Monthly Retainer in Event Consulting

Interested in hiring someone to help you create an award-winning event?  Looking for a way to make the spending of your money worthwhile? Consider hiring an Event Consultant on a monthly retainer to work with you.   

This blog written by event experts will provide you with everything you need to know about monthly retainers, so you can see if it’s the perfect plan for you and your needs. Event Retainers are typically used by clients who want to collaborate with a specific event agency for ongoing projects, so they can contact them whenever they are available.

What is a monthly retainer?

Clients pay a monthly retainer fee upfront to guarantee that a business will provide its services for a specific time frame, typically a number of hours per month. A monthly retainer agreement gives clients a feeling of security in that they always have an expert in their back pocket. Additionally, it enables the consultant to set aside dedicated hours for each client and manage the workload efficiently.

How does it work?

Clients who are on a monthly retainer, typically pay a recurring monthly fee and collaborate on lengthy projects with numerous agencies that are at their beck and call. In the light of an Event Consultant business, a client will pay a monthly fee for the Event Consultant to provide event assistance and expertise when needed. An example of an event retainer task would be to attend weekly team meetings and offer advice and industry knowledge about the status of the event planning. This helps ensure a client’s critical path is moving according to the plan, and that all the marketing initiatives are fulfilling their goals.

Why do people choose to purchase a monthly retainer?

There are four reasons: 

1. Retainers are generally for longer periods of time and do not have to be project-specific.
2. A long-term relationship allows an agency to become very familiar with a brand and help execute long-term business goals. In this case, an event consultant will get to know their client well, in order to assist them in achieving their business objectives.
3. As event consultants gain expertise in the client’s business requirements, working on the same retainer contract repeatedly improves quality and effectiveness for them.
4. An event consultant can give a fresh set of eyes and flag unforeseen issues.

What are the benefits of a monthly retainer?

Priority service

The client can expect a bit of “line jumping” when requests are made. When possible, an agency will try to reorder requests in order to accommodate its long-term retainer clients. Event Consultants are aware that they must reserve a certain number of resources each month for a particular client, while at the same time staying up to date on trends and policies.

Finer service

With a retainer arrangement, the client’s team has the time to focus and produce their best work. In order to produce a better final product, Event Consultants may also set aside money to spend more time conducting market research and using an analytical approach to event projects.

Improved value

When working with an agency on a retainer, the hourly rate for services is frequently reduced. Moreover, Event Consultants will begin to have a thorough understanding of the client’s events, which will enable them to offer better and faster service. Efficiency increased for less money!

More predictable costs

Clients know what to expect from a monthly service invoice. Also, this helps improve forecasting and budgeting, as it gives the client freedom to spread out short-term marketing campaigns over longer time frames and plan for event support services.

Peace of mind

Just knowing that there is a seasoned event professional on their team gives clients a sense of security and relief. If something serious does come up, the Event Consultant can offer a solid solution to fix this issue quickly.