On the 15th June, 26er Brian Jenner kicked off Wordstock Deconstructed with an incredibly useful discussion about money. In a coffee-shop chat, a group of 26ers covered what to charge, tactical pricing and how to win new work. If you didn’t manage to get a ticket, there’s no need to fret. We’ve got you covered with some of the main discussion points.
Convey the value of your work
Charging a higher rate will often help clients see the true value of what you do. Not only does money talk, money makes clients realise you know what you’re talking about.
Another useful tip is to make your proposals as comprehensive, and long, as possible. Sending, for example, a document that’s eight pages long makes what you’re offering appear substantial, and therefore worthy of the price you’re charging.
Don’t be afraid to dig your heels in
Companies might tell you that they don’t have enough money to pay your quoted price. Or they might say that a lower price is part of building a special relationship with you. Every situation is different, but it’s best to stand your ground more often than not.
One of our attendees, Olly Davy, recounted a story of being told all of the above by a rather prestigious company. He took a risk and didn’t budge on price. And it worked. The company paid Olly’s quoted price. So, a valuable lesson to the hesitant: realise the value of your work and it will pay off.
Don’t be manipulated by day rates
Sometimes, you might find yourself rushing to get a job done. Maybe because you want to impress your client. But beware of companies taking advantage of this. One of us found that, after completing a day’s work fairly quickly, on the next occasion the client only offered half a day’s work.
The moral of the story? Don’t rush. You don’t want to set a precedent where a company starts to exploit the one time you did something especially quickly.
Get tactical with pricing
Quoting a ballpark figure and then coming in lower than that can be a good way to get a potential client interested.
Another clever tip, suggested by Merryn Henderson, is to offer a discount if the company agrees to pay within a certain period of time. This is a great way to avoid having to chase companies for money and it makes them feel like they’re getting a good deal.
The group was divided over whether it’s best to display a set price for your services online. Some liked that clients could instantly see how much they cost, whereas others preferred the flexibility of being able to adapt their prices to the job.
Cold-calling can be useful
You might think it’s scary, or awkward, but it doesn’t have to be. And it can lead to new business if it’s done right.
Choosing a company, and finding a name on Linkedin can be a good tactic. Mention that name during a call and it’ll sound more official. Another good method is to find something a company has produced, improve it yourself and then send it straight back to them. The company will be blown away by how much better their content can be and how audacious you’ve been! This method has been tried and tested by Merryn, and has led to new work for her.
So, there you have it. A brief summary of what we talked about when we talked about money.
A big thank you to Brian Jenner, and all of the attendees for making our very first Wordstock Deconstructed event such a success.
This is the first in a series of events titled: ‘What do we talk about when we talk about (…)’ so keep your eyes peeled for future events.