Are you Getting Good Value?
I’ve just discovered a pint at my local is now £4.30. That’s not good value.
Having been self-employed now for over six years I understand a little about the pressures of costs vs sales to make margins, but there comes a point, for me, when Product X – in this case a pint of amber liquid that I have always enjoyed, becomes not only unaffordable, but both in terms of its intrinsic value and in comparison to other options on the market, just not worth the amount asked.
As a Copywriter I base all my fees on an hourly rate of £35.
My day rate is £300 for ten hours work and a half day is £175 for five hours. Occasionally this increases if a project demands an approach that will be more time consuming, such as reviewing and adapting specific content from recommended sources. Equally, it reduces if multiple projects are contracted for simultaneously, or for a prolonged period – such as the provision of web page content, together with a strapline and a series of blogs and/or some social media marketing.
I’ve done some research and I know my rate to be more than the cheapest on the market, but also by no means the most expensive. It is a very fair price for work that invariably includes careful analysis of a project, provision of a Contract and a Project Brief, extensive planning and some research, the writing itself and then the editing and amendments that the client may require because either they’ve simply changed their mind (which happens quite a lot) or, occasionally, because they refuse to believe that the market research I’ve undertaken is correct or they suddenly become terrified of the disruptive and provocative style I typically bring to each and every project. It’s the nature of the work, so my fees cater for changes to a first draft and consequently there’s never any surprise increase in fees and I always deliver to the agreed deadline. Always!
Making more money selling to those with more money
I’ve been told more than once I should increase my fees. On one occasion I was told to double it, but if I did so I’d then only be able to sell my beer, so to speak, to the very wealthy and to corporate clients with extensive marketing budgets. I wouldn’t necessarily mind that, but I’m not sure the fight to retain the customer would be worth it. I prefer to look to fill my pub with more down to earth human beings who tend to appreciate both the atmosphere and the quality of the products on offer, with whom you can have an illuminating two way discussion and who are usually much more interesting to brew up new content for.
They also tend to be the clients who do recognise the value in what I offer and that the price is about right.
Cheers to that.