In this final part of pricing your freelance business, I try and shed some 2 really great questions.
I shared with you how I went about pricing during my career and a real-life example of a client of mine and how I walked through thinking about value-based pricing.
I shared with you a bit about my apprehension, fear of the difficult conversations and how I overcame it.
You also heard that by turning the conversation from talking about pricing and what other folks in the market charge to what the value of the solution means to a client, it washes away any pricing conversations because the value is shown in black and white to the client and they compare it their investment in you.
At the end of episode 63, I no doubt left you thinking 2 questions which I’ll hope to shed some light on for you.
Why did you talk yourself out of $12,500.
I looked at an opportunity to make more than that. It comes down to simple math really.
If I spend 10 hours working on solving a problem for a client and make $2500 on that, my effective hourly rate is $250 per hour.
It lowers my risk to work with this client, and the opportunity of them being happy much faster is much greater.
On the other hand, if I spend 6 weeks and roughly about 30 hours a week doing a complete redesign of their website, my effective hourly rate is $83.
The risk is high on both sides from both a cost and time perspective. The risk is also higher because we don’t fully understand if the redesign will result in the goal the client has.
What if I don’t do ecommerce, how can I quantify the value for the client?
In content marketing, design, writing, social media and many other types of projects, it’s often hard to quantify the ROI a client will have.
Reflect back on the 3 buckets of saving time, making money, or making money faster. Find which bucket your client falls into. In these cases it’s often that time matters to the client.
They’d much rather use their time to work on the business or on sales calls or building business relationships.
In this episode you’ll learn about a tactic that I have used and others have used to really connect with the person you are meeting with, without saying a word.
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