Consulting Rates For Online Data Analytics Services in 2021 in Western Economies - CHARGE $300/HOUR+

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Consulting Rates For Online Data Analytics Services in 2021 in Western Economies - CHARGE $300/HOUR+ - read the full article about business intelligence, Business Intelligence & Analytics and Data analytics and consulting from Lillian Pierson on Qualified.One

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let me guess youve got data analytic skills and you are vibing with the whole make 300 per hour thing right so we stay tuned because in todays episode youre gonna see exactly how you can take your data analytics skills and sell them for 300 dollars per hour plus even if youre a new data freelancer for the very best data leadership and business building advice be sure to subscribe to my channel so you will be the first to know when a new episode drops each week look even if you are a seasoned data analytics freelance consultant i know this video is going to be super valuable to you in picking up some of the missing pieces that are keeping you from being as profitable as you could be how do i know because i first started out as a freelance data scientist back in 2012 and now after supporting over 10 of fortune 100 companies i coach other data entrepreneurs how to hit six figures fast in their very own business hi im lillian pearson and i support data professionals to becoming world-class data leaders and entrepreneurs so heres what were going to talk about in todays episode first im going to cover what exactly i mean by data analytics consulting what are the entry-level rates you can expect what would your high-end rates look like and lastly im going to cover how to land contracts at high end rates so first things first what is data analytics consulting in its simplest form its where youre taking your data analytics expertise and offering it for sale outside of a employment environment so this could be services or it could be advisory support on anything related to digital analytics business analytics marketing analytics even ad hoc data analysis would qualify now of course your rates are going to depend on what youre actually selling but you have a ton of options in terms of the types of services you render as a data analytics freelance consultant ill just go through some popular services offered on a contract basis real quick those are google analytics tag management google data studio setup tableau visualization services power bi data visualization services creating business calculators and dashboards doing a b testing conversion optimization surveys survey data analysis i could go on but were not really here to talk about what it is right you want to get to the good stuff about the money so lets talk about entry level rates for data analytics consultants there are two main ways you should go about pricing your services as a new data freelancer those would be competitive analysis and also looking at the employment rate equivalency so lets just look at competitive analysis really quick i took the liberty to go over to upwork and check out what people are charging for their services over there so what i searched for to pull up these accounts was that they were data analytics freelancers in the us only and they had no earnings yet within upwork indicating that they are probably new data freelancers now keep in mind that the rates here are not super accurate representations of what these people should be charging because probably most of them are quite experienced with data analytics and theyre just new as freelancers in that case theyre probably charging it too a little but as we look through the numbers here you can see that the rate the rates range from 19 to 350 per hour and honestly im guessing that the guy whos charging 350 per hour isnt actually looking to get hired by anyone because even the most experienced data analytics consultants or freelancers over on upwork arent charging that now i just went ahead and eyeballed eyeballed the numbers and it looked like that the median um of the numbers on these two pages came out to about 65-ish dollars per hour for these types of services now if you went through it in excel and like figure it out exactly thats great tell me in the comments below whats the median but i think its about 65-ish just uh based on looking at it um now if you are new to data analytics and new to freelancing then you probably want to charge significantly less than the average and also be sure to tell your clients that youre just learning how to do data analytics and that that is reflected in your low low price this is one good way to get experience in data science and data analysis and analytics is taking freelance jobs but you just need to make sure that you tell your clients that youre new so they know what to expect in terms of employment equivalency you really just want to take two times what someone is making on an hourly basis as an employee if they were doing the equivalent type work on an employment basis so how i do this generally is i would take an annual salary where youre looking at a role that is equivalent to what youre offering on a freelance basis you divide that by the number of hours worked per year and then multiply that whole number by two to figure out what you need to be charging in the very least when youre pricing out your services as a data analytics freelancer but we dont really need to go into all that level of detail here now because what i really want to take you to is straight to how do you get to 300 per hour im assuming that youre watching this video because you are already a data analytics professional so id love to hear from you in the comments below about what your specialty is within data analytics okay moving on to what more experienced data analytics freelancers are charging you would think they would be charging a lot more if theyre experienced as freelancers