Make That Paper
When I was at my mechanic, spending money again on my little Audi wagon with a turbo engine that I won't give up, I noticed the picture of his rate sign, and took a picture. Notice the numerous scratch outs for rate changes over the years.
The first time I went to him years ago, I think it was $70/hr. Today, on top of all of those scratch-outs, which are possibly with white-out marker (does he need to hire us for print branding, possibly?). This day, it looks like it's $120 or $180. Can't tell. I don't care. I just pay the bill on my Old Navy credit card to get the free clothing points, and pay down the card ASAP so as not to lose the free clothing dollars to a 29% monthly interest rate.
The reason I don't care is because I can walk to his shop, which causes less time for me in my life with kids to get a car serviced, and I trust him. He in turn cares for me, gets my exhaust system replaced on my massive 4WD truck before a major snowstorm so that I can drive through the mounds of snow to the grocery store, etc.
What Does This Mean For Your Rate?
If you're struggling with a lot of clients or product sales right now, it may be time to look at your rates, and raise them. If you're too busy with not enough money, you might not be earning enough. Conversely, if you're getting zero business, it may be time to lower the rates. I know we are in a pandemic, and there is a lot of sensitivity to what people can afford right now, so lets get down some tips to consider:
Rates Can Always Be Special
If you set your rate on your website (you do this if you sell products...it's our service-industry friends who don't always share their rates publicly), you can always make a private arrangement with a person who cannot afford that rate, but would be a great project for you and a good client fit. You can make the decision to lower your rate for them.Raise The Rates; Bring Them Down
Our rate has always been like the stock market. If we're really busy, the rates go up because we can't service everyone and put out original content. However, the rates can stay the same if we bring on additional team members to spread out the work. Building a team is an art, and requires nurturing. That in and of itself takes time. But builds a solid team which is very worth it in the long run for everyone.Discounts
Yes, even service-industry people can offer a discount! Who doesn't love a good sale? Your price needs to be flexible enough to absorb this discount. For instance, here at Tin Shingle, we offer a 25% Discount on services we offer, like Private Training. It adds value to the membership, and makes it easier to afford what you need.Totally Slash The Price Whenever You Want To
During the pandemic, I had a soft spot for restaurants and farmers. I watched my egg farmer get disconnected from her Farmers Market customers when the 100% shut-down happened last year, and as winter approached for her, I feared for her, being that she didn't have a website. Over at our sister media company, Katie James, Inc., we slashed our website price and designed her a website in Shopify that she can utilize from her phone, as she doesn't have a computer. Round of applause for the Shopify app! She is also getting training in how to use her Instagram, and will get Social Media Cards from us in order to quickly share a regular statement, like "FREE DELIVERY 7 DAYS!" or "SNOW DAY AT THE MARKET - ORDER ONLINE AND I'LL DELIVER"Make It Easy To Pay You
Credit cards. You need to accept them. If the credit card fee is holding you up, put that concern aside and build it into your pricing. Do not add a "Processing Fee" to your checkout, which covers that credit card fee, because that just frustrates a customer. Make it seamless. Take checks too! But get paid up front because you don't have time or a billing department to chase payments.Communicate With Your People
Caring for your clients and customers is the #1 best thing you can do for a lasting relationship, and production of great work. Make communicating with your clients, customers, and your own staff your #1 priority. Everyone is allergic to meetings these days, but having short and efficient ones, and sending emails responsively, will make a big difference. Especially during this time of isolation.
How Can You Pitch Something Like This To The Media?
If anything presented here sounds like something you can pitch to the media, do it! Tin Shingle has Media Contacts you can sort through, as well as a Google Group to send your thoughts to and get feedback from the group. Members of Tin Shingle get 24/7 access to these tools.