How To Price Your Freelance Services - Attract High Quality Clients | Jhori Remington | Skillshare

How To Price Your Freelance Services - Attract High Quality Clients

Jhori Remington, Content Wizard

How To Price Your Freelance Services - Attract High Quality Clients

Jhori Remington, Content Wizard

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6 Lessons (19m)
    • 1. Intro

      0:46
    • 2. Value Based Pricing

      5:57
    • 3. Start Charging More

      4:18
    • 4. 3 Tier Structure

      2:46
    • 5. Client Communication

      3:53
    • 6. Wrap

      1:07
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About This Class

Not sure how to price your services as a freelancer? Perhaps you're a grizzled veteran in the freelance game. Maybe you're a complete beginner, and are just looking to get started with some clients.

Either way, this class is for you. Together, we'll be going through:

- How you should be charging clients

- Why you should be charging in a particular way

- How to show your value in order to get a YES

- How to acquire high-quality clients and relationships

- Direct examples of how I would approach a proposal

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Meet Your Teacher

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Jhori Remington

Content Wizard

Teacher

Hello, I'm Jhori. Over the years, I've gained millions of views through my graphic design tutorials on YouTube. Now I want to share everything I've learned about content creation, design, and marketing with you guys on Skillshare.

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Transcripts

1. Intro: hello fellow freelancers and soon to be freelancers. My name is Jordan Remington, also known as Dell Image. And today we're gonna take a look at how surprised your freelance services. I have around six years of experience with freelancing on multiple different subjects, including graphic design, video editing and marketing principles. Today I'm gonna be sharing with you some of my thoughts on how to pressure services, why you should price your services in such a manner. And then we're gonna wrap it up with my favorite pricing method or strategy that I use for all of my businesses. So whether you're a grizzled veteran in the freelance game or your beginner looking to see what's up, this class is for you. Let's get to it. 2. Value Based Pricing: Alrighty. So first lesson is value based pricing. Now what do I mean by this? Well, typically, when you work, say a 9 to 5 job. Or perhaps you work in retail of the restaurant business, something like that. Very common jobs for people to have. You're paid either by salary or by hourly. And those are things we want to completely avoid being paid by when we're freelancing projects. There are a couple of reasons why I like to do this for my business is Number one is because it just stays a ton of time and hassle trying to track things like ours when I'm working, if you're like me, I actually have different times of the day where I'm acted where my brain is focused and ready to go on the project that I'd like to complete Having to divert my focus and track My hours is something that I just don't like doing. I like having to sit down being able to work on a project without any type of distractions or outside barriers and having a fixed price for a certain project and a certain project. Length is the way that I like to go Secondly, it's because if you have a fixed price on a certain service, it's going to be very easy to market it to clients and to businesses that need it. If you think about it from a logical perspective, you are a business, and you're looking to hire someone saying for a poster design. Now, are you more willing to pay a fixed fee of $100? Or are you willing to pay a designer safe $50 an hour and depending on how many hours they take, it could cost you $50 all the way up to $500. You never going to know. And you don't have that personal connection built to truly trust them. It's not a way that I like to do business in the freelance world. If you have experience doing that, then by all means go for it. I'm just giving you my personal preference, going back to the core value of your pricing. It's something that you need to determine for yourself. Ultimately, how much value do you think your services are going to provide to the business, to the client, to the person that you're working with, the ultimate end goal is or your services to cost less money so that the business gets a return on investment. That's what every business transaction is all about. Mutually, usually for both sides. I'm gonna go ahead and jump onto my PC, and we're gonna take a look at an example that I put together in photo shop. And we're going to go through it as if you were a freelance copywriter. And if you're unfamiliar with the term copyrighting, it's essentially writing words that cell. So think of those email newsletters that you see. Think of those billboards you see on the highway. That's copyrighting. Okay, guys. So we are in photo shop, and I put together a little graphic that goes through a potential clients and how you should approach the situation where you charged value instead of the actual hours or amount of time you spend working. This is all hypothetical. Bagel sphere is just a logo that I found on Google. So this isn't a real company. I want to make sure that that's very clear, But the data that I put together is very real, and you could definitely find yourself in a position like this as you're approaching a client for some new business, putting ourselves in the shoes of a freelance copywriter like I mentioned previously, it's just writing words that sell a product or service. We're going to be taking over the newsletter, the email newsletter, specifically of this bagel shop, And I put together some rough numbers bond screen, as you can see, with the basic email list of 10,000 people, an average border value of $30 for same E book that they're selling through that email list as an example. And the client right now is getting a 1% conversion rate from the email to the landing page to the actual conversion of the E book, or whatever product or service they're selling for $30. Now, the basic math from that of 1% of 10,000 equals 100 orders per female, and then 100 times 30 which is the average order value equals $3000. Now, let's just say you use your copy orating skills. Your ingenious You really love bagels for whatever reason, and you know that industry really well or you do some research and you boost that conversion rate by 4% giving us a 5% total conversion rate. Now that you've taken over the email newsletter. So we go back to the basic map. 5% of 10,000 equals 500 orders at $30 