Many of those offering freelance social media services go about it wrong.
They're charging too little — and that's a death sentence for a business.
With demand so high and the learning curve so low, competition is fierce in the world of social media. For many, it's a race to the bottom as they cut into their pricing. This isn't sustainable.
What should you set your social media services rates at?
In this helpful guide, you'll learn how to determine your worth.
You'll discover how to price services so your efforts are profitable and sustainable.
The barriers to entry for freelance social media management are low. However, that doesn't mean you're not investing time and resources in learning and mastering it.
Come to terms with your abilities — are you:
Each tier commands different pricing because of your abilities.
You're also factoring in potentially years of experience in the industry that lets clients bypass a ton of initial investment. And, you're providing clients access to your network by way of your work.
There are a ton of elements to consider when factoring in pricing.
From freelance tools to subscriptions, training, and more, you've sunk a lot of money into learning social media. You're giving all this away if you're coming in with a rock bottom offer.
You wouldn't lowball an expert, so why should others do it to you?
What's the easiest way how to set rates for social media services?
Cut to the chase and have a look at your industry.
Freelance job boards and job search sites are a good starting place to collect pricing data. There, you can also get to know what clients expect when hiring for services.
In doing so, you close the gap rather than underselling yourself.
Looking at what other freelancers are charging via portfolio sites gives good insights too. You could even reach out to these individuals, asking their opinion about pricing. Remember that not everyone needs to be your competition!
Now is a good time to consider if you want to work hourly, or by the project. If you choose the hourly route then you need a quality time tracking tool. If you're going by the project then you need to create a good project price.
You may also consider getting paid a fixed fee (monthly) or working on a retainer.
There's no right and wrong decision on how you choose to get paid. It ultimately depends on your needs and what you're comfortable working with. Just make sure to get your agreement in writing to protect yourself and your pay.
Freelancing is both wonderful and nerve-wracking.
You've got to bring in money but you also don't want to waste time chasing low-paying projects that often lead to burnout.
Consider a 'poke and prod' approach to setting a price:
If you're noticing that every business is happy with your first pricing offer then it's likely that you're selling yourself short. If they turn you down based on your pricing then you may have gone a bit too high.
What you're looking for is a middle ground with the pricing of your services.
Need a starting point? Consider these price ranges:
Remember that you're not adjusting rates based on the type of job. You should get paid for your skills and time even if it's a simple task.
Repeat this process every year so your prices stay competitive.
You're not the first person who needs help finding their freelance rates and you certainly won't be the last. There are many tools and reports for finding rates.
Your best bet is to compare several freelance calculator results.
Calculators are mainly the same in that they factor expenses, hourly rates, projected salary, taxes, etc. Adjust them to account for elements like your location, goals, and needs, to get a decent idea for pricing.
Social media marketing is a stack of skills and strategies, and these overlap with other areas of business and expertise. A keen social media professional will collaborate with creatives which, in turn, helps determine rates.
There are numerous connections you can create when doing social media:
Each of these individuals has set rates you could play off when setting yours.
For example, knowing that a company is paying top rates for a graphic designer will tip you off about their budget. You can then adjust rates so you're not undercutting your talents and expertise.
You could go one further by collaborating and growing together.
Keep fellow creatives on call for questions about project pricing. You can come together, discuss pricing, and help each other grow more successfully.
There are tons of others out there offering social media services.
It's your job to figure out what your skills, time, and resources are worth.
We've covered a few different ways to figure out your rates. Now it's time for you to take action and start making real money.
Ready to own your #bosslesslife?
Check out our guide on starting and growing as a freelancer. Then, check out our amazing freelance tools and connect with our team!