Marketing consultants perform a vital role within many businesses, giving their clients an essential outside perspective and helping to develop innovative marketing strategies for market growth.
Marketing consultants can be paid in a variety of ways, the most common being via a monthly retainer, however, some marketing consultants will link their remuneration to performance, so taking a percentage of sales, paid on a per lead basis, or even given equity in a company in return for their input.
A marketing consultant’s income is considered to be high in relation to other professions, a full time marketing consultant can make yearly sales well in excess of £100K per annum, some even in excess of £200K +
Most marketing consultants will take a fairly modest salary, just below tax threshold and pay themselves a dividend, as this is more favourable from a tax point of view.
The average salary of a marketing consultant is often much lower than what the highest earners are taking home. This is because many marketing consultants run their businesses more from a lifestyle point of view, so working part time and taking on a smaller number of regular retainer clients.
In such cases, (and this is only from my own research and knowledge of colleagues in the industry), average salaries will be in the region of £35 - £50K per annum, still a very respectable income, based on it not being generally full time hours and relatively low stress.
There are always extremes in any investigation into salaries, some marketing consultants who have maybe a certain amount of celebrity or highly successful business backgrounds can command fees much higher than the average, and these can run into millions of pounds of revenue per annum, when public speaking, publishing and other revenue streams are taken into account.
Looking at contract salaries, for marketing consultants who work for companies generally on a short term basis, generally these will be at a rate of £350 - £700 per day, so again this type of work can represent a good income opportunity, especially if the marketing consultant can manage other client work outside of the main contract to top up the income.
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