average order value, and that equals $15,000. Now again, this is really hypothetical. It might be a little bit of a stretch to increase it that much and that drastically so quickly. But the point of this whole exercise is to understand how much you're worth. If you're charging the business less than $1000 for this service, you are soon dearly under charging for your prices. Don't let those regular gig websites such as, like fiver and up work, take your prices and determine them for you. You need to be charging prices that you know are adequate for the service you are providing . So really, make sure you take a look at this. How much are you worth? This is going to be linked in the skill share, a project description or the little extras you can download during the class, so mixture to look out for their is very easily found, and it's a good reference point. It's It's a decent little mathematical equation that shows you You know what? Maybe you could get a client like this if you're doing freelance copyrighting, but it doesn't just apply there. It applies to all different industries. You just have to change around the numbers and change around some of the wording for what you're actually providing. 3. Start Charging More: pricing. It really is discretionary, depending on again what industry and nature that you're in. It's going to vary a lot. The number one thing that I would say is mixture, that you're selling your services as the high end offer. Unfortunately, unfortunately, in today's market in today's world, there is a ton of competition for almost every type of service out there. As a freelancer, you're gonna be competing with people on Fiverr on up work, which are two places. I definitely don't recommend that you go as a freelancer unless you're a very new person to it. You don't have a lot of experience, and you're just looking to build a portfolio, which is a different situation. However, getting back to my original point, you want to be pricing your services as a high end solution. There are two reasons for this. Let's get the elephant out of the room. First off, you make more money and who doesn't like to make more money? Regardless of what you're doing, you get to make more money. You get to spend less time on those projects you dislike. You get the pick and choose which clients that you work with and its overall great benefits . Now the second reason and in my opinion, a little bit more important than just the wrong money out of it is you get to work with higher end clients. You see, humans psychologically have a higher perceived value for products and services that cost more money. If you really think about it saying you wanted to purchase a marketing package as a business owner and you take a look online, you take a look at a bunch of different agencies and individuals out there. One agency has a ton of reputation and a portfolio, and they charge $2500 a month for marketing services. Then you go to a freelancer that has basically no experience, and they only charge you $300 a month for those same of marketing services right off the bat. You're going to notice that the $2500 package from the agency is going to seem a lot more appealing to a business owner or client that's looking to get the best return on investment and the best results putting the portfolio and the work experience away for a second. If you just take a look at the raw price $0.2500 versus $300 a month. It doesn't add up if you look at supply and demand. If you're paying a freelancer $300 a month to do your marketing services and as a business owner or client, your profiting state 20 times $300 It just doesn't make sense for the freelancer to continue charging you those low prices. If they're getting those type of results, it's the same reason when you pay for higher ticket services, it's because generally they're just going to be a better product overall now, not in all situations. I'm not saying that, but on a regular curve it's just going to be a better product. It's that perceived value right off the bat. So if you're charging ah, higher price point on those freelancing services, you're going to make that first impression to whoever is looking at your services that I'm high class. I know what I'm doing, and you're going to get really good results if you choose to work with, whereas if you are, say, a freelancer, charging 2030 40% less potentially, clients would look at that and say, Hey, this guy's an amateur. I'm gonna go ahead and pay someone to do it the right way The first time the clients that you actually worked with on this scale are going to be higher quality as well. Now what do I mean by higher quality? I mean, the clients are going to get less hassle because they just ultimately respect your time, effort and craft A lot more than a client that's paying you less with this is just 100% personal experience. After doing freelancing for six years, the clients that are paying you more money for your services tend to be easier to deal with , easier to communicate with. And overall, out of all the clients that I've worked with, those seem to give the best long lasting relationships as well. It's just the world we live in. It doesn't necessarily match up in all situations, but again, on that general spectrum, that's the case. In the next section, we're going to take a look at my personal recommendation on a structural system that you should be using inside of your freelancing business because at the end of the day, you want to be making money. But you also want to be providing value to those clients. We're gonna take a look at my three tier pricing method. 4. 3 Tier Structure: alrighty. So you've made it pretty far through the course. I congratulate you on watching through so far, but now it's time to talk about my personal favorite three. It's year pricing structure now. The goal of the three tier pricing method isn't just make more money. It's not just because we want to increase profits in our business, but it's also because we want to change the psychological effect that are pricing structure has on the clients that we work with. Instead of having our clients choose whether they want to work with us or not, we want our clients to be choosing how they want to work with us. On the very far end spectrum, we have the small box or the bottom tier, and this is where you're less amount of services are you want to structure this as you know , it's not very enticing. It's not very informative. Doesn't do everything is that you want to do in your service structure. But at the end of the day, it's there for those clients that are on a budget that still want to work now moving on to the middle box. This is the box that we want most of our clients to get Teoh. Now, this