What do you do if your freelance rates aren't attracting the right clients?

When I enable senior professionals to establish a Portfolio Executive workstyle of fractional roles, they become ‘freelancers’ even if they prefer the sexier term solopreneurs. Fundamentally, there are three issues to address: - move from time-based rates to fixed fees based on value - identify what clients you most love to work with and who value the work you most love - develop a tight niche supported by a compelling personal brand which differentiates you from others I encourage you to ratchet up your fees in two ways: - establish a regular review cycle with existing clients and repitch for a raise based on increased value - test the market with higher rates as you acquire additional qualified leads Become ‘reassuringly expensive’!

Start by reflecting on your current rates and how they align with the value you provide. Are your rates too low, signaling to potential clients that your services may not meet their expectations? Or are they too high for the market you’re targeting? Understanding the perception of your rates is crucial in attracting the right clients. Take a close look at your offerings and ensure your rates reflect the quality, expertise, and outcomes you deliver.

Research the market to ensure your rates are competitive and appropriate for your industry and experience level. Compare your rates with other freelancers in your field who offer similar services. If your rates are significantly different, consider whether you’re targeting the right client demographic or if adjustments are necessary. Aligning your rates with the market can help attract clients who are looking for your specific expertise and are willing to pay for it.

Clarify and communicate your value proposition to potential clients. Are you effectively showcasing the unique benefits and results of working with you? If your rates aren’t attracting the right clients, it might be because they don’t fully understand the value they’re getting. Highlight case studies, testimonials, and specific outcomes that demonstrate the impact of your work. This can justify your rates and attract clients who see the value in what you offer.

Live events are a great way to have casual conversations with your ideal client — *without* trying to pitch them. Let them know you respect the way they run their business. Ask them what they look for in the freelancers they hire. What is important to them? What doesn't matter as much as people think? Is there anything that makes someone an instant "yes" — or "no"? Then once you understand what really matters to your ideal clients, all you have to do from there is show them how your services give them exactly what they want.

I follow the Rule of 3: any time I get 3 clients at a certain rate, I know it's time for an increase. Since having 3 people willing to pay me a certain rate proves there is an established market for my services at that price. And I can likely charge more without hitting any resistance.

I have success selling packages to clients by showing them the relationship between the price and the odds of success (or failure). I explain that having me work on more of the deliverables will ensure that there is consistency between the different elements of the project. While having me work on fewer deliverables means there is a greater risk that there will be a misalignment between the work I do and the elements of the project created by others. Therefore, hiring me to do the most number of deliverables has the lowest risk and the greatest odds of success. But it also comes with the highest price. Plus it also means paying the lowest price has the greatest risk that the project won't turn out as desired.