What does it cost to hire an experienced marketing professional?
The base salary will vary with the size of the company, but salary does not represent the total cost of the employee to the company. The employer must consider the costs of benefits, such as Life Insurance and Medical Insurance. Also, many employers provide Pension Plan and Profit Sharing Plans. Benefit estimates average 35% of the base salary. Lastly, bonus plans and perks add another 50% of an employee’s base salary. Holiday pay and vacation pay are also added costs to the employer. Only after considering all of these costs, salary, benefits, bonus, and vacation can an employer truly calculate the actual cost per working hour. Once hired, the employer has to pay the employee for all of these costs regardless of the workers contribution to the organization. (Other typical employer costs include recruitment, relocation, training, and office overhead).
What does it cost to hire a well seasoned marketing consultant?
Marketing consulting fees vary. Typically, employers can hire a marketing consultant that maintains experience in all facets of marketing. The consultant not only understands the marketing process, but understands the psychology of the selling process. In addition the typical consultant would know the inner workings of an advertising agency. Also, the consultant would have a myriad of sources and associates available to tackle any problem. Although the marketing consultant fee might seem high, the short term benefits can be significant. Some of these benefits include:
You pay for what you get…
The hourly fee for a consultant is comparable to the productive hours of a full time employee. Thus you only pay for the hours that the consultant performs tasks. You can always put the consultant on hold when the business declines.
You do not have any hiring costs…
There are no recruiting fees associated with a consultant. The company can end the consulting relationship any time for any reason. The consultant is not an employee, and you treat the consultants billing as you would an outside vendor. The first consultation meeting is usually free.
You can hire a complete marketing department full of resources in one consultant…
Marketing Consultants bring with them a wealth of marketing experiences. Usually individual employees will not have this type of talent. The consultant has the specific skills necessary for product development, advertising, promotions, trade shows, technical writing skills also known as a complete marketing department.
The marketing consultant brings with him a dimension of outside thinking…
Has the ability to look at a business from an outsider perspective. The ability to develop marketing products often is easier once on the outside the company shell.
Through a business consulting company like TMC Business Connections, the marketing talent often associated with and obtainable only by larger companies becomes affordable to smaller and midsized companies. Larger companies can get the professional marketing talent without the long term cost and commitment related to hiring a full time marketing employee.