Money is always a big question. Price can definitely be a make or break factor for any pitch. The problem is that you have no control over the person’s perception of how easy/expensive something is. You also have no control over how your competition price.
Don’t undersell yourself
Competition can be fierce. If you’re in a position where you want to build up a portfolio or are just starting out, it can be tempting to undercharge to attract clients, but ultimately this leads only to a race to the bottom. It is a stereotype that I have found to be true that clients who pay less tend to be more time consuming and more demanding. Certainly they will want the same level of service as a higher paying client. This means it is often not worth the money to take these lower jobs, and you can quickly fall out of love with them.
You don’t start in management
Slightly contradictory to my last paragraph. One thing I see from young entrepreneurs in particular is that they will research industry rates and half expect they can charge this right off the bat. I’m afraid you need to build up a level of experience before you can charge more. SO although as I’ve said undercharging is not a fast route to more work, you do need to be realistic about what you’re charging. When I first started out my day rate was based on what I would have been making if I was in retail, and then it doubled every single year for new clients. There’s a thin line to walk but try and build up the amount your charging over time, and not get sucked into nightmare clients who want everything cheap.
Your own worth?
As well as having a strong idea of what your day rate is going to be, this is not to be done in a vacuum. It’s very important to consider the client when thinking of a pitch. Perceptions can sometimes be tricky but it is often worth looking at their website, checking them out on companies house, and one aspect I’m always keen to look at is the prospect for repeat work.
There can be only 1…
The most important factor for any pitch is what the ultimate results are going to be for your client and what that is worth to them. I always used to consider what 1 X would do for a company. So if I make a video and 1 person decide to act, what’s that worth to the company? Taking this “If you sell 1” approach really informed me on the sort of work, and the sort of business I wanted to work with.
I like it when I can see a direct impact of my work with a company (and take credit for it) and so I spent more time pitching to these sorts of companies where return was easier to prove.