How Much Should I Charge For Social Media Consulting/Coaching?
December 10, 2010 § 11 Comments
I’m up so late I’m hungry right now… That won’t stop me from blogging! Even though you haven’t seen my writing here, I’ve been keeping it up like I said I would. It’s just been in the form of content for websites and email responders… Anyhow, on to today’s topic!
What’s The Going Rate For Social Media Consulting?
EXACTLY $217.48/hour. Next question!
Seriously though, I’ve been struggling to figure out how and how much to charge for this service I want to provide. Instead of sleeping, I decided to hit the google tonight and see what I could drum up. My searching brought me to EXACTLY what I was looking for in the form of a LinkedIn Q&A. Here’s the full question:
How do social media consultants charge clients?
Several small businesses and organizations have approached me about helping them market through social media. Since I’m new to the game (or at least new on charging for it), I’m trying to figure out how much is appropriate to charge. A few questions:
1. What’s the range of hourly rates charged by SM consultants?
2. Anyone have experience getting paid on commission — for bringing new clients to the biz? I can’t see yet how this would work, but one client is asking for it, so I’m brainstorming.
3. For companies who simply want me to run a FB page and Twitter feed rather than investing in a complete online strategy, got ideas on fee structure?
Would love to hear how others make this work.
A lot of really good responses to the question were posted and you can read them all [here.]
The amounts vary quite a bit but one thing is clear to me, they’re all a lot more than I was (am?) planning on charging for my service! That’s probably the usual newbie mistake though. So what’s my plan?
My “Business” Plan
No point in keeping it a secret. What I’m going to lay out for you is my rates, what you get for them, how I got them and why…
An upfront fee of $500-$1,000 and then $67/month… lol Seems laughably cheap after nosing around the net a little bit, but that’s the rate I have in mind. What I want to do for that price is get you setup with a basic website, get your social channels all setup and teach/coach. I don’t want to be writing blogs posts, updating Twitter or any of those shenanigans. I want to teach/coach you or someone in your organization how to go about doing it with classes, emails, forum posts, phone calls (when needed) and the like. I also want to build an online and offline community around the topic so the support and answers aren’t just coming from me, they come other paying members as well. The idea was to do it mostly online and mostly in groups (which is what would keep price low) except for an initial “hard core” break down (the higher upfront cost).
That’s the fuzzy idea anyway. The basic idea is to teach a person how to covert leads built online into paying clients/customers.
my rates, what you get for them
Where did $67/month come from?
Heard of Dunbar’s number? It’s basically (from Wikipedia) ” a theoretical cognitive limit to the number of people with whom one can maintain stable social relationships.” Some say that number is around 150. I set a goal of $10,000/month and if you divide $10,000/150 you get… $67. lol
So… I basically figured if I could get 150 people paying me $67/month doing stuff I love (guess how much I want to charge for my tai chi classes ) life would be pretty good. I also assume that the rate of $67/month will naturally increase if I’m “awesome.” So then I can either work with fewer people or just make more money.
Another thing that seems nice about that amount is that I shouldn’t have any trouble landing clients and I can totally fire clients that I don’t like working with.
An Analogy Between Martial Arts And Social Media
Not to be cocky or anything, but I’m pretty bad ass at tai chi push hands. Come to my class and see for yourself! The thing is, I didn’t get bad ass in a week, a month, a year or even a few years. I got bad ass by training for over a decade now. There’s NOTHING I can do, as a teacher, to make someone as bad ass as me in a month, a year or even three years. Someone could walk into my class next week, offer me $10,000 to make them a bad ass in 1 month and… I’d have to tell them no (or say “Define ‘bad ass.’” lol ) My point being, it takes time.
Now flip to social media and… It’s pretty much the same situation. It obviously doesn’t take 10 years to become a bad ass at social media (hmmmm… maybe it does!), but however long it takes (6 month, a year, 3 years?) it takes time (longer than a weekend seminar or a day of intensive training). So what you have to do is find an instructor that is a match for you and you learn from them one lesson at a time and then apply what you learned. That or jump in the deep end without knowing how to swim. Most business folk don’t seem to have time for that.
Some Closing Thoughts
I probably shouldn’t hit the publish button after 4:30AM, but I’m going to. I hope the above stayed mostly coherent and generally spelling and grammar error free. My goal with the business I’m starting is to get the knowledge of social media into as many Milwaukee minds as possible and DEEPLY embedded into them. This isn’t something just for businesses to maximize profits and get an ROI from. Schools, churches, nonprofits, government, families and the like need to be using this stuff!
However it’s structured and priced, my ultimate goal is to make see Milwaukee be the hands down most socially connected city in the world. All of the technology to do it is here, we only lack leaders and teachers. Anyhow, I better get to sleep. I’ll be harassing some of you on Twitter when I wake up in the morning. If you read to the bottom you BETTER leave a comment. Otherwise I might have to show up at your office with my video camera and do something CRAZY! lol
Does my structure sound cool?
Are my rates too low?
How would you improve on my “plan”?
Thanks. You have until Sunday night, otherwise I’m going on CRAZY missions next week! lol
OK… I think I better go to sleep.
One more thing. I mostly want to work with newbies who have little to no experience with marketing online, but REALLY want to learn. Newbies who are already running businesses/organizations, but not doing anything online (or doing a really poor job of it).