A Pricing Tip For Creatives

I learned this pricing tip from James Martin and honestly; I think it’s really solid, practical, and applicable. It’s about how you set your prices as a designer and the external factors you can use to find the right price.

In this tip, he says that if everybody that walks through your door says yes to the project when they hear your price, then it’s low. This is because as you know, your stuff is not for everybody, and by default, you attract a wide range of prospects, including businesses you’re too big for, the ones you’re just the right fit for, and ones you’re too small for. So, if everybody, including these ones you’re too big for, just says yes to your price, it means you are not charging your worth.

If 30–40% says yes to your price, then it’s pretty solid. This means if 10 prospects walk into your office and 3 or 4 of them agree with your price, then you know you’ve got it right. I think this is called a close rate. You may choose to keep this rate at 50% which means your target is for half of all your prospects to accept. I know you want as many prospects as possible to work on projects with you, but you need to remember that you’re not for everybody. If you want to close every project, you’ll charge way below your worth.

Finally, if 10–0% says yes to your price? Damn! Dude, you need to reconsider some things. It’s either you’ve overvalued yourself and your services, or nobody around sees your value yet. Either way, you need to bring your prices down. Seriously, unless you want to go hungry.

That’s the tip guys, I hope it helps you as it helped me. Until next time, Wakanda forever. The Crazy badass out!