The demand for digital marketing services has never been stronger.
At the same time, the competition for selling those services has never been greater.
What is the best way to sell your services in such a highly competitive environment?
Setting prices can be difficult, especially if you are just starting out.
It’s hard for many to determine “How much would a client value me?” or “What is my service actually worth?”
You don’t want to set your prices unreasonably high, but at the same time you don’t want to leave money on the table.
Ultimately, your prices should be based on what services you provide, the market value of those services and most importantly, what clients and prospects are willing to pay.
Over time, you can build a portfolio of success stories as well as a financially rewarding career.
There are a number of ways to price digital marketing services, with the most popular explained, below.
Many digital marketers offer a selection of “packages.”
Clients are given the option to pick and choose from available services.
Packaged pricing is convenient for both the provider and clients, providing transparency regarding deliverables.
Clients can choose a package that best fits their needs and budget.
If you are offering packaged pricing, be sure to have the knowledge and experience necessary to perform all of the tasks that you are promoting.
Most packages are patterned after the tried and true “Good, Better, Best” bundle approach.
An added benefit of this form of pricing is that it pre-qualifies prospects.
Potential buyers know the cost of services upfront.
Public Pricing
Instead of bundling options, one may decide it’s better to price services individually.
That way, prospects have the option to pick and choose precisely what they want or need.
The public pricing model is especially appealing to individuals who don’t like to sacrifice privacy by filling out a contact form, just to get pricing info.
Price Quote Calculator
This option is effectively a Hybrid of the Package and Public models.
Just set a price for each service, then clients can then build their own packages, using the calculator.
Price = (Service choice + Extra services) * Quantity
This method allows prospects to buy exactly what they want at a budget they are comfortable with.
This also lets clients get a customized quote without having to email or call you.
There are a number of plugins, widgets, and scripts available online that make it relatively easy to implement.
Hourly Pricing
Hourly pricing can be tricky.
It’s often difficult to estimate the time necessary to complete a given task.
Startups and clients with smaller budgets may steer clear of hourly pricing because they don’t want to be surprised and end up with a hefty bill they cannot afford.
That said, smaller clients with minimal and predictable needs may prefer an hourly approach.
Enterprise-level accounts with larger budgets and complex websites expect to pay by the hour.
They understand that unforeseeable issues, requiring added resources, are to be expected.
Conclusion
It’s preferable to make an evaluation before ever establishing a budget.
Quite often, prospective clients really don’t know what they need.
A consultation will help put them on the right path to making an informed decision.