When it comes to pricing, freelancers have a tendency to err by quoting a price that’s too low.
Veteran freelance copywriter Steve Slaunwhite recently shared some solutions to this common problem with a group of Wealthy Web Writers.
You can listen to the entire teleconference HERE.
Steve has been an award-winning copywriter since 1995, specializing in B2B (Business-to-Business). He’s written books, including The Everything Guide to Writing Copy and The Wealthy Freelancer. He’s also authored AWAI programs on B2B copywriting.
Steve doesn’t think the pricing issue is unique to freelance writers. “Any professional who’s offering a professional service of any kind struggles with pricing,” he pointed out.
Some professions have well-established fee structures, like architecture and engineering. In copywriting, though, prices are “all over the map,” so writers struggle to price their services fairly. Most of us worry that we’ll price ourselves out of a job if we quote a number that’s too high.
Steve believes the solution is confidence. As a professional, you must be able to discuss pricing with confidence, and quote your price in a confident way.
Take two important steps to start building your confidence:
- Figure out the going rate for the market you’re in
- Create a pricing strategy
That’s not always easy.
Some writers earn $25 for a blog post, while others command a $500 or $1,000 fee. What makes the difference?
“There’s definitely a large, low-paying market out there,” Steve reminded us, “but there’s also a large, good-paying market. If you want to be successful as a web writer, focus on the good-paying market.”
Clients in the market that pays well don’t want to pay low rates, Steve explained. They want to pay professional rates for professional writing.
If a marketing manager for a mid-sized company has a $4,000 budget to pay a copywriter for rewriting a website, she wants to find a $4,000 copywriter. She won’t even talk to the person charging $200.
In fact, if you approach her with a deal, she’ll assume you’re an amateur. She’s looking for a professional.
That’s the market you should focus on.
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