Setting rates for service-based business may not always be an easy task. Nevertheless, there are techniques to determine how much you should charge. Let us take under the lens of marketing agencies. And if you are inquisitive about the average salary for marketing agencies; you can readily deduct it.
According to statistics, “marketing managers made an average salary of $144,140 in 2016. Sales managers made less that same year at $135,090, as did business operations managers ($122,090), management analysts ($91,910) and market research analysts ($70,620).”
Overall, the figures are high, and marketing agencies make some of the huge amounts of money in the field of business.
The salary varies depending on factors such as the nature of job, position, location, industry, aptitude and experience or education. In many instances, it may vary, but an average figure can be calculated easily based on general data. In case you wish to find out the average salary for marketing agencies, you should first collect all the data of your company, including the factors discussed above, and apply it to all the employees working in your marketing agency.
Defining Average Rates
The average salary for marketing agencies can be estimated by utilizing time tracking software. First of all, you will need to practice it because you will not be able to determine any costs. Time is normally the main factor determining the salary. Thus, having all that information on time is the basis for determining an average salary for marketing agencies.
Once you’ve made use of a time tracking software, you can’t only find out how much your marketing agency is making but also how it looks in comparison to rivals and how it stands regarding the average salary for the marketing agencies.
Average Rates vs. Specific Rates
Getting to determine the average rates for your services is good but not good enough if you want to be on the top. For that, you need to make sure everything is working properly. And that includes your employees too; you should monitor all the processes and employees’ work to assure numbers add up.
After you do all of that, you are going to enjoy the benefits since you will know all the particular rates. You won’t only bill your clients correctly but ensure your staff is effective too.