One of the most difficult things for freelancers is to select correct pricing of services. Get your pricing strategy for your services wrong, and you will create a problem it will be hard for you to overcome. Get it right, and you will increase your income without changing your service quality or sales strategy. So when your price is too low? After this article, you will potentially find out that your work costs more than you get, and you need to increase your price.
1. Customers doubt that you propose quality services for your price.
You lost potential clients. When people see low price, they always have questions and doubts about service or product quality. Don’t be surprised that other freelancers aren’t better than you, but customers choose their services. Professional work can’t be cheap.
2. You work 60 hours per week, but you are always nervous about your budget.
It is fine to work long hours, when you get pleasure of this, but if you are not able to earn enough to live on, most likely you are on the wrong track. Also, if you can’t afford necessary tools or equipment and work materials, that is a signal of a poor pricing strategy.
3. Your customers always thank for an excellent price.
Everybody always wants to pay little and get plenty. If customer thanks you for a good price, probably he is satisfied about your service quality, and he is prepared to pay more.
4. You compare your rates with others in your area, and you are always in the bottom.
If you check freelancer websites, and see that you are one of the cheapest freelancers in the market, you are underrating yourself. Don’t hesitate to ask others what are their prices for the services, and then do some benchmarking to find out where you stand in the market. If you have a decent portfolio and you feel you have good expertise, evaluate your work accordingly.
5. Customer says: “I want to pay more for you”
Client is the last man in the world, who wants to pay more. If you ever hear that from a client, that is a clear signal to increase your rates ASAP.
People sometimes are too humble about their work. Freelancing is about offering professional services, and there is nothing wrong in demanding rewards accordingly to the value created. However, don’t be too greedy, or you will lose everything!