In the pursuit of becoming a content writer, I have seen a majority of exemplary ones offering a variety of content writing services however, they tend to implement a standard rate across their services. Talking with a business mindset, they may have undervalued their services and themselves as content writers. Consequently, this does pose as an opportunity for clients to exploit cheap rates for such demanding services.
Generally speaking, each client has his or her own business goal thus a client is eager to grab the chance of having a 1000-word SEO optimized blog written at the standard rate of PKR 2.5 per word. A hard-working content writer has the right to feel appreciated for our efforts and not get used by ignorant buyers.
To evade this unfortunate incident, we should consider diversifying our pricing strategy so let us term it the ‘diversified strategy’ for the sake of simplicity and apply it in the hypothetical example below in order to portray the size of the opportunity cost* of not using the diversified strategy.
A Hypothetical Example
You have to execute the given tasks – mentioned below – from a client named John.
Task 1: Type a 1000-word blog related to the benefits of an implemented automated system in business in which provided are the facts, data and key-words hence all you have to do is to piece it all together into a blog.
Task 2: Produce a template for an email that helps John attract a recipient’s attention. It must be concise and also contain information about the above, the subject title must not be greater than four words and must not be perceived as ‘spam’ by the recipient. Consider the word limit to be 150 words.
Comparison of two strategies
Standard (market) rate
The market rate is approximately PKR 2.5 per word. Thus, the revenue you would gain is PKR 2500 from the simple task and PKR 375 from the demanding objective. Henceforth, your total will amount to PKR 2875.
In contrast, you conduct the deal fairly henceforth you appropriately charge PKR 2.5 and PKR 3 for tasks 1 and 2 respectively and accordingly, you will earn a total of PKR 2950.
The Big Picture
Eventually, the arisen difference accounts to a modest PKR 75 however, a business person should demonstrate long-term orientation and not chase short term gains. Therefore, by the end of this year, you dealt with 120 Johns. If you use the former strategy, you will eventually incur an opportunity cost of 120 multiplied by the difference, i.e. PKR 9000.
Considering the example is simplified, your potential loss can loom larger that can also mentally affect you. In behavioral finance, the damage caused using the standard approach may eventually turn out to be your regret. For a business person – a content writer – regret is arduous to forget.
Despite the latter strategy requiring dedicated time and analysis to price each task suitably, it is worth the extra cash nevertheless. After all people do quote, “no pain, no gain” so be proactive in your strategies.
*Opportunity Cost: the loss (cost) of an alternative caused by choosing an alternative.