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How To Price YOUR Work (Full Whiteboard AdobeMAX)

The Futur2023-11-26
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💫 Short Summary

The video covers various aspects of pricing strategies and negotiation tactics for creative professionals, emphasizing the importance of understanding client values, setting realistic goals, and communicating effectively. It also discusses the significance of client-centered sales conversations, building relationships through genuine service, and presenting logos in a premium manner to attract discerning buyers. The importance of staying current with trends, leveraging social media for marketing, and the impact of logo refreshes on brand perception are also highlighted. Overall, the video provides practical tools and strategies to enhance business outcomes in the creative industry.

✨ Highlights
📊 Transcript
Understanding the value clients place on your work is crucial for determining pricing and successful negotiations.
Insights are shared on pricing intangible creative services and the challenges faced by professionals in the creative space.
Practical tools and strategies are offered to effectively communicate value to clients and improve negotiation outcomes.
Audience participation is encouraged in discussions about pricing work and overcoming difficulties in conveying value to others.
The speaker's experience in freelance work and agency collaborations informs the conversation on pricing models and negotiation tactics.
Importance of positioning as an independent business owner.
Clarity in services offered to potential clients is crucial.
Word of mouth is powerful in attracting opportunities.
Confidence should exceed capacity in business.
Goal is to have more opportunities than capacity by driving down capacity and increasing opportunities.
Transition from Graphic Design to Communicating Feelings Through Logos.
Clients typically reach out for logo design via word-of-mouth advertising and social media, with referrals driving business.
Pricing for logo design services is often initiated by clients interested in creating logos for businesses like bakeries.
Various communication methods are used to reach out to the designer for logo design services.
Importance of Selectivity in Choosing Clients
Emphasizes prioritizing clients who are genuinely excited about services.
Process of discussing logistics and pricing during follow-up calls after the initial fit check.
Significance of taking time to deliberate before committing to a client.
Value of course correction in business relationships.
The process of bidding and negotiation in business transactions.
Bidding involves presenting the bid, discussing flexibility, aligning price with product deliverables, and closing the deal.
Possible responses include yes, no, or maybe, with 'yes' being the desired outcome.
Understanding client needs and finding the balance between pricing too high or too low is crucial.
Negotiations may require multiple steps for clarity and addressing existential fears about pricing decisions.
Confronting fears directly and skipping unnecessary steps to reduce anxiety.
Using the analogy of a roller coaster, the speaker emphasizes the importance of taking immediate action to avoid overthinking.
The audience is challenged to find solutions in the real world and adopt a mindset of creativity and problem-solving.
Directly confronting challenges is emphasized, focusing on quick decision-making and taking action.
Importance of Knowing the Price Before Viewing a Home in Real Estate.
Time is wasted if the price is unknown and homes should only be shown within budget.
Parallels are drawn to art galleries where prices are often not displayed until after a discussion.
Knowing the price is crucial for efficient decision-making and avoiding wasting time.
Lack of Transparency in Art Pricing
Most art is pre-sold before buyers can purchase, leading to an opaque and manipulated market.
Emphasis on open discussions about money and value determination between buyers and sellers.
Debate on who should determine value, with the conclusion that sellers hold more information than buyers.
Sellers' information influences buyers' perspective on value.
Importance of Critical Thinking Skills
Proving thoughts before speaking is essential for developing critical thinking skills.
NFTs value proposition explained: buyers determine value, sellers determine price.
Understanding client's perception of value is crucial in sales.
Logic and argumentation are necessary for debate and discussion, emphasizing the need for these skills.
Differentiating between freelancers and independent business owners is important, highlighting the need to discuss money early in business interactions.
Importance of understanding buyer values in the sales process.
Determine what is valuable to the buyer and tailor conversations accordingly.
Identify buyer's main goals, key performance indicators (KPIs), and establish success metrics.
Emphasize using the right terminology to frame discussions and measure success.
Success of sales conversation depends on aligning value proposition with buyer's objectives and past experiences.
Understanding the client's value proposition is crucial when building a website.
Asking why the project is important and how it solves business problems is essential.
Clients may struggle to communicate their needs, so it is important to be sensitive and help them articulate their concerns.
Verbal skills are necessary to ask basic questions clearly and directly.
Ultimately, understanding the client's goals and challenges is key to a successful website project.
Effective communication of value to clients in the buying and selling process.
Focus on understanding the client's problem clearly before proposing solutions.
Delve deep into the value proposition and continually emphasize its importance to the client.
