Let’s talk retainer clients
I learned early that the way to healthy growth and less stress is getting clients on annual retainers.
One-off projects are great and you have to start there.
I did so many one-off projects within the first two years of me dabbling with a camera (circa 2015).
But here’s the problem with one-off projects:
You never know when they’re coming (which is terrible for cashflow and planning)
You never know how much revenue they will bring
You have to learn the client’s brand from scratch (which reduces efficiency)
And while you can have a 5 figure business with one-off projects and make a decent living, you inevitably end up stressed out because you don’t know when the next job is coming.
We fix that with retainer contracts. And in my opinion, contracts at least 12 months in duration.
Now, getting retainers isn’t easy. I’m just going to be honest with you.
But let me help you understand some of the realities retainer clients…
And how this can help you build.
Reality 1: Retainers come from one-off
I’ve never closed a retainer client without doing several one-off projects for them over the course of 6-12 months.
So yes, you have to do one-off projects first because you have to build a relationship first.
There’s no shortcut around that.
My first retainer (circa 2019) came from a few marking one-off projects.
I have previous experience doing search engine optimization for clients and I met a prospect who needed help with SEO.
So I jumped in and solved their immediate SEO issues. It took three months of SEO work to get to a point where I pitched her on video, because she also wanted to do more on YouTube.
I built trust through the SEO work. I built the relationship, so when it came time to sell her on YouTube production it was quite easy.
She signed up for a minimum of $2,000/month.
That helped me launch my current video company back in 2019.
(BTS below from some of that YouTube content filming)
Reality 2: Small retainers become bigger ones
A small retainer isn’t a bad thing at all.
What do I mean when I say small??
That could be $500/month or $1,000/month.
(Now, don’t give everything away at that price point. Leave plenty of room to scale up.)
In my experience: small retainers become bigger ones because you PROVE your value. You PROVE the concept. You PROVE the content works.
So don’t be afraid of smaller retainers.
It gets the client into the mindset of ongoing work with you and ongoing investment into their content. That’s HUGE.
Because if you can get a client paying on a regular basis, you can scale them up in a matter of months.
Reality 3: Retainers take time (be patient)
For me, getting a retainer signed takes an average of 12 months.
It takes time to prove value and to prove trust.
I haven’t discovered a way to speed that up … because there isn’t a shortcut. Relationships take time.
But it’s also worth the wait.
I did one-off projects for my biggest client (now) for almost 18 months before they asked for a retainer.
But when they asked for a retainer, they didn’t flinch at my $5,000/month ($60,000/year) pitch. Not one single bit.
They asked: “where do we sign?”
That’s the beautiful thing about PROVING your value and trust — it makes the sale easy.
Now that $60,000/year client has grown to $109,000/year.
If I tried to rush it, I am certain I wouldn’t have a retainer at that size with them.
Conclusion:
To get to a retainer, you must do one-off projects first
Delight the client during those one-off projects
Make yourself indispensable
Be patient because it takes months
Small retainers will lead to bigger ones
Prove your value and your trust
TAKE ACTION:
Try to sign a small retainer with a regular one-off client
Delight your one-off clients with responsive support and fast turnarounds
Pitch a retainer after 8-12 months of consistent work with a client (you have to ASK)
Cheers my friends,
-Trent