Digital Marketing Services - How Much Should You Charge?
Digital marketing is one of the booming industries nowadays, it has changed the way businesses market themselves. Companies have to keep up with the trends of digital marketing if they want to stay relevant in this day and age. More than 60% of all business nowadays is done on Google by the businesses ranking on the top of the search engine results – this is a huge number. If you are considering a career in the digital marketing wolrd or you want to scale, we will share how you should properly price your packages for these services that are in high demenad and every single business needs them.
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Charging by project
If you’re just starting out as a digital marketing company, charging by project is a great way to build your client base and familiarize yourself with the ins and outs of the business side of things. This is also an excellent option for more established agencies who want to charge more for their expertise or time.
Charging by project allows you to take on a wide range of tasks, from smaller ones like creating websites or building blogs, all the way up to larger initiatives like managing sophisticated social media campaigns or designing an entire website from scratch.
Retainer plans
Retainers are a great way to get paid. They’re particularly attractive because they offer you the security of knowing exactly how much money you’ll be collecting every month or quarter, and your client will likely be happy with the stability that comes with this arrangement.
Retainers can also build a long-term relationship between you and your clients—a good thing for both parties involved! They give them peace of mind about their marketing strategy, while providing you with opportunities to work on more projects together in the future.
Plus, retainers offer another benefit: getting paid for your work! Your client has already decided that they value what you do enough to keep paying for it regularly. Some of our recurring marketing services are : SEO, Paid ADS, Social Media Management & Advertising, Pinterest Marketing, etc.
Value pricing
Value pricing is a way to charge for digital marketing services based on the value you provide to the client (one of our favorite strategies). The concept of value is simple: it’s based on how much you help your client achieve their goals, and how much you offer them in terms of expertise, time, and effort.
The goal with value pricing is to ensure that as you grow your business, you keep charging for all the value you bring to your client’s business. For example, you are helping them build their business from scratch, attract their ideal client & position as the experts in the industry. You are basically setting up the foundation for their long term success – there is no greater value than this. It also helps prevent situations where clients take advantage of freelancers by asking them to do work without paying anything—or even worse, paying less than they should be!
Conclusion
Ultimately, you need to know how to price your services to stay in business. Take all of the things we mentioned above into consideration. Our strategy is: charge value-based prices for branding strategy & identity, website development, and website design, plus offer recurring monthly services such as SEO, PPC AD campaigns, social media, etc. Diversify the sources where your income comes from, this is super important for your success. Make sure to never under charge, and value the effort, time & energy you put into working with each client.
We made some mistakes at the beginning of our career when we undercharged a client or did some work for free when they asked us and we didn’t want to say no just not to sound rude. These are mistakes we don’t do anymore, and neither should you.
If you want to learn our pricing strategies, and how we scaled to charging over 7-15K for projects & enrolling our clients in our monthly marketing packages, please reach out to schedule a coaching call with us!
