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.
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.
Factors that Allow for Fee Increases
There are three core factors that contribute to gradually raising your fees. First, the complexity and comprehensiveness of the solution you offer. Adding more items and creating a more comprehensive package gives you more room to increase your prices. Second, considering the profitability of the project. If the effort involved does not align with your current fees, it may be necessary to push your fees up. Finally, your confidence in delivering value based on previous successful projects. Clients' satisfaction with past work can boost your confidence to continue raising your fees. Confidence in your value is more important than focusing on what the market can bear.
How do you know if (or when) you’re pricing yourself beyond what the overall market can bear? That’s the question I address in today’s short podcast episode. I talk about this idea of “what the market can bear,” ... and why that shouldn’t be your main factor in pricing decisions. Instead, I offer 3 other factors to help you arrive at your best fee.
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