Copywriting is all about words, but numbers take center stage when it comes to pricing. And for most copywriters, figuring out the right numbers often feels like a game of roulette — you spin the wheel and hope for the best.
But pricing your copywriting services shouldn’t be left to chance. It’s a delicate balancing act that requires some careful thought and planning. You don’t want to price yourself out of the market, but you also don’t want to sell yourself short.
In this article, we’ll cover everything from hourly rates to project-based pricing and how to determine what’s right for you and your clients. We’ll also give you some tips on how to set your rates and avoid common pricing pitfalls. So, let’s dive in.
The Factors That Affect Copywriting Rates
Before settling on a rate for your freelance copywriting business, consider the following:
Experience and Expertise
If you’ve been in the copywriting business for a while and have a portfolio of successful projects, you may be able to charge more than newer content writers. For instance, if you have been writing for the tech industry for five years and have a proven track record of success, you may be able to charge upwards of $100 per hour.
Type of Project
The type of copywriting project can also impact your copywriting rates. A longer, more complex project like a white paper or case study may cost more than a shorter piece like a product description or email newsletter. For example, you can charge $1,500 to $2,000 for a white paper, while a blog post can cost between $100 and $500, depending on the length and complexity.
Complexity
You may charge more for copywriting projects that which require a lot of creativity or technical expertise. For example, if you specialize in copywriting for heavily regulated industries like finance or healthcare, your specialized knowledge and experience allow you to charge $100 to $200 per hour or per landing page/blog post.
Target Audience
If you write copy aimed at a highly specialized or niche audience, you may be able to command higher rates. For instance, if you specialize in writing for the hospitality industry, you can charge more to create copy for a luxury hotel than for a budget motel.
Timeframe
The timeframe for completing a project can also impact your rates. Rush projects or those with tight deadlines often cost more than those with more flexible timelines. For example, you can charge a rush fee of 25% to 50% of the total project cost for freelance projects with a turnaround time of 24-48 hours.
Client’s Budget
The client’s budget can also play a role in determining your copywriting rates. Some copywriters may be willing to negotiate their own writing rates up or down if the client’s budget is limited, while others may require a minimum rate to take on a project. For instance, you can charge $75 per hour for a small business with a limited budget, while a larger copywriting agency may be able to afford to pay $150 per hour, depending on word count.
Location
Your freelance writing rates can also vary depending on your location. If you live in a city with a high cost of living, you may need to charge more to cover your expenses, while if you live in a less expensive area, you may be able to charge less.
The Pricing Structures You Should Consider
It can be tough to decide what pricing structure to use, so it’s important to understand the pros and cons of each option.
Here are four ways copywriters commonly charge for their services:
Hourly Rates
Charge your copywriting services on a good hourly basis, billing your clients for every hour you spend working on their copywriting project. This option offers flexibility and allows you to adjust the price based on the client’s needs.
Calculating your hourly rates is easy – just decide on your desired hourly rate and multiply it by the estimated number of hours needed to complete the project. For example, if you charge $50 per hour and anticipate spending 10 hours on the project, the total cost would be $500.
Pros
-
Hourly rates offer flexibility and can be adjusted based on the client’s needs and project requirements.
-
Clients can track the work being done in real-time and make changes as needed.
-
You get paid for the actual time you spend on the project.
Cons
-
The final cost of the project can be unpredictable with hourly rates.
-
Clients may feel like they are being charged for inefficient use of time (they don’t know how many hours you’ve worked)
-
You may feel pressure to work quickly, which can lead to sacrificing quality or missing deadlines. On the other hand, some freelance writers may work slowly to maximize earnings, rather than focusing on delivering quality work quickly.
Project Pricing
With project rates, you provide your clients with a fixed fee for the entire project, regardless of how long it takes you to complete. This option is suitable for clients who prefer a predictable cost upfront, and it can also be a good choice for new freelance writers who are confident in their ability to estimate the time and effort required for a project.
Pros
-
Project rates give clients a clear and predictable cost for the project.
-
You are incentivized to work efficiently to maximize your profit.
-
Clients may prefer a fixed price over an hourly rate, which can end up being more expensive.
Cons
-
If the project takes longer than estimated, you may be paid less than your hourly rate.
-
If the project requires additional work that was not included in the original estimate, you may need to renegotiate the project rate or risk losing money.
Retainer Fees
Retainer fees involve your clients paying you a monthly or quarterly fee for a set number of hours of copywriting work.