is where we're actually offering. The majority of our helpful services were including things that they're going to really need now. The final box is the premium box, and this is going to be a lot more expensive than the other two boxes. It's going to include a couple of bonus features, maybe some increased limits on what your average and small ones were. However, most clients aren't going to go for this. That's OK. We want to direct most clients to the middle. Even just by offering a higher end product. There are going to be some clients that just say, Hey, you know what I want the best of what you can do. I'm gonna pay top dollar for your services. That's why it exists, because sometimes out of the blue, some clients will want to pay you for that. In terms of raw percentages, maybe 15 20% will go for the small one. Around 80% of your clients are going to go for the medium or the average or the regular box , whatever you wanna call it. And then on the freemium box over here around again, 15 to 20% just like the small box we spoke about earlier and again. We want most of our clients to be in the middle. That's what we want. The whole purpose of this is the offer. Different solutions be flexible, but also to trigger that psychological effects of the client choosing which package to work with us on instead of choosing to work with us at all in the first place. Next, we're gonna take a look at how I actually speak with clients regarding my services and pricing. That's in the next lesson. Stay tuned. 5. Client Communication: Hello? Yep, yep. This is joy. You know what, man? I totally understand where you're coming from. This price is a lot of money for the services that I'm actually providing. I will say this to you, man. If you want the best results, you got to pay the best prices. That's just what it comes down to it. Now that is the type of conversation you want to be having with perspective clients as a freelancer, Regardless, if it's on the phone, if it's on text, communication or in person, it really doesn't matter. Going back to our very first lesson, it's because we want to be basing that pricing on the value we can provide once you have a decent amount of clients under your belt, it's going to be a lot easier for you to get away with charging higher prices on your services because you can go back and reference testimonials, reference previous work and then also referenced your other previous clients to that potential new clients that they can kind of talk with and get a good grasp of what you do. It's all about building that personal connection with the clients, and that's when to make everything a lot easier. There are three things that I like to do when I'm speaking with potential clients for my services to make sure that they get the best possible impression and that they also totally understand the circumstances. So number one I like toe ask what made them decide to get into contact with me or respond to my inquiry or message. Having this fundamental understanding of what the client is interested in and why they chose to speak with you specifically, is always important. You don't have to always go out and ask directly came in. Why'd you message me? You can play around with the words to get the result that you want, But again, it's very important to have that information in the back of your mind and then also on reference in case it ever comes up again. So make sure you know why you're speaking with that. Client. Number two is that I like to have a good resource or reference right off that of specific work that I've done that the client is interested in. If the client goes ahead and messages me say on my Twitter at elovich designs by the way, Go follow me on Twitter. I love interacting with you guys. Anyways, back to the point, if a client were to message me on Twitter asking foursome graphic design material, I would send him a message back saying, Hey, what's up, man? I really appreciate you reaching out to me. Here is only two my portfolio of work. Does this match anything that you're interested in, followed by a couple of preliminary questions. You always want to make sure that regardless of what conversation that you're in with a perspective client, they have reference to the stuff that you've done in the past, so they have a good grasp of who you are as a freelancer. It's going to build trust, and it's also going to help when you actually tell them the price point of your services in the long run. Number three is. I make sure I emphasize with whatever the client is going through, and it doesn't just have to be about practice. Sometimes a client will come to me and say, Hey, my kid's birthday is on the 26th of this month. I really need a poster or I really need a flyer done. And could you make it really special? And I won't always try and add a little bit of extra both to whatever I'm providing for that client because it makes you remember arable and it increases the chances of you getting repeat business with that client. And then occasionally it doesn't happen all the time. But sometimes they just leave you. Except when I step for going the extra mile now on to the price point. Sometimes you're going to get a bit of push back, a little bit of rejection, and I want you guys to know that's normal. And you should. If you're not getting any pushback on your prices, it's because you're under charging. Simple is that it's going to make you see him a lot more relatable and personable, and overall, in the long term, it will increase the revenue that you generate for your business. 6. Wrap: Well, that's a wrap. I hope you guys enjoyed this course on how to price your services as a freelancer. There is a project in the bottom of this class on scale share. If you scroll down, you will be able to find it pretty easily. All you have to do for that project and I will respond to everyone I promise on that is you need to go ahead and choose a specific service that you're looking to sell as a freelancer and then come up with a pricing strategy on Tell me the value that you're going to provide to that business or to that client and why you feel that that price point is justified for your services. Remember, charge higher prices if you can, especially if you have previous work experience that you can leverage in conversation and, most importantly, have some fun freelancing. It's just it's amazing you get to do what you love for a living. Good luck out there and make sure whatever you do, leave a review on this course. Check out my social channels. Twitter is at Dell Vich designs, and the my YouTube channel is just salvaged again. Thank you guys for watching this course, Make sure to leave a review and I will catch you guys next time. Take care.