It’s guest post day here at Duct Tape Marketing and today’s guest post is from Stephanie O’Brien – Enjoy!
As your skills as a marketer or businessperson grow, one of the best ways to increase your revenue is to raise your rates.
Because you’re getting better at what you do, you can give more value for the same amount of time and effort, and your pay should rise accordingly.
But sometimes, that’s easier said than done. Not because your clients won’t pay what you’re worth, but because YOU won’t ask for it.
You’re used to valuing yourself at a certain level, and when you think about asking for more, uncertainty floods in. “What if they say no? What if I can’t give them enough value to be worth that? What if they’re disappointed, or they take their business elsewhere?”
All too often, people will allow those fears to make them underquote, so even though they’re attracting clients, they’re still losing a lot of potential revenue because they’re being underpaid.
In this blog post, I’ll help you to make a shift that will allow you to not only make the income you deserve, but also to serve your clients more effectively, so they WILL be happy to pay you what you’re worth.
It’s all about the questions you ask.
Right now, you’re probably asking yourself two questions when you set your prices. They are,
“What are my clients willing to pay?” and “What is my competition charging?”
While it’s true that these questions may come into play when your client is considering your offer, you can’t rely on them when you’re setting your rates. If you do, they will limit your income, and keep you from seeing and showing your own true value.
It also places imaginary limitations on your clients’ buying power, when in reality those limitations might well exist only in your mind.
What can you ask instead, that will give you more income and your clients better service?
The next time you’re about to set a rate, start by asking yourself, “How much money would make this job worth my time?”
This can be uncomfortable, especially if you feel it would be unfair to your clients, or are afraid of scaring them off. But it has to be done – in fact, I’d like you to do it right now, before you continue reading.
Once you’ve done that exercise, if you feel like this figure is too high, DON’T lower it.
Instead, ask yourself: “How much value am I giving?”
How much time will you save your clients? How much money will you MAKE for them?
How much will their health, mindset, lifestyle or relationships improve?
How much happier will they be after they work with you?
Remember, it isn’t just about the effort you put into the job. It’s about the benefit that your work gives to your clients.
What if the value you’re offering seems like less than the price you want to charge?
Once again, do NOT drop your rates. Instead, raise your value.
For example, I was recently hired to help one of my clients rewrite her ‘about’ page. I wanted the page to reflect her real story and the source of her passion, instead of reading like an encyclopedia.
To do this, we needed to have a conversation via Skype, and I wanted to be paid $75 for the time we were going to spend on that. But simply getting her to tell her story didn’t feel like it was enough; I wanted to give her real value for the money I was charging.
So I made her an offer: while I was getting the story for her page, I would also teach her how to tell her story in a way that drew her clients in, so she’d be able to use that skill any time she needed to.
She agreed, and was happy to pay me $75 for the call.
Are you charging as much as you want to be?
If not, when are you going to raise your prices?
If you don’t feel like your services warrant a price increase, how will you raise their value so they WILL be worth it?
I look forward to reading your opinions, insights and commitments in the comments.
Stephanie O’Brien is a copywriter, marketing coach, entrepreneur, novelist, and self-growth addict. She uses her twelve years of fiction-writing experience to make her copywriting fun and inspirational as well as effective, and her lifelong exploration of the human mind helps her to get inside her clients’ heads, pick out the words they’re trying to find, and put them onto paper.
To learn more about Stephanie, and to get more tips to help you connect with your readers in a unique and authentic way, visit her website at www.captivatingcopywriter.com.