The curious case of retainers
Say, you’re ideating a project with quite an elongated timeline or in need of specialized services over a considerable period of time. You might need a long-term partner who stays with you through thick and thin. Here is everything you need to know about such long-term partnerships, generally called ‘Retainers’.
RETAINERS – THE LONG-TERM RELATIONSHIP
Retainers are used to build long-term relationships between clients and service providers rather than one project deals. A recurring agreement (lasting 6 to 12 months in general) is signed between both the parties based on a long-term work strategy, be it marketing, design or any digital product needs. The service provider sets apart a specified number of work hours for its client, paving the way for better execution of the strategy plan worked out.
THE INTRICACIES OF RETAINERS
Once the client considers the move to retainer models, the service provider submits a detailed working plan for the set time with long-term goals, monthly targets and review methods. The proposal also contains the retainer fee and other terms of service.
When the client is happy to go forward with the proposed plan, the agreement comes into effect. The service provider will now be responsible for providing monthly reports on the targets discussed earlier. Along with appropriate performance indicators, the client will now receive regular updates regarding the work progress towards the larger goal.
The kind of services included in a retainer depends mostly on the service provider’s specialties and client needs. A marketing agency might include retainers associated with social media marketing, content marketing, video marketing etc. while a design studio might offer communication design and visual design retainers. Some of the retainer services we at Panorbit offer include,
· Social Media Marketing
· Digital Marketing (Social Media, Website Management & PPC Advertising)
· Video Content Marketing
· Communication Design
· Product Retainer (Tech Support & UI/UX)
WHEN TO COMMIT YOUR BUSINESS?
It is important to know when to use a retainer model for your business as much as knowing what a retainer model is. If you match any of these criteria, make sure you sign a retainer agreement with your service providers:
· Your long-term growth plan is in motion
· You have a new project idea with a long timeline commitment
· You are in need of quicker turnaround strategies for your business
· Require assistance in specific verticals on a continual basis
· You have varied ongoing needs from the agency you signed up with
BENEFITS FOR THE CLIENT
Entering into a retainer agreement keeps the working costs predictable. It also enables the client to set aside a specified amount during the budgeting phase, making way for efficient cost management.
PRIORITY IN SERVICE
A continued association with the service provider lends a leading priority for your business as a valuable client, working together for a long time. This bodes great in the context of urgent requirements that need to be integrated within the agreed terms.
The retainer models enable both the parties to get into a rhythm, working with each other over a period of time, leading to a great rapport. Moving forward, the scalability these retainers offer in accommodating additional needs saves a lot of money and time for the clients.
BENEFITS FOR THE SERVICE PROVIDER
An annual or half-yearly association allows the service provider to get more familiar with the product or service the client is offering to its customers. The more the service provider is familiar with their client’s work, the better their ability to build and execute their growth plan.
NOT DEEPLY TIME-BOUND
A larger work span gives better breathing space for the tech and creative minds who are working hard towards a common goal. Not that one-project deals are not creatively great or lacking in technical brilliance, but a sizeable interval works in favour of the service provider to capitalise and make the most of insights gathered.
Working with a single client over a prolonged period helps the service providers to achieve consistency in their work. This further enables them to organize their workflow, leading to better efficiency rates.
We at Panorbit offer various retainers that fulfil the marketing, design and digital product needs of your business. Our stellar team with tech, design, films and marketing expertise ensures that the long-term relationship never falls out of place.
Make sure you reap the benefits our retainers offer to your business by pinging us at [email protected];