Knowing your Worth and Asking for What you Want

The next Get Work Done Club Power Hour is on 7th December. FREE for all paid GWDC members, £15 to all others.

The next Moving Forward Group is on 21st December and is free for all GWDC members, £5 for all others.

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One recurring theme in nearly every one-on-one conversation I've had, as well as in the monthly Moving Forward group, is the challenge of determining what to charge and how to confidently and clearly communicate that to prospective clients.

Reflecting on my early days in public relations thirty years ago, I remember a common tendency to undercharge while overdelivering. This was typical in the industry, which relied heavily on our team's ability to pitch stories to the media. Success depended on the media's interest and the absence of major global events that could render our stories irrelevant.

Regardless of the economic climate, we consistently logged the same number of hours. It was often difficult to persuade clients to pay their monthly retainer when we had little tangible output to show them. Leaving that industry was a straightforward decision for me. Since then, I have made it a priority to work in fields that don't depend on external factors to ensure payment.

When you're just starting out, it can be tempting to offer your services for free or at discounted rates during a trial period. While this can be a useful strategy for generating your first sales, it's crucial to be clear with your clients that if they’re happy with your work, they should provide you with a testimonial. This can then be featured on your website or used as a recommendation on platforms like LinkedIn, Trustpilot, or Google My Business.

If you're hosting a free webinar or workshop, consider asking the organiser to share your contact details with their mailing list. You might also request that they write a short paragraph to send out as a follow-up, encouraging attendees to get in touch with you. This can help you extend your reach and attract potential clients.

Ultimately, I believe that offering your service or product for less than its true value should involve some form of quid pro quo. Essentially, if I'm providing this to you at a reduced rate, I expect something in return—such as your recommendation, a review, or a referral.

Finally, if you're uncomfortable sharing your rates with a prospective customer—particularly in a service-based business—my go-to approach is to ask, “What’s your budget for this piece of work?” If they mention they haven't considered it, you can follow up with, “What would you expect to pay, roughly?” This can help facilitate the conversation and give you a better understanding of their expectations.

Establishing clear communication about pricing and expectations is essential for building strong client relationships. By approaching discussions with confidence and openness, you not only ensure that you value your work appropriately but also create opportunities for mutual benefit. Remember, it's about finding the right balance that works for both you and your clients.

Until next time,

Suzanne & Mark