6 Powerful Pricing Strategies (For Your Consulting Business)

Learn 6 brand consulting fee structures you can use for pricing strategies in you brand consulting business.
#brandconsulting #brandconsultingfee #branding #brandstrategy
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By the end of this video, you’ll know how to price your branding services with 6 pricing strategies you can use to structure fees in your creative agency.
First, we’ll touch on the difference between brand strategists and brand consultants and how they both sell their thinking as an advisory service.
Then, you’ll learn how critical your pricing strategy is to the success of your business and agency before we jump into the 6 brand consulting pricing strategies.
0:00 6 Brand Consulting Pricing Strategies (For Your Agency)
1:35 Fee Strategy #1 Hourly Rate
2:19 Fee Strategy #2 Daily Rate
3:02 Fee Strategy #3 Retainers
3:46 Fee Strategy #4 Value-Based Project
4:42 Fee Strategy #5 Profit Based Project
6:09 Fee Strategy #6 ROI Pricing
Regardless of the pricing strategy you use, it’s critical you take the time to define your fee structure in order to build a successful branding agency.
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6 Powerful Pricing Strategies (For Your Consulting Business)
1. Hourly rate - It's not effective due to the ceiling of what you can earn. If you are good enough to finish it quickly, you're punishing yourself instead of rewarding. But if you want the transparency and cleanliness, then use it. But you won't be able to break that ceiling because you only have so many hours in a day, so you won't earn much and grow your business.
2. Daily rate - Here, you're selling in blocks, so you have a minimum time spent to get paid. But it's not good, as the same reason for the hourly rate.
3. Retainers - It's setting an offer to your client for a set amount of hours per week or per month. You don't have to work every single time of every day for those given time but they'll need you when they need for those time. So you have consistent paydays for months or weeks, which is good for stability.
4. Value-based project - Determine the value of the work that you do to the client. Including the monetary value.
5. Profit based project - You'll have a fixed cost (Including everything you need to accomplish the job, like people involved, rent, materials, etc.) to the profit that the client will earn. Add your profit margin to it. Making it simple and comfortable for you depending on the profit.
6. ROI Pricing - The consultant will make a percentage of the profits the client will make on their work. These must be trackable and easy to identify profitability. The consultant will set up the pricing structure with the contracts by incentives with reduced rates for the deliverables of the work in the hope that the brand will go on to make a healthy profit and the consultant will be able to share in that profit.
Answer the quetions:
How are you going to structure your services? How is that going to align with the goals that you have with the business you want to build? With how you want to grow and scale?
So really think about what you want to build, the clients you want to attract, the relationship you want to have and make a decision about your pricing strategy.