Review Your Rates, Then Raise Them

I just had an eye-opening experience. Also a forehead-slapping one. I hope that my story will help you, especially if you are an independent copywriter.

Here is the lesson: REGULARLY REVIEW YOUR RATES. Then raise them.

I belong to The White Paper Source Forum and tuned into a discussion on case study rates. (The Forum primarily discusses any and all topics around white papers, but also talks about other types of marketing writing.) One of the independent copywriters, Gordon Graham, reported that a standard rate was $750 to $1000.

I charge $500. Why? Because I always have. Is that a good reason to charge $500? No, it's a god-awful reason. Here is what I wrote:

Wow, I'm glad to hear about the price range on the case studies. I have done large case study programs for a couple of clients and gave them a price break on the case studies accordingly. However, I now realize that I've been slapping the same discounted rate on all my case studies! Didn't even think about it! Hmph.

I can't believe I didn't revisit my price range earlier. Tomorrow I'm sending out that e-mail to my case study clients. Don't let this happen to you -- review your rates regularly and revise accordingly!