General Pricing Strategies
Value-Based Pricing
Price based on the value you provide to the client, not just time spent
Key Tips:
- Research the client's business and potential ROI
- Calculate the value your work will bring
- Consider the client's budget and industry standards
- Factor in your expertise and unique skills
Example:
A logo design that could increase brand recognition by 40% justifies higher pricing than just hourly rates
Competitive Pricing
Research market rates and position yourself strategically
Key Tips:
- Analyze competitor pricing in your niche
- Don't always compete on price - compete on value
- Consider your experience level and portfolio quality
- Price slightly below top-tier until you build reputation
Example:
If competitors charge ₦50,000-₦100,000 for websites, price at ₦45,000 initially
Package Pricing
Create tiered packages to increase average order value
Key Tips:
- Offer 3 tiers: Basic, Standard, Premium
- Make the middle option most attractive
- Include add-ons and extras in higher tiers
- Bundle related services together
Example:
Basic logo (₦15,000), Standard logo + business card (₦30,000), Premium brand package (₦60,000)
Universal Pricing Principles
Know Your Worth
Calculate your costs, desired profit margin, and market positioning. Don't undervalue your skills and experience.
Start Conservative, Grow Gradually
Begin with competitive rates to build portfolio and reviews, then increase prices as you gain reputation.
Research Your Market
Study competitor pricing, client budgets, and industry standards before setting your rates.
Consider Project Scope
Factor in complexity, timeline, revisions, and any additional requirements when pricing projects.
Value Your Time
Include time for communication, revisions, project management, and administrative tasks in your pricing.
Offer Package Deals
Create bundled services at different price points to increase average order value and client convenience.