Double Dutch

You’ve probably heard the story of the priest who preached the same sermon every Sunday.

After a few weeks, some of the parishioners got tired of it and demanded an explanation.

“Do you really want to know why I’m repeating myself at every service?” asked the priest. The crowd nodded.

“I will continue to tell you the same thing over and over again, until you take it to heart and do something with it.

If you don’t change your behavior, I don’t see any reason for me to change my sermon.”

Well, I may be the son of a minister, but as a blogger, I can certainly relate to this priest. When it comes to setting rates, I sometimes feel I’m talking to a sea of people with frighteningly short memories and no backbone.

Watch me as I go to my pulpit and address the crowd:

FELLOW FREELANCERS, do you know how much you’re worth?

Do you have a good sense of how much to charge when a client asks you for a quote? Do you have an idea of how much your full-time colleagues are charging… nationally and internationally?

If you don’t, you shouldn’t even think of responding to that online job offer. Don’t you dare come up with an estimate. You have no business being in business until you’ve figured out a basic fee structure.

Imagine going to a photographer to get your headshot taken. Of course you want to know ho much it is going to cost. “Well, let me get back to you on that,” is not the answer you expect to hear from a pro, is it?

How on earth are you going to determine your basic rate?

Let me get one thing out of the way first. It’s not the responsibility of your clients to offer you a good rate. It would be the decent thing to do, but it’s your job to negotiate a fair fee.

That fee is determined by how much you need to make in order to survive and by how much you want to make in order to thrive (today and 30 years from now).

In my experience, most freelancers aren’t capable of giving a clear answer to both questions. Can you? If not, you’re running your business based on guesswork and you’re setting yourself up to be taken advantage of.

Your rate should be high enough for clients to take you seriously, and reasonable enough to still attract business in your segment of the market.

As a beginner, here’s the worst thing you could do: trying to break into the business by working for stupendously low rates. If you don’t know what I mean by a low rate, it’s time you do your homework. Don’t you know that low rates flag you as an amateur?

If you want to be a pro, grow up and act like it!

It is self-evident that as a beginner you’re not yet in a position to command top-dollar, top-euro or whatever currency you prefer. But that doesn’t mean that you should sell yourself short and become a predatory pricer.

Predatory Pricing is the practice of selling a product or service at a very low price, intending to drive competitors out of the market. It is a strategy for losers and I’ll tell you why.

• Bargain prices attract bargain shoppers. Low paying customers are usually high maintenance customers. Now, you can either believe me, or find it out the hard way. Your choice.

• Secondly, people tend to not value things that don’t cost them much, and they’re much more likely to be dissatisfied with it – regardless of the quality of the product.

• Third: you will attract clients that expect a gourmet meal at a fast food price (and at drive-through speed). As in mountain biking, it’s easier to go down than to go up. Once your price level is set, it is hard to justify a higher price.

• Fourth: predatory pricing is unfair competition. I work as a voice-over professional. A lot of people are complaining that there’s no money in voice-overs these days. I know I’m not the only game in town. Anyone with a mic and a computer can enter this business. While the cost of living is going up, rates are steadily going down.

Dumping your product or service will isolate you from your colleagues and it will negatively impact prevalent prices. Don’t blame the anonymous forces of demand and supply for a steady decline in rates. You are as much part of the problem as you are a part of the solution.

• Last but not least: show some self-respect! If you don’t value your own work, why should I? You have a unique talent. You have invested so much time and money in making it this far. Why would you want to put yourself up for sale in the bargain basement? Don’t you deserve better than that?

Now here’s a question for you:

Would you charge the same fee for the same type of work to a client in Europe and let’s say India?

If you don’t know the answer, that’s okay. Just stop reading and think about it for a moment. The internet has turned every business into a global business. Sooner or later, you’ll have to deal with this issue.

Have you ever heard of the Big Mac index, the Tall Latte index or the iPod index? Clever economists came up with these lists after a lot of hands-on research to illustrate the idea that identical goods have different prices in different markets.

Prices are based on a local standard of living, the price of raw materials, transportation, labor, taxes and frankly, on what companies feel they can get away with. That’s why pharmaceutical companies sell the same drugs at different prices in different countries.

Economically speaking, the product or service you provide is no different than a burger, a cup of coffee or an iPod, iPad or an eye-liner. That means that your client in India is likely to have a different budget than your client in Denmark.

Whether or not you want to work for that budget, is up to you.

You know what you’re worth.

If you’re okay with an Indian salary as a US-based freelancer, just tell me how you intend to make ends meet in the States. I don’t think your local gas station has started accepting rupees yet. But let’s make a deal. Once you’ve chosen to accept a low rate, stop contaminating social media with complaints that it’s so hard to earn a living.

By the way, I don’t blame a Chinese company for trying to hire talent at the lowest possible price. They’re probably working for a US-based firm that has outsourced certain activities because labor is cheap. After all, we all want our Black Friday bargains, so we’re driving that demand for cheap products and services.

I do blame North American or European clients that are trying to make us work for rates that would be only be acceptable in countries like India. I also blame online job boards that enable those clients to set these bargain basement rates. And lastly, I blame so-called colleagues who willingly devalue our business by accepting jobs at these rates.

So, how do you determine your fee in an international context?

Let’s recap. First you have to know what your bottom line is before you do anything else. In other words: how much would you minimally need to charge to turn a profit? You are running a for-profit business, aren’t you?

Once your bottom line is covered, find out how much this particular job would be worth in the country of the client. If you can live with that rate, that’s where you want your quote to be… minimally!

Don’t quote that German client 250 US dollars if the going rate in Germany is 250 Euro. Why should you leave any money on the table?

If you start working for less, don’t be surprised that this same client will post his next project for 180 Euro. After all: we teach people how to treat us, and this is how rates go down. Clients aren’t stupid.

And remember: just because a client needs you, doesn’t mean they can afford you, or that you can afford to work for them.

If you would charge $1000 for a project, and they’re willing to pay $800, it’s totally worthwhile to see if you can meet in the middle. But don’t spend any time trying to sell champagne to someone on a beer budget, no matter where they live.

These would-be customers don’t care that you’re using the latest equipment or that you recently completed a project for a prestigious brand.

They just want to know how low you’re willing to go.

Got it?

Thus endeth my sermon.

Go in peace, and may you lead a prolific and prosperous life!

