable hourly rate for the actual time you need to spend for your client. Take 50% of 1800 which gives you 900 hours. So, $70,000 divided by 900 hours would give you a billable hourly rate of $77.78 per hour.

This computation can also be used if you prefer project based work. You can break down the number of hours it would take you to complete the whole project. Just do not overlook the number of hours it would take you to complete the tasks with marketing and management otherwise; you will come short with the rate you charge to your clients.

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.

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