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You know it’s time.
You’ve gathered some great case studies. You have fantastic testimonials. You’ve studied your craft, taken classes and honed your skills.
So, why is it so hard to tell your clients, “I’m raising my freelance copywriting rates?”
I get it. I really do. The good news is – your clients (probably) won’t tell you to jump in a lake. The bad news is – you may lose some folks, especially if you don’t raise your rates the right way.
Ready to take the plunge? Here are some things to consider if you’re thinking of raising your copywriting rates.
1. Should you raise your freelance copywriting rates? Or change your target market? Are your current small business clients paying you $75/page – and you think your rate should be closer to $400/page? There may be a disconnect there. You may be worth every penny – but your small business clients probably won’t be able to afford you. If you’re looking at a major rate hike, carefully consider your current niche. Will it be able to generate the income you need? Or is it time to consider a new target market with deeper pockets?
2. How much more do you want to get paid? Clients tend not to care much about small, graduate rate increases. If you want to raise your rates 30-50+ percent, you may receive some kickback. That doesn’t mean that you would never get a 75 percent rate increase. It does mean that will need to clearly demonstrate your profit-driving expertise – and how you’ve made your clients’ lives easier.
3. Ask yourself – would YOU give you a raise? If you’ve missed deadlines (even if you had a good reason,) had repeating quality issues or had any weird “stuff” happen, a rate raise will be touchy. In this situation, your client will not remember all the wonderful things you’ve done for them. They will remember exactly how and when you’ve screwed up. Best case scenario, you ease into a rate raise very slowly and have a few glitch-free months under your belt first.
4. Consider who you’ll lose. You may have a wonderful small business client that you love with all your heart. But, their micro budget can’t pay your bills – and you honestly can’t afford to work with them anymore. It’s always hard to “fire” a client that can’t pay your new fee. But know this – you’ll have to let them go if you want your business to grow.
5. When would the rate raise become effective? Never send a client an email that says “Just so you know, I’ll be raising my copywriting rates next month by 25 percent.” No client likes a rate raise (even if they think you deserve it!). They’ll like it even less if you don’t give them time to plan and budget. It’s good to give your clients three months notice before your rate change becomes effective. (Working with a new client? Why not charge them your new rate now?)
6. Keep your “I’m raising my rates” email professional. You may have a huge IRS bill, need more money to make your bills and have tons of child-related expenses. Don’t use your personal life as the reason to raise your rates. Your clients won’t care – and bringing that stuff up makes you look extremely unprofessional. And for goodness sake – don’t beg for a rate increase or say, “I really need the money.” That’s a sure way of getting fired…for good.
When you’re ready to take the plunge, write a very straightforward and friendly email. Recap your successes, outline your new copywriting rates and when they’ll take effect. Will you lose some clients? Sure. Will it be OK? Yes.
As my father used to say, “If you don’t ask, you don’t get.”
Isn’t it time to finally make the money you deserve to make?