Ask relevant questions about the value of products or services to evolve the conversation towards selling more effectively.
Prioritize the diagnostic phase and avoid rushing into offering solutions without fully grasping the client's needs and values.
Importance of understanding the delta between current and desired goals in business.
Value of asking hypothetical questions to gauge potential impacts on sales and business growth.
Discussion on net and gross margins with a focus on achieving value through strategic planning and goal setting.
Encouragement to focus on conversion rates and continuous improvement for success.
Significance of measuring and testing strategies for success.
Importance of setting realistic goals and pricing strategies for intangible services like logos.
Understanding the value of services to charge appropriately is crucial.
Collaborate and brainstorm on structuring conversations around pricing to increase revenue.
Challenges of measuring the value of services like logos and significance of avoiding underpricing.
Impact of setting fair prices to enhance business growth.
Importance of logos for businesses
Logos are essential for social media, marketing, and website use in businesses.
Intentional listening is crucial, with every word being important.
Getting noticed is vital for increased sales in a business.
Designers should focus on the bigger picture rather than getting caught up in minor details.
Importance of getting noticed in business to sell more products is highlighted.
Reverse psychology is suggested to challenge clients' decisions for new logos, emphasizing the need for true goals like selling products.
Strategies like ads, social media marketing, and gaining authority are discussed as ways to increase visibility and attract attention.
The focus is on understanding the core objective of getting noticed in order to achieve business success.
Importance of Making Connections and Growing Social Media Followers.
Emphasis on critical thinking and practicing it before speaking.
Effectiveness of promotions and publicity stunts in increasing visibility.
Insights on audience engagement and the awkwardness of workshops.
Highlighting the need for participants to work through problems on their own.
Importance of client-centered approach in sales.
Focus on understanding client needs and providing solutions that align with their goals rather than pushing a specific product like a logo.
Offer a range of possible solutions beyond just a logo, such as running ads, promotions, or social media campaigns.
Emphasize the need to understand the client's problem to build trust and meet their needs effectively.
Importance of Genuine Service in Client Relationships
Genuine service is key to building strong client relationships, rather than focusing solely on making sales.
Addressing insecurities and fears
Encouraging a mindset of letting go and setting clients free to foster better interactions.
Human psychology and client interactions
People desire what they can't have and are chased by things they want the least.
Reminder to avoid desperation and repelling behavior
Emphasizes the importance of maintaining a positive and respectful approach when interacting with clients.
Importance of Presentation and Design in Logos.
Logos should be presented in a premium and appealing way to attract discerning buyers.
Using design, presentation, and mockups can make logos more desirable and attract higher quality buyers.
Placing logos on a grid without considering application fails to showcase their potential.
Displaying logos on various items demonstrates versatility and desirability, making buyers see them as essential for all products.
Apple invests in creating product photos that do not exist.
Retouchers are used to enhance the visuals of the products.
Selling the dream and potential of a product is more important than focusing on the product itself.
Emphasis is placed on selling the conversation, dream, and potential over the actual product.
Brand refreshes are crucial for staying relevant and connected to current culture.
Importance of company logo refresh for staying current with trends and attracting attention.
Outdated fonts, shapes, and gradients identified as areas for improvement.
Marketing strategies like TikTok, Instagram, and Reels attempted without success.
Emphasis on asking targeted, open-ended questions for effective client conversations.
Encouragement to understand underlying concepts for better communication and engagement.
Update of company logo for a 50-year-old company.
CEO emphasizes the need for a small departure in logo design while retaining recognition.
Fair market value of $30,000 considered for logo redesign to maintain relevance.
Importance stressed on not appearing outdated to retain customer interest.
High cost of changing a logo for a 50-year-old company, estimated at around $2 million.
Importance of understanding expenses involved and suggests a budget of $200,000.
Uncertainty about the effectiveness of the new logo in generating conversions.
Focus shifting between brand refresh and conversion strategies.
Need for clear communication and alignment on goals before making decisions on logo changes.
Importance of Staying Focused and Honest in Business Meetings
Emphasizes the need to diplomatically identify when a project is not the right fit and gracefully bow out.
Discusses the significance of measuring success in client interactions and providing smart responses to client inquiries.
Concludes with a lesson on handling client questions effectively to demonstrate competence and professionalism.
Importance of intentional listening in communication.
Repeat back statements and questions using the exact language of the speaker to demonstrate active listening and understanding.
Avoid introducing new words or changing the conversation, instead mirror their words like a monkey.
Reflecting the speaker's language back shows genuine interest and attention, leading to better communication and connection.