The conversations around pricing, especially for podcast editors, can be a minefield of anxiety, and potential disappointment. It's a conversation that needs to be handled with both confidence and empathy. In a recent video, we had a candid conversation about all things pricing—how to approach it, common mistakes to avoid, and how to ensure you're setting yourself up for a respectful and beneficial client relationship. Here's a deep dive into what we discussed.
One of the biggest pre-working red flags is the whole budget thing. There's debate about whether you should discuss pricing early on or wait until later in the conversation. However, for many of us, getting the money talk out of the way upfront is essential. Even if you're not committing to a specific price, giving your potential client a general range can prevent wasted time and effort crafting a proposal that will never fly.
If the client insists they can find a cheaper option on a platform like Fiverr, it's best to let them go. That's probably not the client you want. As we discussed, "if they're going to nickel and dime the price before you even get started, chances are they never will value your services."
Being confident in stating your price is crucial. If you estimate a project to be between $5,000 and $7,000, say it just like that, without hesitation or making it sound like a question. You don't need to follow up with an apology or justification. Your expertise, quality, and dedication to the project are all built into that price.
Some potential clients might respond condescendingly to your starting estimate range, but remember, that's not your problem. Stand your ground, and be unemotional in your justification. If they can't meet your price for the scope of work, wish them well, but don't feel bad about losing a client who's not willing to value your services.
Another strategy we discussed is price anchoring, where the person who sets the price first establishes the anchor. It allows you to guide the conversation and negotiate from a position of strength rather than struggling uphill against a low-ball figure from the client.
Offering two or three different price options, adjusting scope to meet the client's budget, can also be a winning approach. It gives the client choices without sacrificing your value.
Watch out for clients who question your value or try to make you fight for the job. Instead of falling into the trap of over-selling yourself, turn the tables by questioning them. For instance, if they mention other lower-priced options, ask why they're not going with those instead. Remember, you're interviewing potential clients as much as they're interviewing you. Mutual respect is key, and you don't want to start a relationship with someone who's already making you feel inferior.
The conversation about pricing can be uncomfortable, but it doesn't have to be a battle. By approaching it with confidence, understanding, and a clear awareness of your worth, you can set the stage for a productive, respectful working relationship.
If you want to dive further into this topic and hear more insights, be sure to check out the full video in the Pro Group. Whether you're just starting out or have been in the game for years, there's always something new to learn about handling the all-important money talks with potential clients.