Pricing your writing services shouldnβt feel like a guessing gameβbut it often does. In my career, there have been several times where I simply threw out a number and hoped for the best.
But guessing leads to second-guessing yourself every time a client asks, βHow much do you charge for XYZ.β
What you might not consider is that pricing isnβt just a number. Itβs a message to your client.
Your prices tell them what to expect from you. The right price signals quality, trust, and expertise.
If youβve been pricing your work based on what feels fair, youβre probably undervaluing it. This article will help shift your mindset.
Because once you understand the psychology behind freelance pricing, youβll attract better clients, make more money, and gain confidence.
3 Psychology Principles Behind Pricing Decisions
We donβt often think of the forces driving the world around us. But psychology is everywhere.
If a marketer has touched it, assume a mental game is afoot.
Fortunately, once you know about these subtle triggers, you can use them to your advantage. These three are some of the most useful.
1οΈβ£ Perceived value
You might love a good deal. But not everyone picks the cheapest option. If they did, luxury brands and $100 plain white t-shirts wouldnβt exist. No one would ever order a $7 coffee.
People pay for the value they perceive theyβre getting. Writing clients donβt just want an article or some copyβthey want a reliable expert who makes their life easier and solves a problem for their business.
If your pricing is too low, it subconsciously raises questions. Why are they so cheap? Are they inexperienced? Will they flake mid-project?
Your rates should align with the level of trust and expertise you deliver. When someone sees a premium price, they assume theyβre getting a premium service. Thatβs the perception you want.
It can feel βickyβ to share those premium rates if you arenβt used to it. But remember, when your client sees your excellent work and a zero-friction collaborative experience, even those lofty rates can feel like a steal.
2οΈβ£ Anchoring Bias
Picture sitting down for a fancy dinner. You probably laugh to yourself about the $400 bottle of wine, thinking βWho would ever order that?β
All of a sudden, a $40 bottle seems like a bargainβeven if youβd never pay that at the grocery store.
Thatβs anchoring bias at work, and itβs all around you. The first price someone sees influences their reaction to every other option.
You can use this to your advantage. Instead of leading with your lowest price (many writers do this while trying not to βscare offβ a potential client), present a high-ticket package first.
For example: βFor $5,000 a month, you can book a retainer that includes 10 hours of content strategy, four articles, and social media content to support them.β
All of a sudden, charging $500 for a single article doesnβt feel expensive. It feels like a reasonable middle ground.
And sometimes, theyβll bite on your big offer anyway. Win-win.
3οΈβ£ The βToo Cheapβ Turn Off
Freelancers often think a lower rate makes them more attractive to clients. Perhaps youβre guilty of this.
In reality, cheap pricing sends the wrong message.
Imagine two writers:
- One charges $100 for a project.Β
- The other charges $500 for the same project.Β
A budget-conscious client might go for the first option. But typically, those are the clients that give you a headache asking for revisions and playing keepaway with your invoices.
Serious clients, the ones who value quality and are the foundation of a steady, long-term career, assume the $500 writer knows something the other doesnβt.
Pricing yourself too low attracts price-sensitive clients, the ones who haggle, micromanage, and disappear when itβs time to pay. The higher your rates, the more you attract clients who respect your work.
One other point on thisβ¦
In his book $100M offers, marketing expert Alex Hormozi says, βThereβs no benefit to being the second cheapest in the marketplace, but there is for being the most expensive.β
Itβs true.
As a freelance writer, there will always be someone who can do the job for less. Whether theyβre overseas or arenβt a person at all (looking at you, AI).
You arenβt going to win the βcheapβ game, so instead of selling yourself short, try going the other direction and see what happens.
More Than a Number
Pricing isnβt just about what you charge. Itβs about what you communicateβand, importantly, how you communicate it. Weβll talk about that in another post.
For now, remember that your rates set the tone for the entire client relationship.
By utilizing subtle psychological triggers, you can give yourself a competitive advantage AND make more money for the same amount of work.