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.
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.
Take for instance; you want to hit 70,000 USD as your annual goal, given that you know your experience and special skills in line with digital marketing. So, how much would you charge for your hourly rate? Just take the total weeks in a year, which is 52 weeks. Take your own estimation for sick time (just preparing yourself), vacation time and holidays. Suppose you have subtracted all of those stuffs from the 52 weeks and ended up 45 weeks and you would normally work for your client for 40 hours per week. If we add the remaining 45 weeks with the normal working hours you do for your clients, you would have 1800. So, now you can simply get your hourly rate based on your annual salary goal. It would be $38.39 per hour from $70,000 divided by 1800.
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 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.
Most marketing people make use of this calculation on consultant rates in marketing. Some are comfortable with daily fee and result based charges. Well, if you are new in the digital marketing arena, it is highly recommended that you take first the concept of calculation above before taking any further to result based charges, where you need to close a deal with a client. This will help you get rid of mistakes and will secure the agreement you have with your client. However, no one is stopping you if you want to jump into the difficult ways of charging your clients right away.
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.
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.
Take for instance; you want to hit 70,000 USD as your annual goal, given that you know your experience and special skills in line with digital marketing. So, how much would you charge for your hourly rate? Just take the total weeks in a year, which is 52 weeks. Take your own estimation for sick time (just preparing yourself), vacation time and holidays. Suppose you have subtracted all of those stuffs from the 52 weeks and ended up 45 weeks and you would normally work for your client for 40 hours per week. If we add the remaining 45 weeks with the normal working hours you do for your clients, you would have 1800. So, now you can simply get your hourly rate based on your annual salary goal. It would be $38.39 per hour from $70,000 divided by 1800.
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 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.
Most marketing people make use of this calculation on consultant rates in marketing. Some are comfortable with daily fee and result based charges. Well, if you are new in the digital marketing arena, it is highly recommended that you take first the concept of calculation above before taking any further to result based charges, where you need to close a deal with a client. This will help you get rid of mistakes and will secure the agreement you have with your client. However, no one is stopping you if you want to jump into the difficult ways of charging your clients right away.
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