How To Create A Winning Bid on Elance Part 3 | Freelancing
So, the pesky cat had to experiment. I clicked the edit button on my Elance profile, and pushed my hourly rate to…$125.00. I’m sorry if this scared you. I took a deep breath and afterwards applied to one page of Copywriting jobs. Guess what happened?!
Within very few days, I had won my first job, without price objections. It was not long before I won another and another… Not only that, this was also an opportunity to increase all my flat fees across the board…for landing pages, email copy, video scripts and the list goes on.
My clients were now mentally anchored at this higher figure of $125. At least to them, 8 hours of work for a single page of web copy was reasonable than 13.
Of course, they enjoyed my work, at least to say, they were okay with paying me more than my competitors…as long as the math “made sense” in their heads.
Notice that nothing much changed regarding the project.
My price, the amount of work it involved, the competitors’ rates, all stayed exactly similar from the first (otherwise disastrous) scenario to the second (winning) one. However, the only thing that changed slightly was the manner in which clients perceived my rates, based on the number of hours that the price represented.
So, there are obviously a number of bottom lines to spell in regard to this hack.
First, you must make sure that your hourly price on your profile is not small in relation to the flat fee you set to clients. Otherwise, clients will get anchored to that price and will feel as though they are not getting a fair deal.
Second, if you also intend to charge higher that other Elancers, you CAN absolutely do that!
There is a conventional wisdom that says you cannot charge above premium let alone average prices on Elance. This one is dead and gone and totally wrong! Sometimes, when all bidders have a five star rating, the quality of work is hidden in their price.
You just need to make sure you do it in the right way. And that is, if you’re going to charge higher flat fees than the pack, you need to go ahead and make sure that the hourly rate in your profile is higher too.
However, you just need to make sure that you perform these projects the right way. Of course you can’t expect to be paid a price as high as $1k when your work is plagiarized and has several grammatical errors. Steer clear of these and I swear you’ll be good to go before you even know it!
If you are confused about how much you should set, then just take one step at a time until you are confident enough to beat any resistance. In general, please do not be afraid of this. I know it sends chill down your spine but don’t you worry. Most importantly, the price should be a true reflection of the value of your work.
I really insist on this—let your price reflect the quality of work you have to offer. There are hundreds of Elancers receiving a lesser pay for exceptional content than their competitors. If you truly know your strengths, go ahead and make them pay for the hard work!
Is this ethical? YES. This is absolutely legit. Here are reasons to support my argument:
- A flat fee and hourly rate have little to do with each other. In fact, when quoting your flat fee, you are allowed to quote higher than you would if you went for the strict “hours for dollars” math.
- Always remember that your profile only shows the “minimum hourly rate” meaning you have all the rights to charge anything higher if you so wished.
In every sense of the word, this is all 1001% kosher!
Still, this does not just apply for flat fee project otherwise called fixed rate projects. It also works perfectly well for hourly projects.
If you set your bid at $60/hour on a project when your profile shows a minimum hourly rate of $30, then that would obviously raise eyebrows as opposed to if your profile said your minimum hourly rate was $60.
There are a variety of ways which any of you can use this deeply psychological hack on Elance. Can you think of any others? Proudly share yours in the comment section of our blog. You never know when your comment unlocks someone’s potential. Feel free to ask any questions here, I’ll be more than happy to help.
Can’t think of a hack? No worries. Just introduce yourself here or leave a shout out!
PS: In the next post, I’ll discuss the second hack of the “Elance Hack Series.” Stay tuned and remember to subscribe for new posts if you enjoyed this one.