Credits Based Marketing
If you have ever worked with agencies then you'll be familiar with the concept of the billable hour. We're sure that you have found yourself perplexed as to how to work out how the hours in your monthly retainer have been allocated – strategy, project management, account management, creative time, etc – all of which seem to be billed at different rates and consumed in various quantities. It makes understanding how value is being delivered from your retainer a challenge.
It's both puzzling and frustrating.
So, we have adopted a 'credit-based' system.
What does that mean?
All of the services we deliver for clients now have a credit value assigned to them based upon the time taken to deliver each one, the complexity to get it from start to completion, and the skills required to execute each of them. This means when we agree on a campaign you know precisely what the outcomes will be, nothing is hidden, nothing extra, you will know exactly where you stand at any point.
So here’s how the idea breaks down:
As a client, you choose the monthly budget level you want to invest – for example, £795pcm, which will purchase 150 credits per month.
The agreed campaign may need two standard news releases each between 450-750 words at 45 credits each, which is 90 credits in total, a long-form blog of up to 750 words at 25 credits, and a feature pitched to an editor at 25 credits. All of this is achievable within your monthly credits.
Here's a quick example of how your credits could be deployed within one month:
What this means is that you, the client, can now see exactly how your budget translates into the total number of credits available for allocation to activities in a given month. We also know that nothing ever works out quite that neatly so we've built in an option to rollover unused credits into the following month, and a pull forward facility where you can borrow from the following month. This should help you manage the needs of the ebb and flow of business comms. And, of course, you can buy top-up credits if the need arises.
If you are looking for a more flexible way to build your marketing and communications activity, let's talk about how a credit-based plan can work for you.