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Do Your Rates Conflict With Your Brand? - RD278

Do Your Rates Conflict With Your Brand? - RD278

FromResourceful Designer: Strategies for running a graphic design business


Do Your Rates Conflict With Your Brand? - RD278

FromResourceful Designer: Strategies for running a graphic design business

ratings:
Length:
18 minutes
Released:
Nov 29, 2021
Format:
Podcast episode

Description

Don't confuse clients with rates that don't match your brand. I’d like you to imagine this scenario. There’s a neighbourhood in your city that you love. It has beautiful homes with big yards and lots of green space around. It’s close to amenities like schools and shopping. And the internet infrastructure is state of the art, which we know is a must for what we do as designers. It’s the type of neighbourhood that you occasionally drive through and think to yourself; I would love to live here. The problem is, home prices in this neighbourhood are way out of your budget. You figure you can afford maybe $350k. Perhaps you can push it to $400k. But unfortunately, homes in this neighbourhood typically sell for over $700k. But you can dream, can’t you? Then one day, while driving through the neighbourhood, you see a FOR SALE sign in front of what could be your dream home. You’ve admired the homes in this neighbourhood for a long time, but always from the outside. But here’s your chance to get a peek on the inside because there are sure to be photos on the realtor’s website. When you get home, you fire up your browser to take a peek. As you’re navigating to the page, you play the guessing game in your head. You guess its listing price at $795K. But when the page loads, that beautiful house, the one you’ve been admiring for years, is listed at $295k. What do you think your first thought would be in this situation? Or maybe second thought after you realize you can afford it. You would probably start wondering, what’s wrong with it? Why is it listed so low? What mess would you be getting yourself into if you were to make an offer? I’m sure you’ve experienced this feeling before. Maybe not with a house. But perhaps with a car, or something else. Especially when the item in question is something previously owned, what’s wrong with it that’s making the seller offer it for such a low price? It’s not just houses. Something similar happened to a designer friend of mine just a couple of weeks ago. He was at a business conference, and on one of the days, they divided people up into small groups—kind of a Mastermind format where each person in the group had time to present their business. Being prepared as only designers can be, my designer friend had a presentation ready and walked everyone through his business. He showed them what he does, how he does it, his processes, and his annual billing and 3-year financial snapshot. It was a business conference, and he was very transparent in everything he shared. After his presentation, One of the attendees, a woman he had met earlier at the conference, approached him to talk. She told him that after the 5-minute conversation they had when they first met, she thought, “this guy knows what he’s doing, but there’s no way I can afford him.” But after seeing his numbers on paper, she told him she could easily afford him. And that’s not good a good thing because his prices conflict with the brand image he’s putting out. Do you do this? You’re a designer, you’re proud of what you can do, and I’m sure you like to showcase the best of it in how you present yourself. After all, you know that if you only put in a half-baked effort, you’re doing yourself a disservice. But what happens if the brand image you present to the world conflicts with the prices you charge for your services? Just like the house in my opening story, people may wonder, what’s wrong with you. They may be hesitant to hire you because the prices you charge seem too good to be true compared to the skills you showcase. And you know that when something looks too good to be true, it usually is. Could this be happening to you? Could it be that you’re not getting enough work because you’re not charging enough for the talents you possess? My own story. About a year or two after I started working from home, I was working for a department of the Canadian government located in town. They were pleased with my work, so they passed my name up the chain. It
Released:
Nov 29, 2021
Format:
Podcast episode

Titles in the series (100)

Offering resources to help streamline your home based graphic design and web design business so you can get back to what you do best… Designing!