How Much Do Freelance Marketing Consultants Charge?

Understanding the implications and costs of hiring a freelance marketing consultant

As any employer will know, taking on new staff comes with a high financial commitment and a good deal of risk. Not only is there an extra salary to pay but there are numerous overheads to consider as well. By the time you’ve totted up the cost of recruitment fees, pensions, national insurance, training and development, equipment, software licenses, annual leave and so on, you’ll be forgiven for wondering if it’s worth it. It might even mean that you need to compromise on the calibre of staff you want to recruit to make it affordable.

Hiring a freelance marketing consultant can be a cost-effective way for businesses to access a high level of marketing expertise without the long-term commitment of a full-time employee. Appointing a consultant can be a great solution when you need specialist skills and knowledge to manage specific projects, such as launching a new product, or to provide ongoing support, such as overseeing digital campaigns or refining your overall marketing strategies.

What does a marketing consultant do?

But what exactly does a marketing consultant do? A marketing consultant is a seasoned professional who works with businesses to identify opportunities, solve marketing challenges, and implement effective strategies to achieve their goals. Their expertise can span areas like branding, digital marketing, social media management, market research, content creation, and more. Depending on their specialisation, they might focus on high-level strategy, hands-on execution, or both.

However, the costs can vary significantly depending on the consultant’s experience, niche expertise and the scope of work. Before diving into a contract, it’s important to understand what you are buying, the services a consultant can offer your business, and what you can expect for your investment.

This article explains what level of proficiency you can expect for your money and explores the common pricing structures for marketing consultants to help you make an informed decision.

Everyone’s an Expert!

Strangely, marketing is one of those professions where everyone likes to think they can do the job and has an opinion on it! Thinking you can DIY in marketing can be an expensive mistake and has the potential for a negative impact on your brand. If you are looking for a professional job, then professional people are called for and at an appropriate price.

Factors Influencing Costs

There are several variables that can impact a consultant’s pricing, such as:

• Experience and Expertise: More seasoned consultants command higher fees due to their proven track record and specialised knowledge.
• Industry: Consultants specialising in niche industries (e.g. healthcare, fintech, pharma) often charge premium rates.
• Location: Consultants based in high-cost cities like London or Manchester may charge more than those in smaller markets or working remotely.

Experience and Expertise

While it might be tempting to think you need the best for your business, not every marketing project will need years of experience to deliver the job. In some cases, you may only need the input of an entry-level executive to implement an existing plan and manage the daily workload. If you are considering working with a marketing consultant, make certain what level it is that you need as getting it wrong could be an expensive mistake.

Let’s look at what types of marketing consultant you might come across and what experience to check for.

Entry-level: Marketing Executive

At the entry-level, the marketing executive consultant is the doer who looks after the day-to-day marketing activity. These people may have specific skills that they are offering, for example, copy writing, social media management, proof-reading, website updates, etc. or they can work cross multiple disciplines.

• Minimum of 1 to 2 years’ experience
• Bachelor’s degree in marketing
• IT literate and quick to learn

Mid-level: Marketing Managers

In the middle sits the marketing manager. It’s the marketing managers who put the strategic planning into action. They will have strong project management skills and will plan out what needs to happen at campaign level. These consultants have experience across a variety of marketing disciplines, analysing the success and managing an appropriate budget.

• 4 or more years’ experience at management level
• CIM marketing certificate, bachelor’s degree in marketing, or equivalent
• Experience of implementing strategy plans and managing campaigns
• Specific knowledge of relevant disciplines, for example, SEO, PPC, email marketing, content marketing, print, events etc.
• Ability to analyse and report on campaign success

Senior-level: Marketing Strategists

At the top of the tree are the professional marketers with many years of experience under their belts. They will be strategic thinkers with a high level of commercial awareness gained from working across a variety of organisations and/or agencies. These consultants may be specialised in a particular sector or offer a broad range of experience that is transferrable to other industries. They should demonstrate an excellent understanding of the marketing process and be able to identify appropriate strategies for differing situations and how these will generate a return on investment.

However, if you want the same person to implement your new strategy that may not be their skill set. In which case, look for a hands-on strategic marketer who will manage and execute the project end to end.

• 8 or more years’ experience at management level
• Senior management or maybe leadership team responsibility for marketing
• CIM (Charted Institute of Marketing) marketing diploma qualification
• Experience of managing a marketing budget that is appropriate to your business
• Excellent communication skills across all levels
• Experience in managing third-party suppliers for PR, design, web development etc.

