A marketing consultant invoice records the total time and cost that was spent assisting a startup, small business, service provider, or other entity with their digital and non-digital marketing and branding efforts.
Table of Contents
- What is a Marketing Consultant?
- Charging for Marketing Consulting
- Marketing Consultant Salary & Hourly Pay ($/hr)
A marketing consultant specializes in developing marketing strategies for businesses. They possess a keen understanding of how to motivate customers, and they have a myriad of tools they can employ to analyze opportunities within the companies they are hired to consult. While marketing consultants assist companies with both traditional and digital (online) marketing and advertising, some find a niche in one of the two.
Marketing consultants can work as independent consultants or for a marketing agency. Since consulting is not a permanent endeavor, their services are typically only called upon when required (as opposed to being regularly employed by a single firm).
Marketing consulting services are customarily priced on an hourly basis. Coming up with an hourly rate is relatively simple, as can be seen below.
Those looking to act as a part-time or full-time consultant should make a well-reasoned determination as to the yearly salary they would like to earn. Unlike working for a firm or other salaried position, the cost of things like health and dental insurance, transportation, and company-related software and subscriptions will fall onto the consultant’s shoulders. For those just starting out, a yearly salary below what is desired may be necessary to attract and maintain clients, who can be put off by exceptionally high rates. For this example, envision a starting salary of $50,000, which is a little over $9,000 greater than the average entry-level marketing consultant salary of $40,719, according to PayScale.
Next, the total work hours in a year should be calculated/estimated. If the consultant is planning on working every week of the year with forty (40) hour work weeks, the total number of hours would be 2,080 (52 X 40). However, it would be irrational to assume that there will be no vacation days or a simple day off from work. Additionally, much like other freelance jobs, a consultant’s workload can vary considerably, and there may be days (or even weeks) with no work. For some, 1,800 yearly hours is ideal, but for others, it may be closer to 1,500. For this example, we’ll use 1,800 hours, as it accounts for ample time between clients as well as extended vacation time.
The Marketing Insider Group uses the following formula to determine an hourly rate ($/hr) marketers can use for their services:
[Yearly Salary ÷ Yearly Number of Hours] = Hourly Rate ($/hr)
Taking the previous numbers into consideration, the hourly rate charged would be: [$50,000 ÷ 1,800] ~ $27.78/hr. Consultants should expect this number to change based upon their experience and the difficulty of the work with which they are tasked, but for gathering a starting figure, this method should be more than adequate.
- Salary: $59,603/yr
- Hourly Rate: $35.14/hr