right but sadly its not the case most of these freelancers are not charging anywhere near how much their work is actually worth to the business so going back to our handy-dandy competitive analysis i went over to upwork and i searched for data analytics consultants that have earned over 10 thousand dollars on the platform and are working from the united states only these people are both experienced with data analytics services and freelancing in general now interestingly their rates range between 45 dollars and 250 dollars per hour just by eyeballing the numbers it looks like the average might be somewhere around 130 ish dollars per hour for these types of services from experienced freelancers if youve gotten to this point in the video and youre thinking you know im really just not all that into freelancing and i really would just prefer to be a data entrepreneur a visionary in my own business then awesome ive created a video on how to go from data science freelancer to data entrepreneur almost overnight and i will link to that video in the description below this part of the video is so fun for me because i love love love to help data professionals thrive so check this out i am going to give you two quick tips on how to charge 300 per hour for your data analytics contract work first thing you need to know is that youve got to sell according to deliverables not according to the amount of time you spend producing those deliverables so trick number one is sell deliverables not time ill be honest my minimum consulting rate is one thousand dollars per hour so that kind of prohibits me from doing any sort of data implementation work but in all honesty i have been able to make one thousand dollars per hour delivering data analytics services in the past let me tell you how i managed to pull that off the client booked a call they told me what they needed i asked them can i use an application in order to just to uncover these insights or do i need to code up something from scratch they said oh you can use an application no problem so i thought about how long how many hours is it going to take me to get the insights that they were looking for i figured it would be about two and a half hours so i said okay i can get you this for two thousand five hundred dollars they were way happy because it was a lot lower than they had expected and then i was able to produce the results in you know very short amount of time and give turn over the results to them and the client was super happy they got everything they needed they got their project done quickly on time and under budget and i still made one thousand dollars per hour now if i had told them i want 1 000 bucks an hour they probably would have been like hell no but they instead purchased the deliverable from me and so they were very very happy with the deal that just goes to show you always want to sell according to deliverables and not time trick number two is packaging this builds on top of trick number one but basically you want to sell your offers in packages this makes it even easier for you to increase the value proposition of your offer thus increasing the likelihood that the customer will say yes to your proposal things you could add to increase the value of your deliverables would be things like training videos a documentation user guides specifications dashboards but a word of warning here is you want to make sure that whatever these ancillary items are that you add to your packages um to increase the value of the package you want to make sure that theyre reusable and that youre not creating something from scratch for each new client so you have to think about what are your offers and what reusable assets can you give to multiple clients to increase the value of each one of your packages without taking more of your time so for this you need to create a standard offer this could be just like your placeholder offer and you would go ahead and just document everything that comes within this offer what the deliverables are what the bonuses are and of course what the price point is now if a customer comes to you and they need more than is included in your standard offer and they have budget then it may be worth your while to create a custom offer for them but you dont want to break your golden rule of charging less than your worth so you wouldnt make custom packages for clients that dont have a budget in order to support your minimum rates the other trick here is you want to try to avoid anything to do with upwork or any sort of other job marketplace because its going to be very difficult for you to sell high-end services at fair rates and when im saying fair i mean fair to you in an open marketplace just because in this sort of environment people are offering services somewhat like widgets and so um it makes it very easy for buyers to shop around and it quickly becomes a race to the bottom so i would say definitely try to avoid selling services on any sort of job marketplace now if you are taking all of this talk on monetizing data analytics skills then you are going to love my free data entrepreneurs toolkit it is a collection of recommendations for the 32 very best tools for growing your data business quickly so these are the tools that i uncovered after eight years of research and development trying all the tools on the market and are there the same set of tools that we use to hit multiple six figures in my business data mania so making all the recommendations available to you for free another tidbit about these tools is most of them are either low cost or free so you might want to check that out i will leave a link to the toolkit in the description below oh and if you like this video be sure to show it some love by giving it a thumbs up and leave a comment below telling me what type of data analytics services youre offering today also be sure to subscribe to my channel so you can be the first to know when my next episode drops