Ep 07 - Secrets of Successful Pricing: Strategies to Ensure Your Creative Work is Valued

Are You Charging Enough? Uncovering the True Value of Your Creative Productions http://www.brandingbeyondbusiness.comWelcome to the Branding Beyond Business PodcastIn this episode, I discuss the importance of discussing deliverables and expectations upfront, determining ownership of content, and the potential impact on pricing. I also share insights into how to effectively communicate timelines and avoid common challenges with client communication. ======Key TopicsI. Introduction- Importance of discussing deliverables and expectations before production- Determining ownership of content (buyout or lease)II. Pricing and Ownership- Possibility of charging more if the client owns all content- Providing client with hard drive or digital folder of content- Cost of production varies based on ownership agreement- Narrator charging $1400 for a 40-second video and questioning if it's too much- Charging based on time and value, not end result- Questions about ownership and future use of content by client- Cost includes narrator's time, gear rentals, and other expenses- Narrator usually doesn't work without being paid $1400 a day- Cannot charge that amount to John (specific client mentioned)- Learning to effectively communicate about deliverables, time spent, and licensing for music- Majority of time spent educating clients about these matters- Looking for red flags in potential clients (budget constraints)- Cautioning clients about content creators with low prices (licensing and raw content issues)III. Payment and Editing- Discussing payment for services- $1400 payment covers the 42-second video result- Emphasizing separate itemization of editing and post-production time- Charging $75 per hour for editing, potentially up to $125 per hour- Total cost of editing can reach a couple of thousand dollars- Breaking down $1,000 payment to understand and justify chargesIV. Understanding Business Ownership- Reading "EMyth" to learn about three types of business owners- Wearing multiple hats as a freelancer (entrepreneur, manager, technician)- Initial focus as a technician but learning managerial and administrative skills- Importance of learning these skills for consistent income- Potential benefits and challenges of outsourcingV. Communication and Client Relations- Clients dislike chasing and pursuing creators for communication- Lack of communication leads to buyer's remorse and desire for refunds- Overcommunication, especially with cheaper clients, is necessary- Clients paying less than $2,000 may cause communication headaches- Personal pride in the person running a creative business venture- Current opportunities for marketing and content needs in businesses- Potential challenges in developing processes and systems- Recommendation of "EMyth" for guidance in entrepreneurshipVI. Balancing Roles and Deliverables- Entrepreneurship, technician, and manager roles in creative business- Balancing and adapting to different opportunities- Secure storage of content in digital and physical formats- Access provided to content- Estimated timeline of five to seven business days for completion- Confirmation or rough draft available in about a week or two- Need for clear communication to prevent constant timeline inquiries======▶Subscribe 👉 https://www.youtube.com/@BrandingBeyondBusinessLeave a Review.Share it with a friend.Connect on Social.Email: [email protected]