Copywriting Contracts: The Retainer Bank System
When it comes to copywriting contracts, the “Retainer Bank System” is a great option for compensating your professional wordsmith. This method rewards those willing to commit to a long-term working partnership with an easy-to-understand, flexible payment program.
Content Project Credits
The Retainer Bank System works by utilizing a bank of Content Project Credits (CPCs). The first step is to identify what each Content Project Credit is worth. For example, one Content Project Credit may equal the creation of 400 -1000 words of text copy.
Where Can You Use Your CPCs?
In the Retainer Bank System, you can choose to apply your Content Project Credits to a number of projects. Target assignments might include:
Articles
Blog posts
Brochures
Email campaigns
Internal Communications
Newsletters
Press releases
Sales pages
Service descriptions
Website copy
The Pricing Menu
The reality is that most businesses have a greater need for content production some months, while others only merit small quantities of copy creation. The Retainer Bank System differs from other copywriting quote and contracting methods in that it accommodates this reality, and allows you to budget better for your needs. Content Project Credits are usually packaged into three options. The minimum monthly retainer amount is based on the smallest bundle of Content Project Credits.
So, looking at the example below, if your copywriter elects to base their efforts on a rate of $350 per CPC, the monthly retainer would be $1,050, and you could choose to “bank” more credits for use that month as well.
Option 1) Three Content Project Credits (CPCs) – $1,050 per month
Option 2) Six Content Project Credits (CPCs) – $2,100 per month
Option 3) Ten Content Project Credits (CPCs) – $3,500 per month
Of course, if you need more credits in a given month, it is not usually a problem to add more. It really comes down to an individual copywriter’s work schedule.
The Retainer Bank System is what we utilize here at Ocean Crest Creative and a wonderfully simple arrangement to work with. When we quote a prospective partner, we have the added advantage of looking at their particular needs, adjusting the Content Project Credit menu accordingly, and creating a customized plan.