Negotiating with clients is often a difficult and conflicting aspect of freelancing; we’re most times torn between trying to get the right value for our service by trying not to underprice ourselves; and coming up as being too expensive, or not wanting to overcharge in order not to scare potential clients. This is always a dilemma.
Well! Let’s face it, mastering the art of negotiating is a challenging path to navigate especially for newbies. However, if you’re looking to make decent earnings as a freelancer, you need to get comfortable with charging what you deserve as it contributes to the success of your freelance journey. On the flip side, if you’re aiming for higher income in this business, you should not just get the right skill, you might be looking at up-skilling.
Truthfully, there is no one-way in successfully negotiating with clients as it can take a little process. Nonetheless, this article contains 5 pricing strategies you can implement while negotiating with clients. Once you’re done reading this article, there would be no more selling yourself short; you’d have learnt how to effectively charge for your service(s) without second-guessing yourself or charging below what you deserve.
1. Research what others in your niche charge and set your least acceptable rate
First, for newbies, research what other freelancers who offer similar service as you charge, you don’t want to be the spoiler for others by setting a very low price. It is crucial to know the standard price then work your way around it.
You might also want to start with a competitive price to get more reviews and ratings (PS: be careful not to go way below what you are worth)
Also, it’s usually safe to have your least acceptable price. Set a minimum price you should not go below
2. Allow them to name a price first
This is just another negotiation skill you need to master, trust me. Lead the conversation and always allow them to name a price, it gives you some sort of upper hand.
Start by asking them what their budget is, some may not give a direct figure, but they’d be some pointers in their conversation that can help you.
3. Start high then negotiate downward
It’s time you understood that negotiating is part of our day-to-day activities, from haggling prices with vendors in the market to the bus driver at the bus stop. It’s totally normal, more reasons you need to master it.
When negotiating with a client, always propose a higher price, and allow the client beat it down to something you already have in mind. This gives you and the client some sort of satisfaction after concluding the conversation
4. Give yourself room to renegotiate when you don’t have a detailed job outline
So, here’s the thing, a client might come with a sketchy project outline and ask to share a rate immediately. oh well, that’s a hot lead right there, who wouldn’t jump on that? but do not be too quick to give just any price. Why? In most cases, the project appears bigger than expected and you would have boxed yourself into an unfair situation.
In cases like this, put a price and state that the price may change regarding the scope and nature of the job. Do not forget to include a request for clear and precise details of the project to help you share a fixed price.
5. Always have packages
In most cases, the kind of customer or business will determine the price or package.
No, I’m not saying to size up a client’s pocket, it’d be ridiculous if you charge a small business the same price you would charge a large-scale business with enough budget to spare and intense work. Hence, having a package that fits each customer’s needs works better
For instance, designing a logo for a small business may not necessarily have that impact or reach as handling branding projects for any of the “BIG 4” companies.
Lastly, as a freelancer, invest heavily in yourself, try up-skilling as much as you can; get certifications, take online courses, and KNOW YOUR WORTH!
You start getting paid better when you are not just confident of your skill but when you are able to understand the nitty-gritty of your job and get the job done well.
If you are a newbie in this space of freelancing and you need to start a successful freelance journey, signup on TERAWORK and create a profile on our PromoStore; it is how to get started the right way. Get in the faces of your prospective clients and stand out amidst your competitors.