What is a 'Masterclass Execution Plan'?
I know how difficult it is to implement the things you learn online. You probably read blog posts, watch webinars, make notes and then... never act on the things you learn. It's not your fault - you live a busy life and it isn't easy to make time for implementation!
Well, these Masterclass Execution Plans are here to save the day. If you don't have time to watch this month's masterclass, you can read the execution plan and find two things:
01. Masterclass Summary.
Below, you'll find a written summary of the main points from this month's masterclass. It's perfect for busy designers or people who simply don't like video!
02. Three Execution Plans (Aka. Your Masterclass Homework)
I don't just want you to read or watch the masterclass. I want you to take ACTION, and these execution plans make it easy. Simply watch the masterclass/read the summary, then use the three execution plans at the bottom of this page to take action.
What is the masterclass about?
This month’s masterclass is called 'Pricing Strategy For Freelancers' and it's taught by me and my special guest, Danielle Joseph.
Danielle Joseph is the freelance brand and web designer behind Function Creative Co. Danielle works with amazing clients like Screw The Nine To Five, and had lots of insight to share on how to find higher paying clients, when to raise your rates and when NOT to. She's the perfect designer to teach you about pricing strategy!
Now, on to the masterclass summary!
What was Danielle's pricing like when she started out as a designer? (1:10)
When Danielle started out, her pricing was all over the place. She was very 'willy nilly' and her pricing was low.
Danielle realized she couldn't 'wing' her quotes anymore because it wouldn't look fair or professional to clients who knew that other clients had been charged less. She needed a system to manage her pricing, so she wrote her prices in a basic Word document so she could refer to it each time she quoted a project.
Nesha's pricing when she started out as a designer (3:30)
My first real 'client project' was a $150 blog design. I then went on to book five extra clients by offering a special $50 blog design deal on Twitter.
Yes, these prices are ridiculously low. But they were just right for the level I was at.
Lesson: It's OK to charge low when you start out. You're not entitled to 'big money' because you feel that's what you're worth.
Do you believe in the charge-what-you're-worth idea? (4:40)
Danielle believes in charging what you're worth but it comes with experience and confidence.
When you're just starting out, it's OK to work for free or for a lower price if you're doing it to build your portfolio and build your clientele. If you feel you're getting high value from it, do it!
For example, Danielle did free work for a Yoga business when she first started out. It gave her something to put in her portfolio and they became a paying client!
How often do you raise your prices? How do you know if it's the right time to raise your prices? (7:33)
When Danielle starts to feel like she's getting plenty of client inquiries coming in and people are really excited to work with her, she takes it as a sign that she can up-level her pricing.
She also gets a gut feeling when the time is right to raise her prices.
When your intuition is telling you that you work hard and deserve to be paid more for it, it's the right time for a price raise.
Trust your gut.
How to add more 'perceived value' to your packages (10:25)
One way to boost your prices is by adding small services to them.
Danielle noticed her clients didn't just want logos and websites, they wanted brand collateral items like social media graphics or business cards.
Danielle added collateral pieces to her packages to increase the price and provide her clients with more value.
She also added Style Guide's to her packages to boost the perceived value.
Big tip: If you already provide your clients with a Style Guide but you don't state it as a deliverable in your packages, add it to boost the perceived value of your service in your client's eyes.
When potential clients see you offering 'more' in your package, they will be more willing to pay a higher price.
The easiest way to boost the value (and price) of your packages is to add an ebook, training or workshop to the package! You only have to create it once and it gives you reason to boost your package prices.
When you raise your prices, what are your fears? (15:25)
Danielle's biggest fear is that no one will want to hire her. But she doesn't only feel this way when she raises her rates - she felt this way when she initially listed her prices on her website.
However, listing her prices on her website was a total game changer for Danielle.
Listing your pricing on your website...
- Stops people from getting in touch with you if they can't afford you.
- Cuts down of hours of communication with people who can't afford you.
- Keeps things transparent and honest with potential clients.
Most clients will reach out to freelancers who LIST THEIR PRICES ON THEIR WEBSITE before reaching out to ones who don't.
Why you should ALWAYS list your prices on your website (16:22)
Why would a client want to reach out and invest time in having a conversation with you if they don't know if they can afford you?
When clients don't see prices, they sometimes assume it's going to be super expensive.
Transparency is the key when pricing your services! Don't hide your pricing from your potential clients.
There are clients at every price point (24:10)
Danielle does factor in time when working out her prices, but she also factors in how much her clients value her service.
There are clients at every price point.
Some freelancers charge $100 and others charge $10,000 for the same service. What matters is the clients you're targeting and how much they value your service.
Improving your client experience before you charge more (25:38)
If you're going to charge higher prices, it usually involves adding more steps to your process, more technicality, more quality and a much better client experience.
For example, a bride buying a $30,000 wedding dress from a high-end designer shop would probably not only get the dress but a glass of champagne, amazing customer service, a complimentary gift with purchase, and a gift on her wedding day.
The bride wouldn't expect this from a standard bridal shop charging $500 per dress, but she would definitely expect this kind of client experience for $30,000.
Remember: Your clients expect a better quality experience if they're paying higher prices.
If you're not sure how to improve your client experience, you can learn how in my course, Organize & Automate.
How to work with amazing clients making big changes in the world (28:10)
Danielle has worked with amazing clients like Screw The Nine To Five.
How does she do it?
She makes herself a part of communities like the Screw The Nine To Five community. When you join smaller communities, especially paid ones, there is more opportunity for you to make yourself and your expertise known.
Your Execution Plan
01. List your prices on your website.
Stop making it hard for potential clients to get in touch with you. If they see they can afford you, they'll be shooting right into your inbox! If not, they'll leave your site and you will have saved yourself hours of communicating with someone who isn't going to work with you.
02. Add to the perceived value of your packages so you can boost the price!
Spend one day creating a product you can add to your packages to boost the value and the price. Think of what your clients need to do after working with you and create a product they can use to help!
For example, if you design websites, create an ebook on SEO, writing high-quality blog content or using Wordpress!
If your product will help them on the next step of their journey, it will add a lot of value to your service in their eyes. It will also put your packages well ahead of your competitors!
03. Join a paid community.
One of the best ways to find high-quality clients is inside a premium membership.
No, that isn't a free Facebook group.
It's a paid membership where all members pay a monthly fee to learn something. Since everyone is paying, it means they instantly value their businesses more than the average business owner. They're high-quality clients-in-waiting!