(and don’t make me post the same story next week, okay?)

Paul Strikwerda ©2011
www.nethervoice.com

PS Be sweet. Please retweet.

Technorati Tags: big mac index, Double Dutch Blog, freelance rates, freelancer, Freelancing, Nethervoice, Paul Strikwerda, setting voice-over rates, voice-over, voiceover, voiceover rates

This is the last part of a story, dedicated to those freelancers that have taken up the competitive sport of “lowballing.”

Click here for part one and here for part two.

When Max walked into the warm conference room, he saw two files on the table. On one, he recognized the name of a competitor. The other portfolio had his name on it. He knew instantaneously what he was up against.

Only a few weeks ago, he had lost a contract to this rival because their bid had been 30 percent lower. Had he just made a big mistake by coming out here in the midst of a dangerous winter storm?

“John Jarvis,” said the CEO, as he walked in. “You must be Max. I’m afraid it’s just me today. I live a few blocks from the office and practically no else dared to come out in this terrible weather.”

Jarvis sat down and took a sip of his coffee.

“Max, when I heard that you were on your way, I only had one thought: This guy must either be totally crazy or totally committed. But looking back on how you’ve handled this opportunity so far, you don’t strike me as insane. On the contrary. You hit all the marks of someone we’d like to work with. All of them, but one.

First of all, you clearly know the value of personal connections. Not once did I receive a generic email or an automated answer to a question. It was clear from the start that you were the go-to person that would not work for us but with us.

You made an effort to get to know your client and his problems first, before coming up with a solution. You learned our language and you translated your ideas into terms we could easily understand and relate to.

Third:  you consistently showed us that you could meet all deadlines and manage a project efficiently, even though we were only in the beginning stages. As you know, delays are usually costly. Not once did we have to send you a reminder. In fact, you were the one following up with us!

Now, as you can see, we’ve narrowed our choice down to two offers. Both companies were invited to present their proposals today. Only one showed up. I shouldn’t tell you this, but we’ve had to chase the CEO of the other company down to get his final plans here on time. It was his secretary who sent a response. This morning I found out why.

I’ll be honest with you Max. Your rival made us a very tempting offer that was 35% below your estimate. It was much more in line with current market prices for your type of services. We’re not talking peanuts here, but about a significant amount of money. So, here’s my decision.

Max held his breath. He knew that he had done everything he could to win this contract, but he had been down this road before. There was a lot at stake.

The CEO picked his rival’s folder up from the table; looked at it for a few seconds and threw it in the trash can.

“Congratulations Max. Welcome aboard!”

He went on:

“In this business we don’t really care too much about resumes and infomercials, but we certainly do our homework. I know some of the other people you’ve worked with in the past and I‘ve seen what you have done for them. Every penny spent on you was a fraction of what came back as a result of your involvement. As they say:

Quality will be remembered long after price is forgotten.

And do you know what impressed me most of all, Max? Not only are you committed and conscientious, you know what you bring to the table and how valuable your services are. At the end of the day, it wasn’t just your competence that sold me Max. It was your confidence.”

His startup coach had been right. Max remembered the day his mentor took out a big black marker and wrote on the flipchart:

A fair price is a price you believe in… plus twenty percent.

“I know you, Max,” his coach said. “As an entrepreneur, your greatest strength is your greatest weakness.”

“And what might that be?” asked Max, puzzled.

“You’re not motivated by money,” answered the coach.

“Let’s face it. You’re creative. You’re an artist. You want to contribute. One of the reasons you’re so good at what you do is the fact that you’re absolutely fascinated by it. It’s a magnificent obsession. You want to be the best you can be in your field. It’s that powerful internal drive that gets you up in the morning.

You don’t do what you do just to pay the bills. You do what you do because it matters and it is meaningful. To you, the ultimate reward is in the result, not in the remuneration.”

“Isn’t that a good thing?” Max wanted to know.

“Well, it’s what made Mark Zuckerberg the youngest billionaire in the history of mankind,” said his coach. “As far as we can tell, he wasn’t motivated by money when he came up with Facebook. Sir Richard Branson didn’t open up his record store to make millions. Steve Jobs co-founded Apple because he wanted to ‘make a dent in the universe’. Jobs once said:

“The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”

The challenge is to channel that passion and turn it into a profitable product people want to buy.

Now, here’s another basic human need: the need for autonomy. Most people want to be able to direct their own destiny; make their own decisions and create their own future. In one word: they want to be FREE.

The most dissatisfied workers are the ones that are being told what to do; they have uninteresting, low paying jobs and no hopes of ever escaping the rat race, other than winning the lottery.

In order to gain autonomy, having an interesting, purposeful job is not enough. Being able to contribute to something greater than yourself is nice but not enough. Without money -or with very little of it- we operate in survival mode, focused on taking care of our basic needs. Without money, we’re dependent, we struggle and we’re stuck.

You might be the most promising painter of your generation, but you need money to buy canvas, brushes and paint. You need money to rent a studio and promote your art. You want to be able to take trainings and hone your skills. The better you become, the more you will require: more expensive canvas, better brushes and the highest quality paint… a bigger studio. Someone’s got to pay for that!

You might think it’s mundane, but one way we express how much we value things, is by putting a price on it. Rumor has it that super model Heidi Klum‘s legs are insured for $2.2 million, but one leg is insured for $200,000 less than the other because of a scar. And that’s just her legs…

What I’m trying to say is this: money is a means to a beginning. That beginning is called “autonomy”. As long as you low ball whatever it is you’re offering, you’re telling the world that you don’t believe that you’re worth a penny more. That’s not the road to independence. It’s a road to nowhere.

In 2008, Dara Torres became the first woman in history to swim in the Olympics past the age of 40 in her fifth Olympic games. On July 5th of that year, she qualified for the finals in the 50-meter freestyle breaking the American record. In the finals she broke that record for the ninth time, winning a silver medal, only one hundredth of a second behind Britta Steffen from Germany.

The hours and hours of resistance stretching and time in the pool played a huge part in this phenomenal achievement, but it didn’t win Dara the medal. She won because she believed she could do it. As we speak, she’s already training for the 2012 Summer Olympics in London.

You might not operate this way, Max, but people tend to not value things that don’t cost them much. That alone should be reasons enough never to devalue your talent.

If you want your business to grow, you’ve got to start thinking long-term. Today you might be offered a dream deal. But what about tomorrow and the day after tomorrow?

