Making $1.5m in a Second. The Creative Business Owner's Guide to Charging What You're Worth.

The million-dollar napkin sketch

Paula Scher is a Partner at the famous New York design agency, Pentagram and is one of the most influential graphic designers on the planet.

Some years ago, when Citicorp merged with Travelers, to create one of the largest financial groups in the world they hired Pentagram to create the new organisation's brand.

A budget of $10m was agreed upon, of which $1.5m was allocated to designing a new logo.

Big numbers for sure, but tiny in relation to the group's assets under management which was ￡700 billion at the time (now $2.2 trillion).

At a meeting, Scher got out a napkin and quickly sketched her idea. To her it was obvious, and she intuitively knew what would work. And it took her a second to draw it.

But it didn't only take a second. As Scher explained;

"It's done in a second and 34 years. It's done in a second and every experience, every movie, everything in my life"

A fresh approach to pricing

Pricing your services as a creative entrepreneur is tricky. Old, established professions like accountancy and law have historically charged out on an hourly rate basis, but this doesn't transfer to an ideas-based business.

A spark of inspiration based on your experiences, skills and talent may appear in a few seconds but the impact that it could have on your client's situation could be worth millions to them.

Value Pricing

To arrive at your price model, think about what problems are you really solving for your client. What is the value they receive when your work is done?

If you've got a clear understanding of your client's issues and the consequences of not solving them, then you're able to build a pricing model that's fair to both parties - and which recognises your unique experience and insights.

Back of a Napkin

Listen to Paul explain the story of the $1.5m sketch?https://vimeo.com/291821523