Friend,
One of the most common questions I'm asked is "How should I price my services?"
In my opinion there are three strategies you can start with:
1- Price per word (The worst option)
2- Price per hour (Better but still not great)
3- Price per value (The best option)
Here's a breakdown of each.
1- Charging per word is used by content writers.
"I'll write 1000 words for $100".
However as a copywriter it doesn't make sense to charge per word.
More words do not equate to more sales. In fact more words can do the opposite.
Your job to is to focus on selling, not writing essays.
By charging per word you also teach yourself bad writing habits.
Habits you'll have to forget when writing to sell.
In my opinion I'd avoid writing on a per word basis altogether.
2- Charging per hour is a better measurement for copywriters but it's still not great.
This is because it can take you an hour to write 100 words and five hours to write 10.
You need to give yourself time to think of ideas and write drafts.
This can be hard to explain this to a client.
You also limit how much you can earn by the number of hours you can work.
This will limit how much you can scale.
You've basically created a new job for yourself.
It's better than charging per word but not as good as option 3.
3- Charging per value is the best way to price your services.
You can do this in two ways.
Set a fixed price for a service (email, sales pages etc).
OR
Charge a monthly retainer/ a % of sales.
The first strategy is used by copywriters like Stefan Georgi, who charge $50k for a sales letter.
It's a great way to guarantee an income stream, but you must be confident you can deliver what you're promising.
The second strategy is used by most copywriters who write emails.
They'll charge a monthly retainer to look after a list and charge a % of sales.
This is usually around 10%.
Both of these strategies are great for scaling your copywriting business.
They allow you to charge based on what you bring to the business and so you create a win-win scenario for both parties.
I'd highly recommend using this strategy once you have some proven results & a few testimonials.
It's by far the best option available & will help you create a business that can grow with your skillset.
Have a great week,
- CM
