How To Price and Sell Yourself, as a Freelance Copywriter. Part Three.

Incorporating valuable disciplines I learned from 25 years experience in mainstream advertising agencies, followed by 10 years as a Freelance Copywriter, this Four Part series of HubPages articles is a step-by-step Process Template primarily designed to help people who:- may have become a copywriter only recently; or some time ago; may even be expert ad copywriters, but, either for reasons of personal ambition, or because there are currently fewer straight advertising copywriter jobs, but commensurately more freelance copywriter jobs out there, have made the decision to pursue a Freelance Copywriting career, and are now keen to learn more about the business aspects, especially, how to win more work, and make more money.

It’s a smart move, too. While I enjoyed writing all forms of copy, for all media, and interacting with clients and industry specialists, these days there’s so much online work for website content copywriters, that you can, if you choose to, have a very successful freelance copywriting career, bidding, working, and billing, as an internet copywriter, without ever attending a client meeting. Being accountable only to yourself, is a wonderfully liberating feeling. And, making money at something you're good at, and love to do, is rewarding in more ways than one.

Note: If your interest in copywriting is just blossoming, if you’re still asking questions like “What is a copywriter?”, and “What does a copywriter do?”, this information is too advanced for you. But it’s timeless. Feel free to come back when you’re ready...

Before we start, if, like many online writers, you want to make money from writing whatever you like, and hoping someone will pay you for it, whether directly or indirectly, via AdSense etc, I’m sorry, there’s nothing here for you either. The Freelance Copywriter’s life doesn’t work that way. Although copy isn’t any good unless it’s creative, (and isn’t creative unless it sells), writing effective copy is a brief-based business skill, not free expression.

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Everybody clear? Good. If you feel there could be something here for you, I strongly recommend that you begin at the beginning. Click here for Part One.

Already read Part One and Part Two?

Great, then you’ll remember we learned from Part One that, as a Freelance Copywriter,

- You MUST think of yourself as a business

- You’re selling a uniquely valuable skill; not a price-point commodity

- You need to recognise that Everybody’s looking for The Right Price

- You must know The Top Three Truths about Low Price

- You must Sell and Persuade as part of your pricing process

- You must shift your prospect’s focus away from Price, and onto Value, if you’re to earn serious money

And from Part Two,

- You must detail the Specific Services you’ll be providing, and at what cost, because,...

- ....it’s a fundamental part of creating Value over Price

- How approval of your estimate can be influenced by People You’ll Never Meet

- How being Persuasive in your Pricing documentation can be your Most Rewarding Writing Challenge

- How to Format your estimates, including Style, and Content

If you've just arrived fresh from Part Two, that's good, because the information I gave you on formatting your estimates, including Style, and Content, will still be fresh in your mind.

But, if it's been a while since you read that, I suggest you pop back for a quick refresher, so that what follows will be in an easy to understand contextual flow.

See you back here soon..

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OK, time now for Part Three.

Let’s work through a Price Estimate example ...

First off, consider the way many Freelance Copywriters submit for work. If a new business prospect has asked them to “write a couple of Brochures and look at some in-store Point of Sale", they’ll send an email or a one-page attachment reiterating that, plus a price.

Like this:

Copywriting for two Brochures and POS $0,000

That's it. (Seriously, I’m not making this up!)

They might also include their Standard Terms of Business, and express an equally 'standard' interest in the job.

But, probably not. After all, the prospect’s “already said what he wants, now it’s just a matter of whether the price is acceptable.”

Okay … good luck with that.

Now, let’s look at how I’m suggesting you respond to the same request.

BTW, I’m assuming you’ve already developed your suite of branded stationery, so your documentation will naturally include your business name / logo / positioning tagline, address and contact details; your typefaces and formatting will be consistent and professional, your Terms of Business clearly stated (and clearly evident).

If not, stop what you’re doing, and do that. Now. A vital part of your credibility comes from presenting yourself as an established professional.

Tip: Note that even the most 'casual with pricing' Freelance Copywriter, who's nonetheless an experienced player, does not make the mistake of nominating an hourly rate. And multiplying that by a declared number of hours, to arrive at a price. Always remember, you're running a business - not justifying your employment by completing timesheets.

 

Now, back to our example estimate …

First, on an opening branded/letterhead cover page, lay out,

- Estimate prepared for (client name)

- Estimate prepared by (your name)

And include the date.

Next page:

Restate what the client has asked for. Tidy it up, put it under a heading, like this:

- Description of Task

- Write two brochures; one each for (Product A) and (Product B)

- Develop supporting Point of Sale material

Include all additional details you have available, for example, size and length of Brochures, components included in the Point of Sale materials, etc.

Tip: Often, especially with smaller clients, briefs are ‘informal,’ to say the least. One of the key benefits of using The Writeronline Pricing Process is that it demands clarity. This is vital because it provides a concrete base to which you can refer, in the event of any later ‘misunderstandings’ about exactly what work you’ve agreed to deliver; and at what price.

When you clearly define what is included, it also makes it easier for you to discuss additional fees for any new work that may be added on as the project progresses. Keep in mind that no one likes to be “nickeled and dimed,” so you may choose to do some minor additional work at “No Charge” … just don’t be taken advantage of. And, always discuss potential additional fees with your client as tasks are added on - surprising them at the end with unexpected expenses is never a good idea.

Next page:

Summarise the Business Objective.