Not only do you need money to cover costs, you need it to invest, to expand and to contribute. Passionate people have a tendency to be stuck in the now, absorbed in the moment. But even those who have reached the top will tell you that you need to think ahead if you want to stay ahead. If you want to manage your career, you have to learn how to manage your money.

“But what if a client can’t afford me?” asked Max.

“And how would you know they can’t afford you?” countered the coach.

“Well, because they’d tell me!”

“And you always believe what people tell you?” asked the coach. “Oh please… The two oldest excuses in the book are not enough time and not enough money. Time is something all of us happen to have the same amount of. It’s how we choose to use our time that matters. Not having enough money is a comparative deletion: compared to what?

If you’re stuck in the middle of a snow storm and you absolutely need to be somewhere, are you going to nickel-and-dime the only driver who’s willing to take you to your destination? It boils down to this: what’s it worth to you? Does the added value or benefit outweigh the cost?

If Heidi Klum were to lose one of her legs in a shark attack, her multi-million modeling career would be over. She might be asked to do a season of “Dancing with the Stars,” but she wouldn’t be back on the runways of Milan. Is that worth at least one million dollars? I’d bet my foot on that.

The more valuable your product or service and the greater the need for it, the more leverage you’ll have to name your price.

Listen to me Max. Never assume you know how much or how little a client can afford. You don’t. Do your homework instead. Ask questions. Make your offer as relevant as you can… not to you, but in the eyes of your client. Make it irresistible.

Think about all the objections they might throw at you. Be prepared to answer the most difficult question they could ever ask you. It may never come up, but if you have an answer to that question, you know you can handle anything else that comes your way. That’s how you prepare for negotiations!”

“Max, are you okay?” asked John Jarvis.

“For a moment it looked like you were lost in thought.”

“I guess I was processing what just happened,” said Max. “Thank you so much for choosing me. I couldn’t be happier!”

“Well, the feeling is mutual,” said Jarvis. If all of this works out -and I don’t see why it shouldn’t- we’re looking at long-term cooperation. And by the way, call me John.”

Max stood up from his chair.

“Can I ask you something, John?”

“Sure, Max. Shoot.”

“Just out of curiosity… you mentioned that my competitor didn’t hand in his plans on time, and he wasn’t here today. Any idea what happened?”

“I know what happened,” answered Jarvis.

“His secretary told me this morning that his company went under. Apparently, he had a tendency of over-promising and under-delivering. His work looked great on paper, but in reality, he couldn’t meet minimum quality standards. Because of his aggressive pricing, the money that was coming in wasn’t enough to keep the company afloat.”

Jarvis put on his winter coat and said:

“But let’s not worry about that, shall we? Let’s just say that Karma is alive and well in this country. More importantly, we need to get you home safely. I can’t afford to lose you at this stage of the game. We’re barely out of the gates. Let me call our driver. He’ll take you to a hotel near the airport. This storm is not going to last forever.”

“That won’t be necessary,” said Max. “There should be someone waiting for me outside.”

“You mean that black SUV in the parking lot?” asked Jarvis.

“Yep, that’s my driver,” replied Max. “His name is Anatoly but his friends call him Stoly.”

“That’s not your driver, Max,” said Jarvis.

“What do you mean?” asked Max.

Jarvis smiled as he opened the door. He shook Max’s hand and said:

“Don’t give that man any tips. I paid him a fortune. Stoly works for me!”

Paul Strikwerda © 2010
www.nethervoice.com

PS Be sweet. Please retweet!

Technorati Tags: Apple, Daniel Pink, Dara Torres, determining a fair price, Double Dutch Blog, Facebook, freelance, freelance rates, Freelancing, Heidi Klum, lowballing, making a dent in the universe, Mark Zuckerberg, market value, need for autonomy, Nethervoice, Paul Strikwerda, power of pricing, secret to motivation, setting freelance rates, Sir Richard Branson, Steve Jobs, underbidding, voice-over, voiceover, voiceovers, what motivates people

This is the first part of a story, delicately dedicated to those freelancers that have taken up the competitive sport of “lowballing.”

SNOW EVERYWHERE… and Max was in the thick of it. His client was expecting him within the hour, and he was all dressed up but couldn’t go anywhere.

This was the account he had been grooming for months, and today was D-Day: Deal or No Deal. Snow or no snow. He had to get out of that airport.

“This is the worst snow storm we’ve seen in decades,” said the dispatcher. No cab driver is going to go anywhere today. I’m afraid you’re on your own. Max headed out anyway. Perhaps he could hitch a ride with one of the other passengers that was being picked up by brave friends or family members.

As the snow was coming down, visibility was at a minimum. All flights were canceled until further notice. Just as Max was about to head back inside, a black SUV came out if nowhere and stopped at the pick-up spot. The driver rolled the window down:

“Need a ride?”

“How did you know?” said Max, as he hopped in. “I have to get to my presentation. Are you here to pick somebody up?”

“No one in particular,” said the driver. “But I’d be happy to take you.”

“Well, that’s awfully nice of you,” said Max. “Thank God for Good Samaritans.”

“Dream on,” said the driver. “It’s going to be one hundred dollars. Cash only.”

“You must be joking,” replied Max. “They said a cab would cost me no more than ten.”

“Well, why don’t you get a cab then?” asked the driver. “I’ll go and rescue some other grey suit in a hurry.”

“I’ll offer you 50,” tried Max.”

“Listen,” said the driver. “You look like a smart businessman. You and I, we don’t run charities. We’re both entrepreneurs. We see an opportunity. We jump on it. We take risks. Today I am risking my life and my car just so you can get to your meeting. That must be worth something, don’t you think?

“How about 60?”

“You don’t get it, do you?” said the driver. “My economics teacher taught me: ‘When something is scarce, it becomes more valuable.’ You have a major problem. I am offering you a solution. No one else will. If you want to stay, you’ve got to pay.”

“70?”

“Think of it this way,” sighed the driver. “This meeting you want me to take you to, must be important, right? Otherwise, why bother? Is there a lot of money at stake?”

“You got that right,” answered Max impatiently. “I’ve got one shot to seal the deal.”

“Well,” said the driver, “It’s none of my business, but what’s 100 bucks compared to the money you’ll bring in after that contract is signed?”

“Alright,” said Max as he took out the cash. “I get it. Now, drive!”

