How to Set Your Freelance Digital Marketing Salary: Tips and Tricks
Negotiating Your Freelance Digital Marketing Salary
Setting your own salary can be a daunting task as a freelance digital marketing specialist. While also reflecting on your experience and expertise, you want to ensure that your compensation is fair and competitive. With the freelance digital marketing job market on the rise, it's important to stay informed on industry trends and salary expectations.
We'll go over some tips and tricks for setting a freelance digital marketing salary that is both reasonable and profitable in this article. Also, we'll take a look at the current job market for digital marketing jobs and how it impacts your salary expectations.
So, whether you're just starting out in your freelance digital marketing career or looking to renegotiate your compensation, this guide is here to help.
Factors to Consider When Setting Your Salary
For many people, talking about salary is still a bit taboo. If you're a beginner freelance digital marketing specialist, setting your salary can be tricky. After all, it is literally putting an amount on how much your time and hard work are worth.
There are several factors to consider that can impact your earnings when pursuing freelance digital marketing, such as:
Digital Marketing Experience
The truth is experience is one of the most significant factors in determining your digital marketing salary. Clients are paying for your knowledge and expertise in digital marketing.
Make sure you have actual digital marketing experience before you start full-time freelancing. You can create your own experience by testing out digital marketing strategies from YouTube videos, helpful digital marketing blogs, and social media.
Suppose you have several years of experience in the industry, including a track record of successful campaigns and satisfied digital marketing clients. In that case, you can confidently charge a higher rate than someone who is just starting out.
Education in Digital Marketing
While having a degree in digital marketing or a related field can be advantageous in terms of salary, it's important to note that it's not always a requirement for freelance digital marketers.
Truth be told, many clients may prioritize experience and skills over formal education.
That being said, pursuing higher education in digital marketing or a related field can still be beneficial for your career growth and earning potential. It can provide you with a deeper understanding of digital marketing principles and strategies, as well as hands-on experience through internships or projects.
Plus, having a digital marketing degree or certification can help you stand out among other freelance digital marketing specialists and demonstrate your commitment to your craft.
However, it's important to note that education alone does not guarantee success in freelance digital marketing. Still, you would need to develop your skills and gain real-world experience through working with clients and testing different digital marketing strategies.
Location & Cost of Living
Playing a significant role in how much you can charge as a freelance digital marketing specialist is your location. For example, if you live in a major city like New York or Toronto, you can charge more because the cost of living is higher.
Around these areas, clients may also have larger marketing budgets and be more willing to pay a premium for high-quality digital marketing services. However, location can also have its drawbacks. Living in a smaller town or a less populated area may not have as many clients to work with, and the ones you do find may have smaller budgets. This can impact your digital marketing salary as a freelance digital marketer.
Fortunately, the nature of freelance digital marketing means that you can work with clients from anywhere in the world. This opens up opportunities to work with clients in different locations and potentially earn more money.
It's also worth considering the cost of living in the area where your clients are based, as this can impact how much they're willing to pay for your digital marketing services.
Researching Digital Marketing Salaries
When setting your freelance digital marketing salary, it's important to research the industry standard to ensure that you're not pricing yourself out of the market.
Furthermore, researching digital marketing salaries can give you an idea of what other freelance digital marketing specialists are charging for their services and what clients are willing to pay in return.
To begin your research, start by checking digital marketing job search websites like Indeed, Glassdoor, and LinkedIn. These websites can give you an idea of the average salary for digital marketing jobs in your area.
Industry reports and surveys can also be useful, they provide insights into trends and salaries in the digital marketing field.
Another helpful resource is networking with other freelance digital marketers or joining industry groups on social media platforms like LinkedIn or Facebook. By connecting with others in your field, you can get a better sense of what other freelance digital marketing are charging and what clients are willing to pay for digital marketing services.
Doing this research allows you to stay competitive in the market and ensure that you're being paid fairly for the digital marketing services you provide.
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Setting Your Base Rate
Now it's time to set your digital marketing service base rate. When a potential freelance digital marketing client asks you what your rate for your services is, don't pass them their question. This makes you seem unconfident and inexperienced.
A base rate that you can use as a starting point for determining your salary is important in freelance digital marketing. Your base rate is the minimum amount you need to charge to cover your expenses and make a profit for your time and service.
To determine your base rate, start by calculating your monthly expenses. This includes your rent or mortgage, utilities, insurance, transportation costs, and any other expenses you have.
Next, factor in your desired profit margin. How much money do you want to make each month? Consider your long-term goals and the type of lifestyle you want to lead.
Once you have a total monthly amount, divide it by the number of billable hours you plan to work each month. This will give you your hourly base rate.
Suppose your monthly expenses and desired profit margin total is $5,000 and you plan to work 160 billable hours per month, your hourly base rate would be $31.25.
Remember that your digital marketing base rate is just a starting point. Adjust it up or down depending on the factors we discussed earlier, such as your digital marketing experience, education, and cost of living in your location.
Adjusting for Experience and Expertise
As previously mentioned, solid proof of digital marketing experience is what most clients are looking for when hiring a freelance digital marketing specialist.
The salary you're asking should reflect your experience and expertise as a freelance digital marketer. Here's how to adjust your base rate or asking digital marketing salary accordingly:
Evaluate Your Skill Set
Your expertise in specific areas of digital marketing can also impact your salary. For example, if you have a strong background in social media marketing, you can charge more for those services than someone who only offers basic social media management.
Knowing the latest digital marketing tools like Google My Business for local SEO services, Hootsuite for social media services, and Asana for project management can also help in strengthening your freelance digital marketing skillset.
Look at Your Portfolio
Past successes as a digital marketer are your leverage in setting your digital marketing salary. If you've worked with high-profile clients or achieved impressive results for previous clients, you can use that as evidence of your value to charge a higher rate.
For social media, you can make your designs on Canva, Photoshop, or any creative design-making tools and start your own journey to build yours. That way you can showcase your work and results, proving to clients that your asking digital marketing salary is worth it.
Negotiating Your Salary
Negotiation is an important part of setting your digital marketing salary. Essentially, remember that your salary is not set in stone and that it's possible to negotiate for higher rates. However, negotiating can be intimidating, especially if you're new to the industry.
Here are some tips to help you negotiate your digital marketing salary like a pro:
Research Industry Standards
Before entering into negotiations, research what other freelance digital marketing specialists are charging for similar work in your location. This will give you an idea of what you can reasonably ask for, you don't want to just blurt out a random number.
Know Your Worth
Be confident in your skills and the value you bring to your clients. Don't undervalue yourself or your work. Confidence comes in knowing you provide quality freelance digital marketing services—the more you do it, the more you have it.
Practice Your Pitch
Rehearse what you want to say in advance so that you feel comfortable and confident when it comes time to negotiate. Additionally, you can also ask a trusted friend to hear your freelance digital marketing pitch to make sure it's solid.
Be Willing to Compromise
While it's important to stand firm on what you believe you're worth, it's also important to be willing to compromise. You may not get everything you ask for, but you should be able to reach a mutually beneficial agreement.
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