The most difficult part of freelancing is pricing. You would like to appear low-end, but not cheap. You would like to ask as much as you should be and not drive away people. In this case, Freelancer Pricing 101: Setting the Right Rates on Fiverr and Upwork. When you are in a place where thousands of freelancers are competing such as Fiverr and Upwork it is easy to get lost.Yet, with the proper strategy, you will be able to devise the prices that will not be that unfair to you or your customers, but will also help you get a steady work.
Let’s break it down.
1. What the Price You Ask Says about You.
Human beings are Price Sensitive.
A client can see your price before he/she even looks at your portfolio or reviews. A small amount can receive clicks, but it may also lead to the doubting attitude of people regarding your quality.An increased amount would be okay provided that you demonstrate the worth of it.
It is not true that going cheap is always helpful.
OK, you can get your first order by offering low rates. And also it is appealing to the clients who pay attention to the price rather than to the quality. And those are the customers that are normally difficult to satisfy.
Customer Confidence in Your Pricing.
In case you think your work is valuable, then you should reflect that in pricing. You do not need to be up high, but do not undervalue yourself.Good clients pick up when your price is equal to your value.
2. Do a Little Market Research
Look Around Your Niche
Find individuals who sell the same service that you offer. Look at the prices of the highly rated sellers. Awareness of what they contain in their packages.
Don’t Just Copy Their Rates
Look deeper. Do they provide additional revisions? Faster delivery? Custom branding? Not just the number, match the value.
Pay Attention to Changes Platforms change
What was effective last year may not be the case this year. Visit again every month or two and see what happens with prices in your niche are increasing, decreasing, or remaining unchanged.
3. Starting Out? Price for Momentum
Use Intro Rates for a While
In the initial stages, it is unproblematic to offer a cheaper price. Imagine it to be a foot in the door. Raise your prices gradually, when you have some reviews and have some satisfied clients.
Move Up Gradually
Don’t more than a doubling of your price in a night. Add 10-15% periodically or every few jobs or when you find your calendar full. Clients can accept small increases easily.
Let Ongoing Clients Know
In case you are increasing the rates of returning clients, inform them in advance. Be polite. No reason given (more experience, better quality, faster delivery). The majority will comprehend and remain.
4. Construct Packages that are sensible.
Offer Choices
When you are on Fiverr, you can use the three tier package system. Provide a mediocre edition, an average, and a high-end offer. Make people have a reason to upgrade to the upper level.
Keep It Clear
Don’t overload your offer. Limit the package features to 2 or 3. Use simple language. Clients who desire quick decision making do not leave them to guess.
On Upwork? Customize
Majority of jobs will not fit within a predetermined box. You should be prepared to give a custom quote that matches the needs of the client.Elasticity is an indication that you are listening.
5. Hourly or Fixed? It Depends
Employ Preferred Prices on Familiar Work.
Fixed pricing is time-saving in case you have done it many times such as this when you have to write a blog or design a logo. Clients can also budget easier.
Hourly Rates are used in the continuous work.
Editing, virtual assistance, long term projects? Hourly makes more sense. You just have to record your time properly and keep the clients informed.
Whatever You Choose Be Clear
Always list what’s included. How many revisions? What files are delivered? How long will it take? Be clear on what to expect later in life.
6. Never Forget to Price to Profit.
Add Prep and Cleanup Time.
That 40 dollar blog could require you two hours to write it but what about the research? Edits? Messages back and forth? Sum it up and find out whether you are indeed earning what you desire.
Revisions Take Time Too
Even large customers request modifications. Plan for it. When you charge two revisions, be sure you have given yourself some time in your schedule and rate to accommodate it.
Track Your Projects
After opening a simple spreadsheet or app, it will show you how many hours each project will require and how much you can earn in an hour.It will tell you what services will you be paid most and where you should charge higher.
Concluding Ideas: Good Pricing attracts Good Clients.
There’s no perfect number. But there is a wiser way of setting it.
You want to charge in a manner that matches what you do, honor your time and at the same time you want to make clients feel that they are getting their money.
Stay flexible. Watch the market. And have no scruples to change as you spread.
Since confidence is the key to freelancing as much as ability, this should be reflected in your price.
Also Read: Selling Digital Products: A Simple Guide for First Time Creators.