7 minute read
There’s a trick to one-off business engagements, and that is a retainer. Establishing a set fee that acts as prepayment can go a long way in any joint project between two companies. It can be very beneficial to set aside an agreement to increase the viability of the project being worked on. Here’s how a retainer improves the relationship between an agency and the client.
“I charge by the hour, or I am on a retainer. We try to work with the client.” – Judy Smith
1. What is a retainer?
Firstly, the entire point behind a retainer is to create a more long-standing relationship between two people or businesses. When two companies are able to work together and create together, all parties thrive in the communal experience. Conversely, “one-off” contract can result in underwhelming results, as neither side truly gets to experience the strengths of the other. In other words, a retainer improves the relationship between an agency and the client.
Next, a retainer can solidify a business practice between two parties. As there is a time and financial investment in place to begin with, the agreement turns from a client to contractor relationship and becomes more of a peer to peer collaboration. By becoming strategic partners with each other, you fully get the true strengths of both sides. Here’s a quick list of how a retainer improves the relationship between an agency and the client.
– Take creative risks rather than being a service provider
– Get a deeper understanding of each side’s goals
– Predictable income/expenses
– Create a business plan for the foreseeable future
– Return business for both sides
– A plan that supports experimentation and optimization
– It’s always easier to integrate with one company rather than multiple
– Booking time in advance saves money
– You are working by someone with whom you’ve established a relationship
2. How Does It Work?
Essentially, a retainer is simply an agreement between a client and an agency to work together for a period of time longer than one project. This can be accomplished in a number of ways, but in layman’s terms, that’s it. This is good for clients because they get someone who’s willing to work with them and understand their needs. Moreover, establishing a relationship with a business is a great way to help both companies get ahead.
Furthermore, this is great for agencies because it guarantees work and establishes a rapport. It can outline end goals and establish a timeline to meet said goals. This efficiency helps all parties involved accomplish what they set out to do. Think of it more of a partnership rather than hiring a contractor. Essentially that’s how a retainer improves the relationship between an agency and the client.
3. What Are the Options for a Retainer Agreement?
Basically, they can be as varied and different as the companies they represent. You can have a monthly fee, a one-time payment where a part is refunded at a certain point, or longer periods of time like a charge every six months or so. Whatever the case, you can choose a financial plan that works for you. Most agencies are willing to work around budgets, as well.
Here at Pinacl we off a wide variety of services available to be purchased, and a retainer is certainly preferable for our company as well. We’re interested in working with you and increasing your brand. If that sounds like a good fit for your company, here are some of the things we can offer your business, with or without a retainer.
- Media management
- Search engine optimization
- Increased site conversion rates
- Creative content marketing
- Reputation management
- Internet advertising
- A campaign focused business plans
- Social media management