This option is suitable for clients with ongoing copywriting needs and ensures that you are available when they need you. Retainer fees may also include a discount on your hourly or project rate.
Pros
-
Retainer fees provide a steady income stream.
-
Clients can establish a long-term relationship with you, which can lead to more work in the future.
-
You can plan your workload and schedule around the retainer agreement.
Cons
-
Clients may feel like they are paying for unused hours if you don’t use the full retainer amount.
-
Negotiating retainer fees can be challenging and requires trust between you and your client.
Royalty-Based
With royalty-based work in copywriting, you receive a percentage of the revenue generated by the copy you create. This option is ideal for freelance copywriters who can create high-performing copy that generates revenue for the client. Royalty-based rates can be negotiated as a percentage of sales or a percentage of profits.
Pros
-
Royalty-based rates can be very lucrative if the copy performs well.
-
Clients are incentivized to use the copy effectively to generate more revenue.
Cons
-
Royalty-based rates are unpredictable and may not provide a consistent income stream.
-
Clients may be hesitant to agree to royalty-based rates, as they can be risky and lead to a higher cost for the project.
Tips on How to Price Copywriting Services
Here are some things that you need to consider:
Communicate value
Don’t just sell your time; sell your expertise, skills, and experience. Focus on the value you can bring to the client, such as helping them increase conversions, improving their brand awareness, or creating content that resonates with their target audience.
Be confident in your abilities and communicate the benefits of working with you.
Factor in revision requests
Some clients may request revisions or edits to your work, which can take up additional time and effort. Consider including a revision clause in your contract and factoring in the time required for revisions when setting your rate.
Research the market
Before you set your rate, do some research on what other freelance copywriters are charging in your niche.
Check out their websites, ask around in online communities or freelance groups, and browse job postings to get a sense of what clients are willing to pay. This can help you set a competitive rate that reflects your experience and skills.
Determine your minimum rate
Calculate your minimum rate by considering your basic expenses, such as rent, utilities, and taxes. Don’t forget to factor in the time you’ll spend on marketing, administrative tasks, and ongoing education to stay current in your field.
This will give you a baseline for the minimum rate you need to charge to sustain your business.
Consider your expertise
If you have specialized knowledge or skills in a particular area, you can command a higher rate.
For example, if you have experience writing technical content or copy for the medical industry, you can charge more than a generalist freelance copywriter.
Factor in the scope of the project
When you’re setting your rate, consider the scope of the project. Is it a one-off project or a long-term engagement? Are you writing a short article or a comprehensive website? The more work involved, the higher the rate you can charge.
Be flexible
Keep in mind that rates are not set in stone. Be open to negotiation and adjust your rates based on the client’s budget and the scope of the project.
You can offer package deals, discounts for long-term engagements, or add-ons like social media promotion or email marketing to sweeten the deal.
Consider the client’s budget
If a client has a limited budget, you may need to adjust your rate or offer a reduced package. However, if the client has a larger budget, you can charge more or offer additional services.
Set boundaries
Be sure to set boundaries around your time and workload. You don’t want to over-commit and burn out, and you don’t want to undervalue your time and work for free.
Keep track of your time
Monitor the time you spend on each project so you can accurately bill clients and adjust your rates as needed.
Use time-tracking software or a simple spreadsheet to log your hours and calculate your rates.
Why Having a Strong Copywriting Portfolio Is Key to Commanding Higher Rates
Think of your portfolio as your personal showcase of your writing skills. It’s where you demonstrate your abilities, show off your previous work, and give potential clients a glimpse of what you can do for them.
When it comes to pricing your services, your portfolio can be a valuable tool in demonstrating your value and expertise. The quality and variety of your work can help potential clients understand the level of skill and experience you bring to the table.
For instance, let’s say you have a big portfolio filled with engaging blog posts, persuasive sales pages, and captivating email campaigns. A potential client who wants high-quality content that converts will be more willing to pay top dollar for your services when they see the results you’ve achieved in the past.
On the other hand, if your portfolio is lacking or filled with subpar work, clients may be hesitant to pay top dollar for your services. You might have to lower your rates to entice them to work with you.
So, take the time to curate a killer portfolio that showcases your strengths as a freelance copywriter. Make sure you include a range of samples that demonstrate your versatility, creativity, and expertise.
And, if you’re just starting out and don’t have a lot of work to show, don’t worry. You can still create great samples by writing for free or offering your services at a lower rate to build your portfolio as a freelance writer.