Pricing Models for Marketing Consultants

The pricing model for hiring a marketing consultant will depend on various factors, aligning the nature of the work, your budget and preferences and the consultant’s preferred approach. Evaluating these factors ensures both parties achieve a fair and mutually beneficial arrangement.

Nature of the Project

• Short-Term or One-Off Tasks: Projects like creating a marketing plan, conducting a website audit, or running a single campaign often align with fixed-fee or daily rate models.
• Ongoing Needs: If the work involves continuous efforts like managing social media, SEO optimisation, or long-term campaign monitoring, a retainer model is more appropriate.

Scope and Complexity of Work

• Simple or Well-Defined Scope: A fixed-fee model works best when the project has clear deliverables, such as developing brand guidelines or setting up a PPC campaign.
• Complex or Evolving Scope: For dynamic projects where the scope may change, such as comprehensive marketing strategy development or multi-channel campaigns, daily rates might be better suited.

Frequency of Engagement

• Ad Hoc Support: Businesses that require occasional advice or support will benefit from paying a consultant’s daily rates.
• Regular Collaboration: Companies with ongoing marketing needs or who want a consultant embedded in their team for consistent involvement should opt for a retainer model.

Business Size and Budget

• Small Businesses or Startups: These businesses often prefer fixed-fee projects for predictability and to avoid unexpected costs.
• Mid-Sized or Larger Enterprises: Larger organisations may have the budget and need for more extensive services, making retainer models or daily rates more viable.

Expertise and Value Proposition

• Highly Specialised Expertise: Consultants with niche skills or industry-specific knowledge often charge higher fees and may prefer retainers or project-based fees that reflect the premium nature of their services.
• General Marketing Support: For broader or less specialised tasks, a fixed-fee or hourly model might be sufficient.

Deliverables vs. Time-Based Billing

• Output-Oriented Projects: Fixed-fee pricing works well when the consultant is delivering specific outputs like a completed campaign, a set of deliverables, or training sessions.
• Time-Based Tasks: Daily rates are ideal for work that depends on the time spent, such as brainstorming sessions, consultations or ongoing project management.

Daily Rates

When hiring a marketing consultant on a daily rate you are paying for flexibility. Freelance marketing consultants usually charge daily rates for short-term projects or advisory services. This pricing model is popular for businesses that need flexibility and prefer to pay for services on a day-to-day basis.

Average Daily Rates: Depending on experience and expertise, daily rates can range from £150 to £1,500 or more. For example:

• Entry-level marketing executive (1-3 years of experience): £150 to £300 per day
• Mid-level marketing manager (4-7 years of experience): £300 to £500 per day
• Senior marketing strategist or specialists (8+ years of experience): £500 to £1,500+ per day.

Fixed Fees

For well-defined projects, fixed fees offer clear benefits providing price predictability and efficient project execution. This model is common for services like creating a marketing plan, running a campaign or conducting an audit. However, you need to keep your eye on any scope creep, or you’ll see additional charges racking up if the project expands.

Typically, consultants provide a quote based on the estimated time and complexity of the project.

Typical Fixed Fee Costs:

• Marketing strategy development: £1,500 – £10,000+
• Social media campaign setup: £2,000 – £5,000+
• Website SEO audit: £1,500 – £4,000+

Retainer Models

For ongoing long-term collaboration, a retainer model is often the best choice. This arrangement involves paying a fixed monthly fee for a set number of hours or deliverables. While this ensures consistent support and a strong relationship, it may not be the most cost-effective for businesses with fluctuating needs.

Consultants agree to dedicate a certain amount of time or effort each month to the client’s needs. This model is common for content creation (e.g. blogs, social media posts), SEO monitoring and updates, and long-term campaign management.

Average Retainer Fees:

• Small businesses: £1,000 – £3,000 per month
• Mid-sized businesses: £3,000 – £8,000 per month
• Large-scale enterprises: £8,000+ per month

Tips for Choosing the Right Pricing Model

1. Assess Your Needs: First define the scope and timeline of your marketing requirements, trying to be as specific as possible.
2. Set a Budget: Determine how much you’re willing to invest and consider the ROI.
3. Compare Proposals: Research and evaluate multiple consultants to find the right balance of cost and expertise to fit your needs.
4. Negotiate Terms: Discuss flexible arrangements, especially for retainer agreements, to make sure it’s a win-win situation.

Summary

Hiring a freelance marketing consultant can be a strategic move for businesses looking to scale their marketing efforts. Understanding the pricing models — daily rates, fixed fees, and retainers — allows you to choose an arrangement that aligns with your needs and budget. By investing in the right consultant, you can achieve targeted results without the overhead costs of an in-house team.