When it comes to Public Relations (PR), establishing a clear understanding between the consultancy and the client is crucial. One popular billing method in the PR industry is the retainer model, which involves charging a fixed fee each month for a specific set of services or hours. By transparently explaining the retainer model, both parties can establish a solid foundation for a successful working relationship. In this article, we will outline key points to help you effectively explain the retainer model to your client, ensuring clarity and understanding.
The Retainer Model: A Standard Billing Method:
The retainer model is widely used in the PR industry. Under this model, the consultancy charges a fixed fee each month to provide ongoing services. These services typically encompass a range of activities tailored to the client’s needs, such as strategy development, media relations, crisis management, and other relevant PR initiatives.
What’s Included in the Retainer Fee:
The retainer fee covers continuous consultation and support. It represents the consultancy’s commitment to be available and responsive to the client’s PR requirements. While the consultancy may not complete every activity outlined in the retainer fee every month, the client is responsible for honoring the retainer fee as it ensures ongoing access to expertise and support. As in other professions like legal, and counsel, PR counsel has always being in the backburner unfortunately due to the misunderstanding of the phrase “Retained”.
Benefits of the Retainer Model:
The retainer model offers several advantages to the client. Firstly, it provides predictability of costs, allowing the client to budget effectively. Secondly, it ensures ongoing access to the consultancy’s expertise, allowing for consistent guidance and support. Finally, the retainer model offers flexibility to adjust PR strategies and activities as needed, ensuring alignment with the client’s evolving goals.
Determining the Retainer Fee:
The retainer fee is based on the scope of services and the level of expertise required. As the client’s needs and priorities change, the fee may be adjusted accordingly. The consultancy will work closely with the client to establish a clear scope of work and a detailed plan outlining the activities and deliverables included in the retainer fee.
Transparency and Accountability:
To maintain transparency and accountability, the consultancy will provide regular updates and reports. These reports will outline completed activities, achieved results, and the hours worked. This ensures that the client is fully informed about the consultancy’s efforts and progress.
Ongoing Consultation and Support:
The consultancy commits to being responsive and accessible to the client’s needs. Through ongoing consultation and support, the consultancy aims to help the client achieve their PR goals. This collaborative approach fosters a strong working relationship and enables effective communication.
Effectively communicating the key points of the retainer model to your client, you can establish a solid understanding and build a strong foundation for a successful working relationship. Transparency about the retainer fee, the included services, and the benefits it offers will help set clear expectations and ensure the client recognizes the value of the consultancy’s ongoing commitment to their PR needs. Ultimately, this transparency will lead to a mutually beneficial partnership, where both parties can work together towards achieving PR success.
