Retainers come in all shapes and sizes depending on the specific needs of the client and provider. They may include monthly payments, fixed-price contracts, or pay-by-project agreements. These agreements should clearly outline the scope of service so that both parties understand exactly what services are included in the retainer agreement. Additionally, retainers may include incentives such as discounts on services or priority access for urgent matters.

Retainers are particularly useful if you need ongoing support from an agency or freelancer. By paying upfront, you can ensure they will be available when you need them and it can also provide flexibility in terms of budgeting. For example, if you know how much money you want to invest in digital marketing, but don’t know exactly how many hours will be required, then setting up a retainer agreement allows you to pay as and when services are used. This means there’s no risk of overspending on one month’s work because all costs are fixed in advance.

Retainers also provide benefits for agencies and freelancers too. By entering into an agreement with clients upfront, agencies and freelancers can guarantee their cash flow each month which helps them plan ahead and develop longer term strategies. Additionally, because the client has already paid for their services, there is less chance of late payments or nonpayment which makes it easier for agencies and freelancers to manage their finances.