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The Biggest Pricing Mistake You Can Make
by Steve Slaunwhite
There is a devastating pricing mistake that almost every freelance copywriter or business writer has made. (Me included.)
Here's what typically happens.
Let's say a potential new client calls you. She is the marketing director of a large company and has a writing project she wants you to quote on. It's right up your alley. You're excited! You want the work. And, if you do a good job for her, she could potentially send a lot more work your way in the future.
But first you have to quote the job. Hmm. How much do you charge?
You don't want to take any chances. So you quote a low fee, a real bargain, just to ensure you get the work.
Big mistake.
Why? There are two reasons.
First, when you quote too low, you look like an amateur. It's a red flag. The client thinks, "This writer is a beginner." She wants to hire a professional who can work independently and write great copy, not someone just starting out who may need a lot of direction and hand-holding.
In a quick survey I did of writing opportunities posted at elance.com (an online job board where freelancers can bid on projects) virtually none of the low-ball quotes ever won. Not surprising.
But what if you do get the job?
That's the second reason why quoting too low is a big mistake. You get locked in at that bargain basement rate. You see, when a new client receives a first-time quote from you, it's like a calibration setting. The price level becomes fixed in her mind – and it is very, VERY difficult to raise your fees to that same client later on.
Think about it. If you charged a measly $250 the first time you wrote a two-page sales letter for a client, what are the chances that you can get $500 for a similar letter later on? Zero. The client would balk at your 100% increase in fees. Even if you explained that you gave her a great deal on that first letter, she would still feel ripped off.
Trust me. You don't want to be locked in at a low rate with a client. I can tell you from experience, there is nothing more miserable than toiling away on projects that are paying you far less than you could have been earning.
I can understand how tempting it can be to quote a low fee. There are a lot of issues that come into play. You want the job. You may feel uncomfortable or even too shy to quote a higher rate. You may not even know what the market rate is for a particular writing project. (And if this is the case, do some research and find out!)
But, despite the temptation, know that a client is MUCH more impressed by a writer who confidently quotes an accurate, professional fee than one who comes in at a low price (as if begging for the work.)
So quote the right fee (hint: it's probably much higher than you're quoting right now) and clients will take you more seriously. You'll have a much better chance of getting the work. And you'll earn more money, too.
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