Should you charge more or less for copywriting? What is the proper amount you should be asking for? Is there a “classic” rate you should use? These are some of the many questions one might ask when faced with the task of pricing an original piece of content, such as a blog post or website article. Although some of these questions have straightforward answers – more on that later – first things first. Let’s explore how to price content for the first time ever!
Cost-Plus Pricing
This is a pricing method where you add a percent or two of the copy’s total cost for handling and copy-editing, along with a percentage of what you charged for writing the piece. So if you charged $500 for the copywriting and editing of a blog post, and the post’s total cost was $1,500, you would add about 10% ($250) to the price of the post to cover your costs. This is also known as mark-up pricing, or variable pricing. What is meant by “handling” in this case is collecting the payments and providing the copy once the client is happy with it. Between the two of you, you have a verbal agreement on the cost of the project, and you both sign off on the final copy. This is the most popular form of content pricing because it gives the copywriter (you) an idea of what they are paying for, and it forces the client to think about what they want and need from the copywriting project. It also forces the buyer to consider what they are getting for their money’s worth.
The Disadvantages Of Cost-Plus Pricing
The primary disadvantage to this method is that it can be difficult to set a copywriting price prior to the project’s completion – at least, it is difficult for the copywriter. The reason for this is that once the content is written, it is difficult to gauge how much it will eventually cost to handle and copy-edit the piece. In many cases, the cost of the content will change as more is discovered – or, more is found to exist – in the copy. This can make it very difficult to set a price for the content because it is impossible to know how much more the costs will eventually go up. Cost-plus pricing also opens the door for hidden costs and possible price fluctuations. For instance, if you are doing a lot of rewriting work because the copy is not up to standards, you could end up charging more than you would have originally anticipated for the project.
Fixed Price
Fixed price pricing, as the name suggests, sets the price of the content before the project gets started. The main advantage of this approach is that it removes all the risks and uncertainties that come with estimating costs after the project has been completed. Fixed price pricing also provides the copywriter with a sense of security regarding the budget because they know exactly how much the client is or will be paying. With this method, both parties know exactly what they are getting into, and it eliminates the potential for hidden charges and costs. Unfortunately, there are also disadvantages to this method. One big disadvantage is that it is sometimes difficult to negotiate a good deal with a fixed price since the copywriter has no room to negotiate, given that they already know the price.
Variable Price
Variable price pricing means just what it sounds like – the price changes according to some set of circumstances. This could be the size of the audience you are targeting, the deadline for the project, or any number of factors. This is the most popular type of content pricing because it gives the copywriter room to negotiate while still providing the client with some sense of security and confidence. Most copywriters will recommend using this method because it is difficult to set a price on a piece of content based on its eventual cost. As for estimating costs, variable price pricing provides a better estimate of costs because the content writer can take into account all the variables that could change the cost of the project. This includes the amount of content rewritten, as well as the person doing the editing. It also includes the size of the audience, among other things.
When negotiating a price with a variable price approach, it is usually best to begin by setting a lower price. This provides the copywriter with some leverage since the client must still agree to the price, but it gives the copywriter some room to negotiate. As for the advantages of this method, it is certainly safer to negotiate a price with a variable price – at least, it is safer for the copywriter. This is because they have some leeway to negotiate and can still provide some value for the money. In some cases, this can even mean providing some excellent value for the money.
In sum, when it comes to pricing original content, there are generally two schools of thought – cost-plus pricing and variable pricing. Which one you should use depends on a number of factors, the most prominent of which is your desired level of involvement in the project. To decide which one is right for you, simply consider how comfortable you are with the process of selecting a price tag before you even start the project. Are you sure you know exactly how much this content will cost to produce? Or is there a chance it could end up being more or less than you expect? By taking the time to consider these questions now, you can rest assured your copy will be priced appropriately – and you will be able to provide excellent value for your money.