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Pricing strategies for digital freelancers

As a digital freelancer, it is very important for your success that you get the right price for your services. It’s applicable for every niche maybe it’s graphics designing, content writing, web development or social media management. No digital freelancer wants to be undervalued.

Hourly Rate vs Project-Based Pricing

You need to choose how you value your service both methods have their advantages and disadvantages:

Hourly Rate:

This is an easy way to choose you will be paid for the time and effort you put into a project. You must know some tasks have revisions or back-and-forths with the client. Clients might hate it if you charge a high rate per hour.

Project-Based Pricing:

It's good for the client that you charge on a project basis. It’s also helpful for the freelancer if there is a clear understanding of the scope of work. The problem is sometimes the project takes longer than usual, you have to earn less compared to the hourly rate.

Know Your Market Rates

Before going to market, do in-depth research on your competitor and what other freelancers charge in your field. You can check freelancer platforms and industry forums. Rate will vary from niche to niche, experience in the field and geographic location. For example, a graphics designer from Los Angeles will charge more than a Kolkata-based graphics designer.

You don’t have to undervalue yourself, you just need to balance it. On the contrary, if you charge higher than your portfolio and experience, your potential client will be scared away.

Factor in your Expenses

Freelancers don't sell time; they sell the entire process of creating something valuable. So you have to consider all costs when setting your rates: software subscriptions, internet bills, electricity bills, office supplies, taxes, employee salaries or healthcare if you are self-employed.

There is a recommendation to add 35-50% because as a freelancer you have to handle a lot of extra responsibilities compared to a full-time job.

Consider Value-Based Pricing

Value-based pricing focuses on how much value you are creating in place of how much time you are putting in. Let’s suppose you create a landing page and run ads, you will get paid how much value you are adding to client business not how much time or effort you put in.

When you have a portfolio of good ROI the amount you charge, this will work.

Final Thoughts

The right pricing strategy can make or break your freelance career. No matter what you choose hourly-based, project-based or value-based always keep in mind that your charge needs to reflect your work. Always ready to refine your approach, be flexible and increase your rates as you gain more experience.

If you want to know more about Pricing strategy for digital marketing services you can visit this.