High-Income Business Writing Podcast
#329: Pricing Is Mostly Arbitrary
Sep 27, 2023
Learn how to determine accurate pricing for writing projects and the importance of confidence in increasing fees. Explore the challenges of undercharging and the factors that contribute to your ability to deliver value and attract the right clients.
06:38
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Quick takeaways
- Quoting new prospects 10 to 20% higher than current rates can help determine if you are pricing yourself beyond what the market can bear.
- Factors such as the complexity of solutions offered, profitability of projects, and confidence in delivering value should be considered when gradually raising fees.
Deep dives
The Importance of Pricing Yourself Correctly
Many writers undercharge for their services due to guilt and a misunderstanding of pricing indicators. To determine if you are pricing yourself beyond what the market can bear, start by quoting new prospects 10 to 20% higher than your current rates. If you start receiving more yeses than noes, it indicates you have room to increase your prices. There is no hard ceiling on pricing as long as you are willing to adjust your offerings and cater to higher value custom work.
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