Rate Setting- If you're worried that your rate hike will turn down your clients, you may be wrong. Great clientele seek high quality work, and they fully recognize that it will cost higher rates.
In his book "Influence," Robert Cialdini highlights that we live our lives on almost universally shared psychological concepts. On our topic today, the book discusses "the psychology of pricing," which states that we tend to regard more expensive products as better. This explains why some clients pay very high rates to professionals, despite freelancers.
And you can be among those high-paid and most-in-demand freelancers by being confident regarding what you can bring to the table. This will help you attract big clients whose projects will boost your income and strengthen your portfolio to attract bigger and bigger clients.
So, how do you professionally request your clients to pay more and take your freelance career to the next level? Continue reading!
Rate Setting 101: How to Convince Clients to Pay you More?
Explain How You Are an Added Value
Undoubtedly, you have to show your clients that losing you as a professional will cost them higher than hiring you with your high rates. There are many means by which you can show your value.
And if you already have worked for the client before and your work becomes like a "routine" that has no new added value, reposition yourself and upskill your talents. You can achieve this by adopting new work techniques, delivering work before deadlines, or coming up with new creative ideas to help his business grow. In short, "wow" the client, don't just deliver good work on time.
Be Direct and Clear When It Comes to The Reasons
Your client is a business owner who totally understands how things go. So, don't manipulate him or unconvincing state reasons behind getting higher rates. It's all about understanding that the fastest way to get what you want is by being "honest."
Master the art of "negotiation" so you can talk and act like entrepreneurs who know how to catch what they want while leaving other parties pleased as well.
Tell your clients how you want to improve their work. Discuss market developments in your sector and the shifts occurring, and show your readiness to keep abreast with them. Discuss the new technology or practices you've learned about and how you plan to utilize them to take his business to the next level.
Your client must ensure that they will obtain additional value for the extra money they pay.
Show How You Grow Day by Day
Every business owner seeks to hire exceptional talents, not ordinary employees who work every day to receive their salaries by the end of each month. In that sense, you have to show how you are hungry to learn something new every day and how this will help your client get an outstanding deliverable.
Justify why your prices are higher; clients are usually ready to pay more to ensure high-quality results.
Discuss your work, new initiatives you've taken on, and how you've upskilled yourself, learned new things and brought more creativity to the workplace. Demonstrate that you have worked extra hard to investigate and stay current with the client's field to provide originality to work.
To be brief, you don't want the customer to see you as showing off; you want to prove your worth as an employee, so try to make a brief introduction about yourself in no more than two minutes.
State Your Rates Clearly
Don't give your clients a price estimate. This makes them feel uncomfortable and may lead them to choose other freelancers at the lowest price. Instead, tell them your hourly rate. So, instead of saying "I want 20% more pay," say the actual amount (i.e., $30 an hour).
It is essential to be rational about your expectations. Some freelancers triple their fees in one day... is it reasonable? Research the market and determine what you're really worth and how much other freelancers get paid. Also, try to do some research about your client's financial situation. And if you find that the results of your work will bring more profit to the client, feel free to ask for what you deserve, albeit the "highest price"!
Make Increasing Rates A Part of Your Business Plan
A "high pay" is the dream of all professionals, both full-timers and freelancers. Who does not imagine every night what he will do when his salary is increased and how the higher salary will help him enjoy the luxury of living?
But, when the morning comes, our dreams are in vain as we don't have enough courage to search for what we deserve and demand what we deserve from our employer.
So, start working according to a plan instead of working without planning. The plan helps you stop worrying about asking for what you deserve as your plan pushes you into action right away.
You could, for example, include in your plans that you'll raise your fee once you get your first 10 clients. This helps you stick to your decision because of the benefits it will entail to help you take your freelance work to the next level.
Push The Client to Choose Paying Higher Rate
And here we are talking about a great idea... Divide your services into categories! This enables you to offer many services at different prices.
For example, suppose you offer your service as a content writer for $40 per hour. In that case, you can divide this service into other services, such as saying that the "research" service costs "x," the "writing" service costs "x," and the "review" service costs "x," and you can also give some additional features such as The ability to review content for free twice if needed.
You have to understand how you can offer your services intelligently and at different price levels. Clients are always looking for the best quality regardless of price.
In A Nutshell,
As a freelancer, you have to be fully aware that companies are now more mindful of the importance of retaining the best talent, so don't be afraid to ask for a higher wage. But, you have to prove your abilities and shine among others. Trust yourself and know your market value to stand on solid ground in the discussion.
What do you think about the high rates of some freelancers? And if you have some tips you'd like to share with us on getting the client to pay more, share them in the comments below!