Home – New Forums Money matters Retainers…worth it?

  • This topic is empty.
Viewing 9 posts - 1 through 9 (of 9 total)
  • Author
    Posts
  • #995252
    Cody
    Member
    • Total posts: 117
    Up
    0
    ::

    Good afternoon solo-ers,

    I’m looking to offer retainers to clients. Wondering if anyone has experience charging (or even paying) retainers for services.

    For context, I run a Copywriting Business with 70% of clients being marketing agencies and 30% of clients being small-mid size businesses.

    My initial thoughts are to charge full price to any client not on a retainer and to offer something like this for any client on a retainer:

    • $1000/month = 10% off hourly rate
    • $2000/month = 20% off hourly rate
    • $3000/month and above = 30% off hourly rate

    Cheers,

    Cody

    #1200831
    arrowwise
    Member
    • Total posts: 641
    Up
    0
    ::

    It’s not a bad idea if the client is already maintaining that monthly spend or more, so it appears to be a decent discount off your regular rate. It comes down to whether or not your value proposition is real compared to your adhoc retail rate, and if the client can clearly know and appreciate this .

    #1200832
    MichaelF
    Member
    • Total posts: 34
    Up
    0
    ::

    What are the benefits for your client and yourself if a client were to move to a retainer situation?

    #1200833
    Cody
    Member
    • Total posts: 117
    Up
    0
    ::
    MichaelF, post: 237960, member: 79983 wrote:
    What are the benefits for your client and yourself if a client were to move to a retainer situation?

    Benefits to self
    – Predictable/ongoing income
    – Easier to manage work

    Benefits to client
    – Reduced price

    #1200834
    MichaelF
    Member
    • Total posts: 34
    Up
    0
    ::

    Great! So long as you are both benefiting from the situation, go for it.

    #1200835
    automatico
    Member
    • Total posts: 4
    Up
    0
    ::

    Hi,

    I’m doing a similar thing and much prefer it to ad hoc work.

    Other benefits that I articulate are:

    – A closer, longer term relationship is that you gain more knowledge about their specific businesses and challenges.

    – Quicker response and turnaround times. And I’m only giving away my phone number to retainer clients

    #1200836
    Cody
    Member
    • Total posts: 117
    Up
    0
    ::
    automatico, post: 239156, member: 86001 wrote:
    Hi,

    I’m doing a similar thing and much prefer it to ad hoc work.

    Other benefits that I articulate are:

    – A closer, longer term relationship is that you gain more knowledge about their specific businesses and challenges.

    – Quicker response and turnaround times. And I’m only giving away my phone number to retainer clients
    Yep absolutely.

    I’ve also found an added benefit is that it is easier to say no to discounts when people ask. Either they pay full rates or they agree to a retainer.

    #1200837
    automatico
    Member
    • Total posts: 4
    Up
    0
    ::

    The other thing I’m starting to do for those that don’t want to sign up for a retainer, and for the smaller jobs too, is to sell blocks of my time in advance.

    This is good for cashflow and saves me the hassles of having to chase payments.

    The difference to a retainer being that there is no agreement for a set number of months.

    #1200838
    Cody
    Member
    • Total posts: 117
    Up
    0
    ::
    automatico, post: 239219, member: 86001 wrote:
    The other thing I’m starting to do for those that don’t want to sign up for a retainer, and for the smaller jobs too, is to sell blocks of my time in advance.

    This is good for cashflow and saves me the hassles of having to chase payments.

    The difference to a retainer being that there is no agreement for a set number of months.
    Ok yeah that isn’t a bad idea. Do you have a minimum number of hours you would sell as a block? Also do you discount?

Viewing 9 posts - 1 through 9 (of 9 total)
  • You must be logged in to reply to this topic.