If any of these questions get your blood churning you might want to consider your current pricing strategy. Are all your services priced the same or do you charge different hourly or project fees for high level work? Routine work may only warrant standard industry rates but as the level of your value in your speciality rises, fees may need to be adjusted upwards. Complex, specialised work that requires a high-level of technical expertise and judgement would attract the highest hourly rate or project fee. Geographic market location, market position and size of client also have an influence.
The most audacious example of a high fee strategy in a field that requires a high level of judgement, creativity and strategic thinking I have come across is that involving a brand naming company. The agency did not particularly want the business from a client so decided to put in a bid at an outrageously high project fee. Work from similar companies was priced in the $15,000 range. The agency put in a bid for $150,000 – and won! Much is at stake when renaming a company and the company thought the highest priced solution would give them the best advice.
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