While the SUV was battling the elements, Max looked at his chauffeur and said: “I gotta give it to you, man. You know what you’re worth and you’re not afraid to ask for it.

Some ten years ago, when Max started his freelance business, he had had such a hard time putting a price on the service he was providing. To help him focus, his startup coach had asked him a couple of simple questions:

1. Do you consider yourself to be a pro?
2. Do you want to run a for-profit business?
3. Do you want that business to grow?
4. What are the costs of running that business?
5. What’s your break-even point?
6. How much do you want to make?

In the past, Max had always treated his services as a hobby. That’s exactly what it was. There was no plan. No purpose. Just a passion. He spent hours and hours helping people and never worried about what to charge. That is, until he lost his day job, his benefits and his security. Perhaps this was an opportunity to turn his hobby into a real business. That’s when things got serious and complicated.

“Here’s the good news,” smiled his coach. “You’ve got clients, don’t you? I mean, you’ve been helping friends all along. If you want to turn your hobby into a genuine profession, why not start close to home. You obviously offer something people want. You already have a market… Go for it!”

“Here’s the problem,” said Max. “I never really charged my friends anything. Most of them gave me pizza and a six pack. I can already hear them say:

Why would we ever pay you if we can get you for free?”

“Good point,” admitted the coach, and he went on: “My brother is a computer geek and he’s crazy about technology. But if he would do every single friend “a favor,” he’d be fixing broken laptops all day and night and not make any money. Free pizza does not pay the mortgage. Besides, I don’t think he’d make the guys happy who repair computers for a living.

Now, I’m not saying that it’s not okay to help out a friend in need, but as soon as people found out that my brother knew how to fix a computer, everybody wanted to be ‘friends’ with him. He had to draw a clear line between real friends and those who were well below the rank of Facebook buddies. That’s what you have to do too, Max. No more giveaways. From now on, you run a business; not a charity.

One of your jobs as an entrepreneur is to manage your client’s expectations. Let me give you an example. If you take on a project you know you can easily do in two days, tell your client you can get it done in three. Guess who’s going to look good when you hand it in, 48 hours later?

That way you not only create the expectation that you can beat a deadline. You’re also showing your client that she’s a top priority and that you really know your stuff. Meanwhile, you’ve allowed yourself an extra day should anything unexpected come up. Does that make sense?

Pricing is one of the most important tools for managing your client’s expectations, as well as your bottom line. Your price point sends a clear signal to your market:

This is what I am worth.

Like it or not, there is a clear link between perceived quality and price. Otherwise, every wine connoisseur would drink Beaujolais out of a box and Pottery Barn would be out of business.

Remember this: Your fee structure will help you attract the kind of customers you want to be working for, and the type of jobs you are shooting for. At the same time it will weed out the folks that cannot or will not afford you; the ones that are most likely to give you a hard time anyway.

Here’s the deal, though: Your fee must be backed up by experience and expertise on one hand, and by a realistic sense of your value in the market place on the other.

Simply put: Be an expert and do your homework. Don’t just pull a rate out of a hat. That’s lazy and crazy. Find out what the competition is charging. Then ask yourself: “Do I want to charge more, less or the same?”

“I can’t imagine it’s that simple,” said Max.

“It’s not,” answered his coach. “Smart pricing decisions require at least three elements:

1. Facts about your own cost of doing busines
2. The client’s evaluation processes
3. Competitive activity

I know you really care about your work, Max. To you, it’s much more than a way to pay the bills. You’re an artist and somehow, some artists (and clients) believe that there’s a clash between creativity and cash. Doing what you love should be enough of a reward.

I don’t think Andy Warhol or Keith Haring would agree with that. Being creative and being commercial can go hand in hand, and since you’re in business to make money, let me give you a simple formula:

Profit = sales volume x price – cost

Have you ever heard of Hermann Simon? He’s a German economics professor and one of the leading experts on pricing. Together with Robert Dolan, he wrote a book called “Power pricing: how managing price transforms the bottom line.” He calls volume, price and cost “profit drivers.”

Simon says something very interesting:

“The customer’s willingness to pay is not determined by the costs of a product but by its performance and resulting value to this customer.”

In other words: when people get a haircut, they conveniently forget that they’re also paying for the rent the salon’s forking over every single month, or for the training the staff receives so they can make every teenage boy look like Justin Bieber.

Clients don’t care about your costs. You should.

That’s why you have to figure out the answer to this question: How low can you afford to go? What is your Price Floor?

A Price Floor is a point below which a product or service should not be sold. In the long term, the price must obviously cover the full costs of a product. Otherwise the seller cannot make a profit and will not survive. Volume never makes up for selling below cost. Ask Dilbert.

Every year, tens of thousands of self-employed people file for bankruptcy because they made one big mistake: they followed a dream and forgot to run the numbers. They are what I like to call ‘under-estimators’. Literally.

Knowingly or unknowingly, they started selling below cost in an effort to drive out the competition or even out of ignorance. Some started giving their work away for free, hoping to get exposure and attract business. Last time I checked, my local baker was handing out free samples but never entire cakes. And between you and me: he doesn’t strike me as a marketing genius.

“Speaking of prices… a friend of mine just bought a brand name watch at a price that was too good to be true,” said Max. “It turned out to be a fake.”

“Were you surprised?” asked the coach.

“Not at all,” said Max. “You get what you pay for.”

“That’s right. In part, price is about perception. That’s probably why your friend wanted to buy that Rolex rip-off in the first place.

Professor Simon puts it this way:

“Price is the economic sacrifice a customer makes to acquire a product or a service. The customer always compares this sacrifice with his perception of the product’s value. (…)

“In essence, a customer buys a product or a service only, if its perceived value -measured in money terms- is greater than the price. If selecting from several alternatives, the customer prefers the one offering the highest net value, i.e. the greatest differential of perceived value over price.”

Go to any tattoo parlor and see for yourself how much pain people are willing to suffer in exchange for the pleasure derived from a name, permanently painted in the perforations of their delicate flesh. Years later, they spend a fortune burning out their ex-hubbie’s initials with a laser beam… turning the man in question into an ex-boyfriend, once removed… But I digress. We were talking about perceived value, weren’t we?

“You’ve mentioned volume, price and cost,” said Max. “How exactly does the market factor into this? Isn’t a certain price ultimately the result of the interaction between supply and demand? That’s not something I have any influence over, do I?”

