Pricing And Freelancing: Things You Need To Know (Part 2)

Continuing with our pricing series, let's delve deeper! Here we go:

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Why PPW or PPH is a bad choice for the long-term?

When people say: "We offer per-word pricing", I go like:

"Are you kidding me? Do you charge per line of the code, or do you charge for the whole program? Do you show one dance step or do the complete performance? Does the chef charge according to the cooking time of a dish?"

We all know the answer, right? We don't do that!!! It is always a complete thing. So, why per word? Why per hour? STOP charging that way, people - if you are thinking long-term.

Honestly, the end result is all that the client cares for. They don't wanna know the hours you took, or the words you have written. Take 1 hour, or 20. Write 500 words, or 1500.

What matters is the END RESULT. Your writing should give them what they've paid you for, i.e. VALUE. As a freelancer, you need to shift focus... Away from the time you have worked or the words you've written → the value that you've delivered!

The time you've invested in the project should reflect in each word that you've written. That's value. Aim for PPP, pricing that's justifiable for both you and your client.

So, what do I do now? How do I find that 'balance'?

TRIAL AND ERROR!

You have to get on the battlefield to really know which strategy to use - whether it's smart to attack or defend. And you learn by practice. By experimenting.

Read up. Research the ongoing rates. Talk to fellow freelancers (if they are comfortable sharing their pricing strategy). Most would suggest - "price according to the value you deliver" (like me!). Because that's the BESSSTTTT way.

Try out your pricing. The prospects would give feedback - whether it is too high, or not. See your conversion rate. And decide whether you need to adjust your pricing.

As you work, you'd know what is reasonable and what is unacceptable.

How the hell do I set value-based pricing?

Haha! I know you'd have the exact same question (in the exact same words). Everyone is chattering about 'value, value, value'. No one tells how to do it. Don't worry, I got ya!

So, a client approached you, saying they need a 1000-word blog. Enquired about what you charge et. al. Now, here's the catch. You don't give your prices right away. How can you? You don't know anything about their company!

So, first, understand their requirements. Ask relevant questions about their business: why do they require content, what's the intent of their content, target audience, and other things that you might wanna know. And then ask about: "the budget that they had in mind".

Get an idea about how much they're willing to spend. 9 out of 10 times they'd ask you back about your prices. That's when you give them your fees while explaining what all you'd be providing them - word count, revisions, delivery timeframe, graphics, promotion etc.

"The pay is not up to what I'd expect. I don't want to take up a project. But, I got bills to pay. What to do?"

ASK THIS QUESTION TO YOURSELF: Would you be better doing that project (whatever the pay is), or would you rather not do that and invest the same time in searching for a better client?

You'd have your answer.

What matters the most while setting pricing?

Only 3 things:

• the service you offer,
• the quality you give, and
• the value you provide.

Give the best. Receive the best!

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And that was it, guys! I hope you enjoyed this series. Tell me how it was in the comments, and what more would you like to read in the future.

For more, keep following #SimranDoshi on LinkedIn. I post regularly about freelancing, writing, LinkedIn, and life ??

P.S. - Link to Part 1 ?