- Business Objective

- To increase sales, measured by volume and by value, of (Product A) and (Product B), through newly-established retail channels*.

Tip: By the time you present your estimate you must have communicated with your prospect, and determined the Business Objective of the task. (*That's how we know about the 'newly- established retail channels' mentioned above). It’s the fundamental part of the project that you must understand if you’re to shift the focus from price, and onto value. From a client perspective, budgets are all about assessing Return on Investment. You want them to see your cost as an investment; not just a ‘spend’.

NB: Don’t allow yourself to get sidetracked by whatever your prospect may have told you about his Overall Business Objective of achieving world domination, or whatever. The Business Objective on this page relates only to the specific task(s) at hand.

On the next page:

State the Communication Objective

- Communication Objective

- (Again, in this example): To create new levels of retail visibility and customer interest in (Product A) and (Product B), through an integrated approach; linking high impact in-store Point of Sale materials with ‘irresistibly informative’ Full-Color Brochures, focused on key customer benefits.

Aim is to produce materials sufficiently powerful to enable sales at full margin, thus building sales volume and value.

Tip: Here’s where you show your interpretive and communication skills, linking the prospect’s Business Objective directly to your defined Communication Objective, and adding value. For example, as above, showing that you understand the need to maintain margin to achieve the value aspect of the Business Objective. Plus, your Communication Objective shows an understanding of the prospect’s goals for the project, and your ability to help achieve them.

 

Now, on a new page:

Itemise the steps you’ll go through to achieve the objectives, and the cost of each, like this:

- Key Steps

- 1. Review all standing customer and market research; hold discussions with you to determine key product and customer benefits for both (Product A) and (Product B), to be featured in all communications. No Charge

- 2. Conduct store audit to determine competitor presence, and develop an understanding of your specific retail environment, including any trade restrictions on Point Of Sale materials. No Charge

- 3. Develop brochure cover lines, section headlines, and sample copy paragraphs for (Product A) and (Product B), and submit for review prior to completion of full content. Includes two rounds of alterations. $0,000.00

- 4. Write final copy for two brochures. $0,000.00

- 5. Develop theme-linked creative executions for Point of Sale materials (2x posters, shelf talkers, brochure rack), including headlines, bullet copy points, and Call to Action. $0,000.00

- Additional Recommendation

- (In this example):To maximize customer demand in key locations, and to build trade goodwill, I suggest developing a local radio campaign, theme-linked to the new brochures and POS, and incorporating name and address details of specific local dealers. For cost efficiency, finished scripts can be given to the selected stations and spots produced in-house, using locally familiar station voices.

My cost to write 2 scripts (one per product) would be: $000.00

Tip 1: There are different schools of thought on whether, especially when you’re starting out, you should provide some services at No Charge. My view, as I hope you’ve gathered, is that everything you do has potential to add value to your client’s business, and not charging carries the risk of being cast as ‘great and cheap.’ However, as per the example above, there are some tasks which you would carry out anyway, without charging, as part of the copywriting process. But, by presenting those tasks in your estimate, you show the client that you’re investing of yourself in the project. For example, some clients never realise how much research is involved in effective copywriting.

Tip 2: Even if your prospect doesn’t take up your ‘speculative’ Additional Recommendations, they serve a real purpose in building your professional credibility. Showing your interest in your prospect’s long-term success, and positioning you as an advisor, marketing consultant, and ideas person. This will not only help you to win the immediate bid, but also ensure that your client understands the breadth of your 'skills-scope' , and for new projects, may not feel the need to call anyone but you!

Finally, on the last page:

State your terms of business, including payment terms, such as any deposit you may require before commencing work. Expressly note any time-critical aspects, i.e., “To meet your deadline of xx/xx/xx, I will need authority to commence work by xx/xx/xx.” It’s also a good idea to indicate any co-operation you will need from your client; for example, any materials you need from them in order to begin the project.

Be sure and wrap it up with a ‘thanks for the opportunity to quote' and a ‘call to action’, ie:

Estimate Accepted. Signature: ............................. Date:....................

Now, check your work with a final read, and ask yourself, which proposal do you think has the better chance of standing up for itself, by itself, when the people you may never meet make the decision on which copywriter to use?

Three Parts down, one to go.

In Part One, I described and explained What To Do, and Why, to beginwinning more work and making more money, from your Freelance Copywriting Business.

In Part Two, I explained How To Do It, and Why

In Part Three, I've worked you through a detailed example of How To Set Out Your Pricing Documentation, including tips on theunderlying benefits to your professional reputation, and yourFreelance Writing Business, of working this way.

In Part Four, I'll wrap it up with some fundamentally important points about The Difference Between Being a Freelance Copywriter, and Running a Freelance Copywriting Business.

Plus, I'll show you How to maximise Your Freelance Copywriting Income, by working Smarter, not Harder. How to generate Unearned Margin, simply by capitalising on the pre-conceptions we all share, about the relationship betweenPrice andValue.

When I'm done, all Four Parts will be linked, so, if you choose to bookmark them, you’ll have the complete ‘Writeronline Profitable Pricing Process’ at your fingertips.

Next time you’re preparing an estimate, remember, for a Freelance Copywriter, well-crafted pricing documentation can bring immediate financial rewards, as well as building long-term credibility for your business acumen, and your overall communication skills.

So…Don’t Just Submit Your Price. Sell It!

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To proceed to Part Four, click on the link below.