The No-Code Delivery Margin Curve: When Visual Builds Compound and When They Trap the Retainer

No-code platforms shift agency economics only when the build pattern repeats across clients, because the second portal costs a fraction of the first. The trap is treating visual assembly as the whole delivery: requirements, data architecture, testing, and migration paths still consume senior hours, and those hours are where margin quietly disappears. Measure the curve on your own projects before quoting a fixed-fee retainer against it.