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The Power of "Value" Quoting
by Steve Slaunwhite
When a potential client asks you for a quotation, do you quote just a price or do you quote value?
There's an important difference.
When you quote just a price, the best you can hope for is a schedule filled with low – or, if you're lucky, moderate – paying work. Lot's of fun.
But when you quote value, you have a much better chance of winning more quotations at a higher price.
Let me explain.
Last week a copywriter sent me some email exchanges she had with a prospect. The prospect – a marketing manager – asked her for a price to write a four-page brochure.
I shook my head when I noticed how the copywriter replied. All she wrote was this: "I can write the brochure for $____ . First draft by next Friday. Revisions completed within one week afterwards."
"So what's the problem with a quote like that?" You might be asking.
The problem is, it puts the client's attention primarily on the price you'll be charging, and little else. Is that the criteria you want the client to use when deciding whether or not to hire your services?
Of course, clients need to know how much you charge. But they are more interested in how your writing and project expertise will help them achieve their marketing or publicity goals. In other words: Your value.
So how do you quote value? Here is the format I suggest you follow:
Step One:
Start your quotation with a simple description of the project the client needs written. For example: A 50- word ezine ad.
Step Two:
Confirm your understanding of what the client is trying to achieve with the project. For example: Generate more traffic to a web site landing page.
Step Three:
Demonstrate how your writing services will help the client achieve that goal. There are many ways you can do this. You can offer some initial ideas and suggestions, point to your successes on similar projects, quote a client testimonial, highlight related portfolio samples, or – my favorite – attach an article you've published on the topic.
Step Four:
List, using bullet points, all the things you're going to do on the project.
Don't just say "writing". You know it's more than that. Explain that you'll be studying the background materials, clarifying the features and benefits, organizing the key messages for maximum impact, developing headline concepts, promptly handling revisions, and so forth.
Step Five:
Then, finally, quote the fee. This is a simple one liner. "The copywriting fee for this project is $_____."
Does this "value" quotation format work?
One client told me a couple of years ago, in a particularly competitive situation where many copywriters were quoting the same job, "Steve, you were the most expensive. But we're hiring you because your quotation proves that you understand what we're trying to accomplish."
When you quote just a price, you're judged on price. But, when you quote value, you attract clients who are willing to pay more for the best work. And isn't that what you want?
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