Choosing between a retainer and project work is not as complicated as it seems. It usually depends on a number of factors. Perhaps the most important consideration is how you will be working with the agency.
If you are comfortable with a more relaxed, open-ended arrangement, then retainer work may be a better fit. On the other hand, if you prefer a more structured approach with defined deliverables, project work may be a better option.
Other considerations include the nature of the project and you budget. Some projects may be more suited to a retainer arrangement, while others may be better suited to a project-based approach.
At the end of the day, The choice is up to each individual and their business, taking into account their needs and goals.
A retainer model is a type of business model where an agency provides a service on a retainer basis. This means that the agency charges a monthly fee in exchange for providing a certain level of service. The service can be anything from providing access to a product or service, to offering consulting or coaching services.
The basic concept of a retainer is that it is an ongoing, fixed fee that a company pays in order to have access to a consultant or agency’s services. The consultant or agency then available to the company on an as-needed basis. In practice, retainers can vary slightly from agency to agency. For example, some agencies may require that the retainer be paid upfront, while others may allow for monthly or quarterly payments. The terms of the retainer may also vary, with some companies requiring that the consultant or freelancer be available for a certain number of hours per week, and others allowing for more flexible arrangements.
How Can Retainer Agreements Benefit You?
Retainer model agreements are becoming increasingly popular in the business world. And it's easy to see why. For businesses, they offer a number of advantages.
Integrated project management: An notable advantage of a Retainer work model is that project management becomes part of the general business strategy. Additionally, a retainer can provide the project manager with a greater degree of control over the project budget and timeline, as well as the scope of the project. This can lead to a more efficient and effective use of resources, and ultimately a higher quality product or service.
Thinking from a large perspective. When you're not bogged down in the day-to-day details of running your business marketing, you can take a step back and focus on the larger goals you want to achieve. This can be anything from expanding into new markets to developing new products or services. Having a retainer allows you to take a more strategic approach to your business, which can pay off in a big way in the long run.
Preferential treatment. Having a retainer with your agency, you are essentially paying for priority access to their services. This means that you will be able to get the help you need when you need it, rather than having to wait in line behind other clients who may not be as urgent. In addition, having a retainer can also help to build a relationship of trust with the agency, which can be beneficial in the long run.
Overall, retainers offer a number of advantages and benefits for businesses, most importantly in building strong relationships. If you are considering a retainer agreement for your business, don't forget to consider the benefits and drawbacks thoroughly to establish if it is the right fit for you.
Project work is a task or series of tasks that is assigned to an agency or consultant, with the aim of producing a specific outcome within a set timeframe. It is usually undertaken as part of a larger project or initiative, and can involve anything from developing a new product to conducting research.
Project work can be undertaken by individuals or teams, and typically involves a considerable amount of planning, coordination and execution. It is often necessary to juggle multiple tasks and deadlines in order to successfully complete a project, which can be challenging.
A successful project typically requires a clear understanding of the goals and objectives, as well as a detailed plan of how to achieve them. It is also important to have the right mix of skills and resources available, and to allocate adequate time and budget to the project.
Experimentation: Project works are perfect for experimentation because they allow you to try out new ideas and strategies without having to commit to them long-term. This can be a great way to test out new marketing strategies, designs, or even business models without having to worry about the consequences if they don't work out. Of course, you'll still want to do your homework and make sure that your experiments are well-thought-out.
Test-driving agencies: Project work can be a great way to test-drive agencies before committing to a long-term relationship. It can also be a way to get exposure to a variety of agencies and see which ones are the best fit for your company's needs. By working on a project basis, you can get a feel for an agency's capabilities, processes, and culture before making a larger commitment. Additionally, project work can help build relationships with agencies and create a foundation for future collaboration.
Small-budget friendly. Project work is a great way to get things done on a small budget. By working on a project together, you can pool your resources and get more done for less money. Plus, you'll get the satisfaction of seeing your project come to life. In other words, if you have a tight budget, then you might want to consider doing project-based work instead of signing a retainer agreement.
Most marketing activities could be handled in-house, with support only needed when needed. If you want to take advantage of agency assistance before achieving certain goals, no need to wait.
We understand that there is a time and place for project work, especially for newly formed companies that may not have the budget or long-term vision set in stone yet. In these cases, it's beneficial to have a more relaxed approach with agency assistance.
The right project work or retainer agreement is a critical decision for any company. The wrong support level can prevent a company from thriving. There are many factors to consider when choosing the right agreement, such as the size of the company, the scope of the project, the timeline, and the budget. A company should also consider the experience of the project team and the company's own capabilities.
Why not chat to us before committing to any work type if you aren't sure what is right for you. Contact now!