“Great point,” smiled his coach. “First off…

*          *          *         *         *

THE BLACK SUV slowly made its way through the winter weather.

“Care for some hot cocoa?” asked the driver as he pointed at a thermos.

“Yes please!”said Max.

“And help yourself to a muffin too,” said the driver. “This might take a while.”

“Well, you certainly know how to treat your customers,” remarked Max.

The driver smiled. “Always exceed your client’s expectations. That’s my philosophy.”

“Will you pick me up when I am done?” asked Max.

“Of course,” said the driver.

“I love return business!”

To be continued….

Paul Strikwerda © 2011
www.nethervoice.com

PS Be sweet. Please retweet!

Technorati Tags: Andy Warhol, Dilbert, Double Duthc blog, Dutch voiceover, freelance pricing, freelance rates, Hermann Simon, Justin Bieber, Keith Haring, lowballing, Nethervoice, Paul Strikwerda, perceived value, Pottery Barn, Power Pricing, price floor, pricing, pricing freelance projects, Robert J. Dolan, selling below cost, setting freelance rates, underbidding, voiceover blog, voiceover rates, voiceover talent

If we blame the economy for all of our freelance failures, perhaps it’s only fair that we should credit the economy for all of our successes. After all: we’re hopelessly helpless. It’s the economy, stupid!

In 2000, Cleanthi Peters sued Universal Studios for $15,000. Cleanthi claimed to have suffered “extreme fear, mental anguish, and emotional distress” after visiting Universal Studios’ Halloween Horror Nights haunted house. She said it was too scary.

My European friend Philippe is eager to bring these type of examples up whenever he tells me that Americans live in a country of finger-pointers. I agree.

If we get lung cancer from smoking, we blame the tobacco industry. If we slip on a wet surface, it is the cleaning lady’s fault. If we burn our lips on a cup of fresh WaWa-Java, we sue the company that forgot to print a warning. Heaven forbid we should take some credit for our own actions. Why should we? Blaming someone else could bring in big bucks!

So, what’s next? Are we going to take Smith & Wesson to court for purposefully producing products perfectly designed to end the lives of our loved ones? If my lawyer would fall for that, I would fire that son of a gun on the spot!

A WORLD OF WHINERS
Complaining is convenient. Rants on Talk Radio draw millions of listeners. Campaigning politicians pack stump speeches with it. In the corporate, 9 to 5 hierarchical world of cubicles, board rooms and business lunches, it’s easy to find something or someone to blame when things go wrong. It’s the management, it’s the sales department, it’s the CEO…

But those of you, who are -voluntary or involuntary- making the switch to becoming a freelancer, are in for the shock of a lifetime: all of a sudden, YOU are in charge! You are the management, the sales department, the CEO, the customer helpline and all that jazz. Oops… There’s no one to blame anymore! Whose fault might that be?

No one’s going to make sure you get out of bed on time. There’s no punch clock keeping track of your hours. If you want to play on facebook all day long, be my guest. Tweet to the world what you had for breakfast, if you must. I’m not your boss. You are!

Being self-employed can be a blessing and a curse. You have no water cooler conversations anymore. No paid holidays or health insurance or end of the year bonuses. Freelance freedom comes at a hefty price and you can’t put it on a company credit card.

DAYDREAMS AND NIGHTMARES
In a past life, I used to teach people how to successfully set goals. Most of my students had set goals before and had failed miserably. Take weight loss. Some people professed to be 100% committed to losing those extra pounds, but when it came to impulse control, they had a hard time resisting the terrible temptations of the devious fast food industry.

It was interesting to see people unveil their mental make-up by looking at the way they tried to rationalize and justify their lack of a backbone. It would only take me a few seconds to figure out whether they were taking responsibility, or they were playing the lame blame game. I saw too many people chicken out, and point their greasy fingers at KFC. Apparently, the bucket stops there and we’re all under orders from Colonel Saunders to take his wings and fly.

Taking responsibility for the direction of our own life is not as easy as it sounds. Some folks are better off in the army, taking orders from above. Others depend on the church to tell them what to do (again, taking orders from above). Any Thanksgiving Turkey can tell you that sticking your neck out is risky business. Who knows whether or not you’re making the right choices?

That’s why in the land of the free, many choose to hide behind the mainstream, and go with the flow of the silent, mediocre and often immoral majority… and moan and groan about the terrible deck of cards life has dealt them.

Are you still following me?

HEARING VOICES
In my own line of work it’s no different. I’m a freelance voice-over professional, and colleagues are complaining left and right about the lack of work and low rates. Talk has become cheaper, and some say this is because more and more people think they can make a fortune by blabbering into cheap Chinese microphones. As a result, we’re dealing with an oversaturated buyer’s market.

What people are really saying is this: if we can’t blame our superiors anymore, and we’re not willing to look at our own role, let’s blame the anonymous forces of supply and demand. It’s the stupid economy that’s bringing us down! It’s the invisible hand of market forces, leading to the survival of the cheapest, and there’s nothing we can do about it.

I call this mindset “leaf in the wind-thinking”. Psychologists would probably call it a victim mentality. It’s the most disempowering attitude on the planet. Why would we attempt to change something that we perceive to be beyond our control? It is what it is, isn’t it? Don’t fight it. Accept it. Well, if that were true, American women would still have no right to vote and the descendants of Rosa Parks would still be giving up their seats on the bus.

INTERDEPENDENT
I happen to believe that “the market” is not some anonymous force that operates outside of our sphere of influence. In one way or another, all of us are part of the intricate interplay between supply and demand. As such, WE are the market, and we’re as much part of the problem as we are part of the solution. We either let things happen, or make them happen. Unfortunately, we sometimes make things happen that are not exactly positive.

If you’ve been reading this blog for a while, you know that I have an issue with colleagues who practice blind bidding and predatory pricing. Attempting to crush the competition by underbidding is a losing strategy used by cheap and now bankrupt airlines. Plugging in a number when bidding on an online job without asking any questions, is as dumb as it is destructive.

Some colleagues have urged me to stop advocating for reasonable rates. Their argument goes as follows: it’s a free market and if people wish to sell themselves short, that’s their prerogative. We’re all independent contractors, meaning: every man and woman for him- or herself! The low end of the market does not influence the high end.

