Ep 07 - Secrets of Successful Pricing: Strategies to Ensure Your Creative Work is Valued
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Are You Charging Enough? Uncovering the True Value of Your Creative Productions http://www.brandingbeyondbusiness.com
Welcome to the Branding Beyond Business Podcast
In 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.
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Key Topics
I. 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 charges
IV. 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 outsourcing
V. 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 entrepreneurship
VI. 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
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Email: yes@brandingbeyondbusiness.com
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