Top 3 Pricing Tips for Creatives (by a Creative)!
What do you ask when you have the opportunity to interview a creative? As a Business Financial Consultant, my first thought was Pricing Tips! I say this because I’ve come to realize that in the creative field, especially, is extremely hard to price your services properly for your clients to value, and most importantly, pay for. So, today I’m extremely honored to have the opportunity to interview and pick the brain of one of the creatives I know, Kevin Wainscott of Wainscott Filmworks! Kevin specializes in Design/Marketing, Close Range Aerials, and Production. He’s worked with National Geographic and BBC, ROXY and Quicksilver, Red Bull, GoPro, DJI, and 3DR. He’s knowledge and experience is unparalleled to any other in the production field.
Today, he shares with us some of his best pricing tips, as he confessed, pricing was definitely one of the things he struggled with at the start of his business, and coincidentally, it's something I've heard over and over again from my clients in the creative sector! In addition to Kevin’s tips, be on the lookout for a special Bonus Tip I’d like to add for you, coming from my experience and knowledge as a Business Financial Consultant.
Below are Kevin’s Top 3 Pricing Tips (and my very own Bonus Tip):
1. Consider your experience, credentials, qualifications, or certifications.
This is very important and often times creatives tend to forget! It is very important to know your worth and the worth of your work. It’s imperative to take your experience and credentials into consideration. For instance, I’m a FAA certified pilot and have been producing stunning aerials for years now. There is only a handful of FAA certified pilots who can fly and film with their drones and all FAA clearances for business purposed in South Florida, making my services even more valuable. Therefore, my prices are no longer entry-level, as I’ve been to able to build upon my years of experience, credentials, and the testimonials and repeats of previous clients. The work I’m able to display in my portfolio, after having the opportunity to work alongside ROXY, GoPro, Red Bull, among many others, shows the level of expertise I bring to the table for any potential client inquiring about my services. As you price your video/photography service, or any other creative service or product you produce, look at what you bring to the table and research the location you’re based out of, how accessible are the services or products you provide?
2. Think about your equipment and the quality of what you are producing
It's important to consider this when pricing your services so that you don't undercharge or overcharge. If you are a photographer, for instance, consider the camera and lenses you use, along with the quality of your photos. All of these are important and should reflect your pricing. Equipment is one of the biggest investments we make as creatives as we are unable to work otherwise. Therefore, make sure to include the cost of your equipment as you price your services. Calculate the return on your investment (ROI) to make sure it is something that you're business will not only benefit from over and over again, financially speaking.
3. Research industry's payout for what you do
In other words, what are others, in the professional industry, paying for a qualified professional. This will give you an idea of what your prices should be, you don't want to price too low or too high. Being able to see what professionals in your industry, pay for a qualified professional is a great starting point if you're still unsure of what your pricing should be.
Whenever I work on pricing strategies and structure with my clients, I start with their costs. It’s important that before you start to research outwards, you look inwards and make sure your costs are covered. Also, speaking of costs, it’s important to notate that not everything is essential. Try to minimize your costs because every dollar you save on costs is a dollar that goes towards your profits. Once you’ve figured out what your costs are, begin to educate yourself and research the area, the industry standard, local businesses around you offering the same/similar services, and anything else that may apply to your specific services or products. The more research you are able to do, the more educated you will be, and the more of a “backbone” your prices will have to support themselves.
As you price out your services, keep these tips in mind to help you get started in the pricing process! If you'd like to learn more about Wainscott Filmworks, hop on to wfilmworks.co!
Want to learn more about structuring your prices in a way that’s profitable for you and works for your clients, book a free consultation with me to get started and see the possibilities. Also, don’t forget to download your FREE Financial Checklist, your step-by-step guide to starting your business or just making sure everything’s in check!