Pardon my French, but that’s just a load of smelly stuff. No one lives on an island. We are not independent contractors. We are interdependent contractors.

FOOD ON THE TABLE
“But,” said one of my voice-over buddies, “I just want to put food on the table. I would rather be a cheaper priced working voice-over than an out of work greedy VO!”

This is what I wrote to him:

All of us deserve to make a decent living that allows us to pay our bills, stay in our home, feed our family, take care of their health and education, invest in our business and give back to our community. I assume that most freelancers are running a for-profit business. That doesn’t make us Ebenezer Scrooge.

While negotiating a fee I always like to think in terms of added value instead of the cost of my services. Each and every day, we -the voice over professionals- help sell millions of dollars worth of product and we educate and entertain millions of people. We voice online learning modules; we read to people during long road rips; we greet them as they dial a phone number and we narrate their favorite shows on television.

Big corporations recognize the power of a persuasive voice and that’s why they hire celebrities to be the spokesperson for their brand. As far as I know, very few people have stood up and complained about the paychecks these actors are getting, on top of their movie star salary. I’m sure they’re worth every penny.

But even if we’re not a Jeff Bridges or a Robert Downey Jr., I think we deserve some credit… in the bank and otherwise.

In this time of economic crisis, experts keep on telling us that people need to start spending again, in order to drag this economy out of a slump. If we wish to do our part as loyal, contributing citizens, we should start making more money, so we can pump that cash back into our neighborhoods, our businesses and into our nation.

We should stop using the economic situation as an excuse to underprice our profession and undercut our colleagues. Let’s work together to raise professional standards and raise rates… and help rebuild a sustainable economy in which all of us can thrive.

HALLOWEEN HORROR
Cleanthi Peters never got anywhere with her Haunted House lawsuit. It was driven by fear and you know what they say about that. It’s nothing but False Evidence Appearing Real.

So… do you still feel like a leaf in the wind, or will you use the winds like the captain of a catamaran? I’m not claiming that we can always control the conditions at sea. Things might get pretty rough. But cyclists know that adverse winds create strong muscles.

And one last thought:

The most difficult tests are usually reserved for the best students!

Paul Strikwerda © 2010

PS Be sweet: Trick or re-Tweet!

PPS More thoughts on the economy? Read how I beat the recession.

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Is your freelance business going down the drain? Are you sick and tired of rejection? Have you had enough of wasting your time on auditions, bids and proposals that never lead to anything?

Perhaps it is time to make frustration your friend. Be sure to add a strong dose of disgust to the mix. According to success strategist Jim Rohn, disgust is one of the four emotions that can lead to life change. Rohn:

“The person who feels disgusted has reached a point of no return. He or she is ready to throw down the gauntlet at life and say, “I’ve had it!”

RESOLVE
Once your frustration has reached a boiling point, it is time to make up your mind. Are you throwing in the towel, or are you going to take massive action and turn your business around? If you pick the last option, the next question is: HOW?

The secret to landing any type of freelance job is contained in these three words:

PRACTICE PREDATORY PRICING

In other words: start offering your service or product at a price which is either below the going rate or below production cost. Crush the competition by underbidding. You gotta pay the bills, right? It’s better to have a low-paying job than no job at all. Après nous, le déluge.

Most of us live in a capitalist society based on a free market. There are no fixed prices in the unregulated world of freelancing. Today’s economy is based on one principle only: Survival of the cheapest. Is that morally wrong? Don’t be a hypocrite; we’re all accomplices. A few scenarios:

• Two gas stations on opposite sides of the road. Which one do you pick?
• You’re in the market for a new TV. Why are you using a ShopBot?
• Outlet Malls have become America’s number one tourist destination.

NO MORE WHINING
Let’s make a deal. Stop complaining about business being slow. End the self pity because nobody wants to hire you. Your product is not the problem. The problem is your pricing. So get off your high horse and start lowering your rates right now. If you won’t, others will. Ever wondered why almost anything is made in China?

Okay. Time Out.

TV psychologist Dr. Phil McGraw coined the phrase: “If you choose the behavior, you choose the consequences.” Before you start slashing your fees, consider the following:

10 CONSEQUENCES OF PREDATORY PRICING

 

1. Bargain prices attract bargain shoppers. Low paying customers are usually high maintenance customers. As one freelancer put it:

“People that are only willing to spend pennies will argue over every cent, while people willing to spend whatever it takes, care more about the result than the bill.”

2. Bargain prices create unrealistic expectations. You will attract clients that expect a gourmet meal at a fast food price (and at drive-through speed). Beware: as in mountain biking, it’s easier to go down than to go up. Once your price-level is set, it is hard to justify a higher price.

3. Bargain rates devalue your work. Don’t be fooled. Predatory prices attract clients that pick you based on your rate, not on your abilities. For them, the value of your work depends on your fee, not on your skills or experience.

Product launch coach Dave Navarro wrote: ” Because people tend to not value things that don’t cost them much, they’re much more likely to be dissatisfied with it – regardless of the quality of the product.” Are those the people you really wish to work for?

4. Bargain rates show little self-respect. A freelance web designer put it this way:

“I wouldn’t think of cutting my prices, because higher prices show that you are confident with your work, and confidence sells a lot more effectively to QUALITY clients -more-so than price.”

5. Bargain prices foster resentment and jealousy. What signal are you sending to yourself when you’re working for rock bottom rates?

“Is that all I’m worth? Don’t they appreciate my work? Why am I only making one-third of what he makes in two minutes and it takes me two hours?”

6. Bargain rates bring your quality down. Freelance writer Steven Snell:

“If you are not making very much from a project you may rush through it so that you can finish and move on to something else. I know. It’s easy to say “I’m only making $X for this work, I don’t need to do any better than this.” As a result, your work will be less than your best. If you’re making a reasonable amount you should be able and willing to do your best work.”

7. Bargain pricing leaves less time to do well-paid work. Imagine the frustration of having to say “no” to a golden opportunity because you’re swamped with a project paying peanuts.

8. Predatory pricing is unfair competition. Dumping your product or service will isolate you from your colleagues, and it will negatively impact prevalent prices. Don’t blame the anonymous forces of demand and supply for a steady decline in rates. You are as much part of the problem as you are a part of the solution.

9. Predatory prices leave you working more and earning less. That’s a no-brainer, but didn’t you become a freelancer to have more free time and make more money?

