Run a Video Business Not a Charity

Gordon asks: I found a price point for my video services that customers are happy with – $300-$500 per video. Sure, I work long hours and sometimes can’t keep up but I get all of the work and word of mouth is spreading fast. Now that I hooked them in I feel I can start charging more. Any suggestions? What should I set my prices at?

Answer: Once you set a price stick with it if they’re happy. If you “correct” your rates by raising them in line with the value you provide you risk losing your customers. That is the short answer but I can’t help but focus on the real problem:

$300 to $500 for a video! what the #%@%! …you’re not only cheating the market you’re cheating yourself and the rest of us.

It’s nice to get that “flash in the pan” success feel but it doesn’t last and you’re faced with the reality of having to work your a** off and always be a slave to cheap clients.

Think of it this way:

The client you’re producing web video for or a business you’re producing video for is going to PROFIT from your work. They will likely see their ROI double or triple within a week or a few days and you’re happy with charging $300 to $500??

You’re better than that. Your skills, your investment in time learning, editing, the equipment you have- you’re worth more! Don’t let a business or client push you around with low pricing!

Always remember these pointers:

  • The client wants to see a return on their investment
  • If you charge market rates and a client can’t pay – they’re not worth having as a client.
  • Never do business in fear of what a client might think of your prices. Higher prices bring in quality clients who are serious about hiring you.

Lower prices almost always brings in the P.I.T.A (pain in the a**) clients who overwork you and who are always looking for something free. Don’t waist your time or creative energy on this type of client.

What if a retail store did business in fear of what the customer thought of their pricing? They wouldn’t make any money!

STOP BEING A STRUGGLING ARTIST WHO LIVES IN FEAR OF LOSING A CLIENT BY CHARGING A FAIR FEE FOR YOUR SERVICES! you’re running a business!

Finding the BALANCE

The best way, however, to figure out what you should be charging clients is by feeling the clients out- stick to your rate but be open to negotiation.

If they’re too enthusiastic, you may be under-selling yourself. But, if they turn away from you when you mention your hourly rate, you may be pricing yourself out of the market. If may take some practice, but you’ll eventual find that happy medium for which every potential client is searching

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