LEARN WHAT TO CHARGE FOR SOCIAL MEDIA MANAGEMENT WITH THIS PRICING FORMULA
In this series, I'm sharing with you my A-Z guide of pricing tips to help you price your services with confidence and feel more confident charging what you need to support yourself. Here are letters D-F:
D is for Dreaming
You need to spend some time dreaming about what you actually want your life to look like.
You need to have an idea of your big vision so that you can create your price based on what you’re aiming to achieve, the amount of money that you want to bring in and the lifestyle you want to live.
If you don't have a clear vision, if you don't have a clear dream, or an idea of what you're working towards, chances are, you’ll be priced too low. Which means you're going to need a lot more clients to hit your income goal.
Dreaming can sometimes feel like a waste of time, like who wants to sit there for an hour thinking about their perfect day?
But actually, the more clarity you have over what you want, the easier it’ll be to take the steps and to strategise in a way that helps you actually achieve that goal.
When you’re clear on your dream, you can remind yourself why you’re charging this amount so you’re less likely to drop the price through fear.
When you stay connected to that why, it's a lot easier for you to sign clients, for you to receive the money you need and for you to feel happy and fulfilled in your business.
E is for experience
When you start out, you obviously need to charge a little bit less because you don't have the same amount of experience, and therefore expertise as somebody who has been in the game for a long time, or somebody who has worked in marketing for five years, 10 years, 15 years, however many years and has just started their own business.
If you’re someone who has less experience, it doesn't mean that you should undervalue yourself and it doesn't mean that you should work with 20 clients for free just to gain experience.
If you don't have much experience right now, think of ways that you can gain some. Could you offer a month of your services for free? Could you start a brand new Instagram profile or social media profile and try out different strategies to get you some results so that you know what you're doing? Could you offer some social media management in exchange for a testimonial? Could you offer a discounted service, for say three months, just to gain your experience, and then increase your prices from there?
We all have to start somewhere and it's really your responsibility to gain that experience so that you feel more confident in your prices and what you're charging, and that you can get your clients results when they start signing up with you.
F is for Formula
This is my favourite tip because I'm giving you the pricing formula that I've created, and that hundreds of social media managers around the world have used to price their services.
This formula has enabled them to be able to charge what they need and be able to hit their income goal every month with ease, without having to hustle.
This is what's really, really important. And this is why I'm sharing this formula with you so you can make what you want to make every month without needing to hustle.
When you charge higher prices, it means you need less clients to hit your income goal. If you need less clients to hit your income goal, you can focus more attention on that client you have.
When you give them more energy, and when you’re able to put more effort into them without feeling overwhelmed, without feeling stressed out about trying to manage 15 different people, you can get better results for them.
And in my opinion, it’s much better to work with fewer clients, charge more money and get good results for those clients that you're working with, rather than try and spread yourself too thin and get average results for 15 people.
Do you agree? I really hope so!
So my pricing formula is:
income goal / max no. of platforms you want to manage = your platform price
For example, if your income goal was £1000 a month and you wanted to manage 4 platforms, then your platform price would be £250 per platform per month.
When I say the maximum number of platforms that you want to manage, this is what you want to manage. This isn't about how many you can manage or how many Sally down the road is managing. This is about how many you want to manage based on your dream.
Catch the next episode in this series here: How to work out your income goal as a social media manager