10. Bargain rates lead to bankruptcy. What do JetGreen, DutchBird, and LowFareJet have in common? They were all low-cost airlines that practiced predatory pricing. They went under because they over-promised, under-delivered and couldn’t break even.

GOING DOWN?
What do you do when clients say: “Sorry, I can’t afford you” or “In this economy we simply can’t pay regular rates.” Do you tell them to find a freelancer on Craig’s List, or do you give in and work for next to nothing?

Have you ever low-balled a project in order to get the gig? What do you think of undercutting colleagues? Are they simply trying to make an honest buck, or are they ruining the market for all of us?

Is there a way to increase your competitive advantage, without lowering your prices? Funny you should ask! It’s all about avoiding expensive pricing mistakes. That happens to be the topic of my next article, so stay tuned!

Paul Strikwerda © 2010
www.nethervoice.com

PS Voice-over colleague  Mary McKitrick has written two excellent blog posts that are absolutely worth your time: Setting rates in the voice-over business & Perceived value in voiceover. And if you like her writings, wait till you hear her voice!

PPS So many freelancers are quoting a price for their services based on assumptions and  ignorance. Could you be making one of the most common mistakes? Find out here!

 

Technorati Tags: bargain basement rates, determining freelance rates, Dr. Phil McGraw, Dutch voice over, fair freelance price, fair voiceover rates, free market, freelance rates, freelancers, Freelancing, Jim Rohn, landing freelance jobs, Nethervoice, Paul Strikwerda, predatory pricing, slashing freelance prices, unfair freelance competition, value freelance work, voice-over rates

“It will look so good on your resume”
“This might lead to regular work”
“We’re a start-up business”
“It’s such a small project”
“This is an Indie film”
“It will only take a few minutes”
“You’re new and we want to give you a chance”
“Even if you don’t get the job, it’s still great practice”
“You’d be perfect for this… I wish we could afford you”

If you’ve been an active job-seeking member of the voice-over community for… about two weeks, I’m pretty sure these ‘teasers’ have been thrown out at you a few times. They’re getting old quickly, don’t you think? Or are you still falling for them? Be honest!

These days, clients are getting even more efficient by leaving these phrases out. Now it’s just:

“Manhattan-based attorney’s office in need of a male voice for their website. Budget $100.”

Are you kidding me? These attorneys won’t even pick up the phone for 100 bucks. So, why do they expect us to work for a hand-out? Is it perhaps because many of us call ourselves voice-over ARTISTS?

MISCONCEPTION ONE: Artists don’t work. They just enjoy their hobby.

My wife, a phenomenal professional flutist, had just finished an exhausting wedding gig: a ninety minute Mass followed by a two-hour cocktail party. All in all she had had two breaks: one to rush from the church to the banquet hall, and a ten minute bathroom break during the reception.

When she came back to get a refreshment, some guests looked at her as if she was stealing from the buffet. One of them even walked up to her and whispered: “Aren’t you supposed to be playing?”

At the end of the engagement, the mother of the groom walked her out and said it had been “lovely”. She sighed: “I used to play the flute. It must be wonderful…. being able to play music all day long.” When my wife discretely asked for the paycheck that should have been handed to her at the beginning of the day, the groom’s mother looked shocked. She said: “Are you telling me you’re actually getting paid for this?”

Some people just don’t get it, do they? Whether we’re musicians, writers, web designers or voice-over artists, the opportunity to do the things we’re passionate about, should be enough, don’t you think? Well, why don’t we ask Alex Rodriguez about that? Perhaps he’d be satisfied with getting the keys to the Big Apple and a fat World Series ring.

MISCONCEPTION TWO: All you need in this profession is a computer, a microphone and an Internet connection, and you’re in voice-over business. Small investment. Huge ROI (and you can even do it in your PJ’s!).

Well, well…haven’t we heard that one before? If it were that easy, tell me who is paying for your:

• marketing
• advertising
• bookkeeping
• hours spent finding work
• taxes
• overhead
• continued education
• attorney
• sick days
• paid holidays
• vacation
• union dues
• health insurance
• dental insurance
• disability insurance
• life insurance
• business insurance
• unemployment
• retirement
• invoices that never get paid
• … and all other joys that come with running your own business?

BREAKING EVEN
Remember, all of the above (and more) has to come out of that job that you almost accepted for $125. Do you even know how much money you need to make in a year, just to break even? How about in a month? How much per week… per day? That’s just to cover costs. How about making a profit? How about saving a little for a rainy day or for college?

If all of this is a little overwhelming and intimidating, let me reassure you. This does not have to be your life! If you don’t have the drive now, do not waste any more time. If you’re not prepared to run your career as a for-profit business, you still have plenty of options… to name a few:

1. Stop posing as a pro and leave the market place to those who are willing to be professional. Stay an amateur instead. No pressure.
2. Get a ‘regular’ job with benefits

GET REAL
However, should you decide to become a professional solopreneur, start acting like one! Don’t do anything else before you take the next step: figure out what your basic minimum hourly rate must be, based on cost, billable hours and the profit you’re comfortable with. Depending on your input, this could take 5 to 20 minutes of your time. How do you do it? By using this simple on-line rate calculator, developed by one of my favorite websites: www.freelanceswitch.com.

RUNNING THE NUMBERS
Of course it would be a little presumptuous to tell you what to do. Some people just don’t want to spoil their hopes and dreams by facing reality. These are the folks that purchased a house they can’t afford because they thought they could swing it. And now they’re paying for it. Some people are more comfortable playing the victim or playing the blame-game. Others use excuses such as: “I was never any good with numbers”.

Sorry, but I’m not buying it! First off, this rate calculator is so easy, even I can use it. Secondly, you can always ask a friend to help you out; find a mentor, hire a pro… There are business coaches out there who’d love to have your voice on their AVR in exchange for their advice. It’s often better to have an impartial opinion from someone who is not in love with your dream. Have a business lunch with them and bring your calculator and a note pad.

Third, make a small investment and get “The Money Book for Freelancers, Part-Timers, and the Self-Employed” by Joseph D’Agnese and Denise Kiernan. This was the first book about money matters that I actually enjoyed reading. It felt like I was getting advice from friends who knew exactly what situation I was in. Joe and Denise offer very practical, down-to-earth strategies in a language anyone can understand, and they’re actually very funny too!

