Marketing Consultant Invoice Template
A marketing consultant invoice is a form requesting payment for the time a marketing consultant spends assisting a startup, small business, service provider, or other entity with digital and non-digital marketing and branding efforts. Marketing consultants can work on their own as independent consultants or for a marketing agency. Their services are typically only called upon when a business requires their service.
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Creating a Marketing Consultant Invoice That Gets You Paid
A marketing consultant invoice should include the consultant’s name and contact information, the client’s name and contact information, the date, a description of the services provided or work performed, the amount due, and the payment terms. The invoice should be sent to the client as soon as the work is completed.
What Is a Marketing Consultant?
A marketing consultant is an expert in developing marketing strategies for businesses. The consultant understands how to motivate customers and has the tools to analyze opportunities within the companies they are hired to advise. This type of expert can assist companies with traditional and digital (online) marketing and advertising, although some choose to focus on one of the two.
Becoming a Marketing Consultant
Marketing consultants typically hold an undergraduate degree in marketing, business, or communications and some have an MBA with a focus on marketing. A portfolio that demonstrates experience creating marketing campaigns and advising companies in their branding and marketing strategies is also required.
As with any consulting gig, a larger and broader portfolio opens opportunities to charge higher rates.
What Do Marketing Consultants Do?
Marketing consultants work with businesses to identify their target markets and then develop and implement marketing plans that aim to reach those target audiences. Marketing consultants also conduct research to understand customer needs and preferences in particular markets and track changes in those marketplaces. They use this information to help businesses adjust their marketing strategies and stay ahead of the competition.
Types of Marketing Consultants
There are a variety of marketing consultants, each with their own area of expertise. For example, some marketing consultants may specialize in social media marketing, while others may focus on email marketing or search engine optimization (SEO). Other common areas of marketing consulting include market research, brand management, and advertising.
How to Charge for Marketing Consulting
Marketing consulting services are typically priced on either an hourly or per-project basis.
Hourly
One way to determine an hourly rate when starting out as a marketing consultant is to identify a desired annual salary, then work backward. It is advisable to remember that unlike working for a firm or other salaried position, the consultant must cover expenses such as health and dental insurance, transportation, and company-related software and subscriptions. The Marketing Insider Group uses the following formula to determine an hourly rate ($/hr) marketers can use for their services:
[Yearly Salary ÷ Number of Hours per Year] = Hourly Rate ($/hr)
Consultants should expect the rate to change based on their experience and the difficulty of the work they are tasked with, but this method can be used to determine a starting point.
Per Project
Per project rates will depend on the scope of the deliverable, the timeframe in which it should be completed, and the size of the company engaging the consultant, among other factors. According to a study conducted by industry matchmaker Credo, 25% of digital marketing consultants have a project minimum of $1,000.
Average Rates
Rates vary depending on the market, the consultant’s experience, and the deliverable, among other factors. In bigger markets or for consultants with more experience, fees can double or triple. The average retainer is $2,500-$5,000 per month.
Marketing Consultant Salary & Hourly Rate ($/hr)
Marketing Consultant Statistics
- The average project scope is 10-20 hours.
- The average project length is 2-4 weeks.
- The average project turnaround time is 2-4 weeks.
- The average marketing consultant has 10-15 years of experience.
- The average marketing consultant works 40 hours per week.
- The average marketing consultant works with 2-3 clients at a time.
Benefits of Hiring a Marketing Consultant
Perhaps the most obvious benefit is that a consultant can provide an outsider’s perspective on marketing efforts. This is especially valuable when marketing strategies are not achieving a company’s desired results. A marketing consultant can also help a team to fine-tune its marketing strategy and objectives. They can help to conduct market research and develop messaging that grows a customer base, achieving growth for the company.
Tips for Invoicing as a Marketing Consultant
There are a few different ways that marketing consultants can keep track of their invoices. One is to use a software program that helps to manage and keep track of finances. This can be a great option for marketing consultants because it can automate many of the tasks associated with invoicing, such as creating invoices, issuing payments, and tracking expenses. Another way to keep track of their invoices is by using a physical ledger.