Ep 07 - Secrets of Successful Pricing: Strategies to Ensure Your Creative Work is Valued

Are You Charging Enough? Uncovering the True Value of Your Creative Productions http://www.brandingbeyondbusiness.com

Welcome to the Branding Beyond Business Podcast

In this episode, I discuss the importance of discussing deliverables and expectations upfront, determining ownership of content, and the potential impact on pricing. I also share insights into how to effectively communicate timelines and avoid common challenges with client communication. 

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Key Topics

I. Introduction

- Importance of discussing deliverables and expectations before production

- Determining ownership of content (buyout or lease)

II. Pricing and Ownership

- Possibility of charging more if the client owns all content

- Providing client with hard drive or digital folder of content

- Cost of production varies based on ownership agreement

- Narrator charging $1400 for a 40-second video and questioning if it's too much

- Charging based on time and value, not end result

- Questions about ownership and future use of content by client

- Cost includes narrator's time, gear rentals, and other expenses

- Narrator usually doesn't work without being paid $1400 a day

- Cannot charge that amount to John (specific client mentioned)

- Learning to effectively communicate about deliverables, time spent, and licensing for music

- Majority of time spent educating clients about these matters

- Looking for red flags in potential clients (budget constraints)

- Cautioning clients about content creators with low prices (licensing and raw content issues)

III. Payment and Editing

- Discussing payment for services

- $1400 payment covers the 42-second video result

- Emphasizing separate itemization of editing and post-production time

- Charging $75 per hour for editing, potentially up to $125 per hour

- Total cost of editing can reach a couple of thousand dollars

- Breaking down $1,000 payment to understand and justify charges

IV. Understanding Business Ownership

- Reading "EMyth" to learn about three types of business owners

- Wearing multiple hats as a freelancer (entrepreneur, manager, technician)

- Initial focus as a technician but learning managerial and administrative skills

- Importance of learning these skills for consistent income

- Potential benefits and challenges of outsourcing

V. Communication and Client Relations

- Clients dislike chasing and pursuing creators for communication

- Lack of communication leads to buyer's remorse and desire for refunds

- Overcommunication, especially with cheaper clients, is necessary

- Clients paying less than $2,000 may cause communication headaches

- Personal pride in the person running a creative business venture

- Current opportunities for marketing and content needs in businesses

- Potential challenges in developing processes and systems

- Recommendation of "EMyth" for guidance in entrepreneurship

VI. Balancing Roles and Deliverables

- Entrepreneurship, technician, and manager roles in creative business

- Balancing and adapting to different opportunities

- Secure storage of content in digital and physical formats

- Access provided to content

- Estimated timeline of five to seven business days for completion

- Confirmation or rough draft available in about a week or two

- Need for clear communication to prevent constant timeline inquiries
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