FINE DINING
So…. next time a voice-seeker holds up one of those carrots I started this article with, imagine yourself walking into a restaurant and telling the waiter:

“I can’t really pay you full-price, but if your food is any good, I’ll be sure to spread the word about this place.”

Please let me know how that worked out for you.

And if that did not go over so well, try going into Home Depot, hoping to get 75% off that professional pneumatic drill. 

“And why would we do that?” asks the manager.

And then you utter the magic words: 

“Well, it’s only for a small project….”

Last but not least… Would you be willing to do me one last favor, please? Once you’ve figured out your desired and minimum hourly rate, look at that $100 voice-over project again, that you were just considering. You know, the one that “will give you great exposure”.

Now look at your hourly rate again.

Get it?!

Paul Strikwerda ©2009

www.nethervoice.com

PS Many thanks to artist N.C. Winters for the comic strips. Find out more about the work of N.C. at the artist’s site and at Freelance Freedom.

PPS A Dutchman visiting the US offers some refreshing insights as he holds up the mirror: Only in America.

Technorati Tags: breaking even, Denise Kiernan, freelance, freelance myths, freelance rate calculator, freelance rates, freelance resources, freelancer, freelanceswitch, Freelancing, ideal hourly rate, Jospeh D'Agnese, Nethervoice, Paul Strikwerda, rate calculator, rates, The Money Book, voice-over, voice-overs, voiceovers

They had a saying at the bank I once worked for as a trainer:

“If it’s about money, it’s never funny”

Ain’t that the truth! To that I added my own saying:

“Show me your bank account, and I’ll tell you how you lead your life”

Bankers and accountants probably know more about you than your therapist. By the way you spend your money, they can tell whether or not you lead a healthy lifestyle, if you’re a good planner and even if you can resist instant gratification.

On blogs and networking sites, money is a recurrent theme. People want to know how much to charge; whether or not they should spend  $300 on a membership of a particular site, and if it’s OK to discount some services… the list is endless.

Recently, I found myself caught up in a discussion about on-line freelance job sites like Elance. These sites offer an opportunity to connect with prospective employers from all over the world, and find projects that are not listed on the familiar voice-over casting sites.

However, when I looked at the average bids some of our colleagues put in to get voice-over work, I was stunned. If you think that doing a job for $100 is stretching it, wait until you check out sites like Odesk.com. Your jaw will drop to your knees. And that’s not a good thing if you’re in the voice-over business.  

HARD TIMES
Some people are justifying this downward trend by pointing at the current recession. This is what they will tell you:

“We’re all suffering. We all have to tighten our belts and do more with less. The only way to still get work is to lower our fees. The economy is going down and our rates have to follow suit.”

I’m not buying it! Are you? As I was paying a stack of medical bills, I had a realization. Do our doctors lower their rates because we’re in a recession? Would a nurse take care of us at half price? Is a baker going to charge less for his loaf of bread, or would a plumber be willing to show up and take a 40% pay cut? No way.

If anything, their fees increase every year to keep up with the rate of inflation. Then why do some of us feel the need to put themselves up for grabs in the bargain basement?

Remember: once you’re in there, it’s so hard to climb out. Recession or no recession, if you subscribe to the notion that you often get what you pay for, why are you selling yourself and your colleagues short? What are you afraid of?  A certain two-letter word?

THE HARDEST WORD
Top negotiator William Ury wrote a book called “The power of a positive No”. For some of us, that powerful word is one of the hardest in the language. But when we’re saying “No”, we’re asserting ourselves and we’re affirming our boundaries, whether it’s in an intimate relationship or in a business relationship.

Being an independent contractor means that we have to have a good sense of what we’re worth. We have to have the guts to stand up for ourselves (and each other), and say “No” when faced with a bad deal. If we don’t, people will inevitably take advantage of us.

Let me rephrase that: if we don’t dare to say “No”, we are allowing others to take advantage of us. Or, as Dr. Phil puts it: we teach people how to treat us.

HERE COMES THE BRIDE
Did you know that I’m also a non-denominational wedding officiant? I basically set my own fees. Every now and then a young engaged couple tells me that they’re on a shoestring budget, and they’re practically begging me to lower my rate.

In the beginning -when I didn’t know any better- I fell for it big time. I wanted to be liked and I felt sorry for the couple as I remembered the times I had to nickel and dime. Guess what… I paid for my lack of backbone, until I had learned my lesson.

First of all, these couples turned out to be the most demanding couples I had ever worked with. I’d give them a finger and they would ask for the entire hand. I’m all for underpromising and overdelivering, but within reason. If you’ve seen some of the Bridezilla shows, you know that not every princess is as sweet as her Daddy believes her to be.

Secondly, these ‘shoestring weddings’ often turn out to be the most lavish events I’d ever be invited to. Apparently, other vendors had not fallen for the couple’s story of woe. These days, I encourage my brides to be, to price officiants out. I also tell them that low fees are often a red flag. It either means that an officiant is just starting out, or that he or she might not be able to offer as many services. I tell my couples: Don’t expect a gourmet meal at a fast-food price.

When I started to put my foot down, something amazing happened: as soon as I decided to charge a fair fee, people started taking me seriously. Sure, I lost a few weddings due to price, but my limited time on earth is too valuable to have to deal with haggling Bridezillas.  

THE SECRET TO MAKING BILLIONS
William Ury recalls a breakfast he once had with Warren Buffet, one of the most successful investors ever. Ury writes: “He confided in me that the secret to creating his fortune lay in his ability to say No.” Buffet said:

“I sit there all day and look at investment proposals. I say No, No, No, No, No, No -until I see one that is exactly what I am looking for. And then I say Yes. All I have to do is say Yes a few times in my life and I’ve made my fortune.”

So, let’s learn from Buffet and promise each other to teach our clients how to treat us. Say “No” to rates that insult your unique talent, your professionalism, your intelligence and your experience.

Economists tell us that the only way to get out of this recession is to start spending again. If anything, we should start making more, not less. You can bank on that!

Paul Strikwerda © 2009

www.nethervoice.com

PS There’s much more on “the power of NO ” in this article!

Technorati Tags: Bridezillas, Double Dutch, Dutch voice over, freelance rates, freelance websites, getting out of the recession, money, Nethervoice, Paul Strikwerda, the power of a positive no, voice-over, voice-over rates, voiceover, Warren Buffet, William Ury