B2B Copywriters: Here’s Why You Absolutely Need a Master Fee Schedule

April 9th, 2009

B2B Copywriters: Here’s Why You Absolutely Need a Master Fee Schedule
By Ed Gandia

After my laptop, Microsoft Word and my email program, the most important tool in my B2B copywriting business is my master fee schedule.

In fact, I attribute much of my success as a B2B copywriter – including my ability to surpass the six-figure mark in my second year in business – to my fee schedule and the strategies I’ve developed around it.

What’s a master fee schedule? It’s nothing more than a list of projects you work on, along with your approximate fee range for each. It’s your “price list,” if you will.

Benefits of Using a Master Fee Schedule

Among other things, a fee schedule takes away much of the stress and confusion of quoting copywriting projects. It also removes emotions from the process, allowing you to quote projects based on what they’re worth – and not on other factors such as how badly you need the work or pressure from clients to lower your fee.

But that’s just the beginning. Here are other important reasons why you must have and use one if you’re serious about maximizing your earning potential as a B2B copywriter.

  1. It helps clients focus on the deliverable, not your time.Many B2B clients probe freelance copywriters for their hourly rate. Even if they expect you to quote fixed project fees, many still want to know what you charge by the hour.The problem is that an hourly rate distills your fees down to a number that’s too easy to argue about. Too often, it leads to a focus on price rather than a discussion of the value you bring to the table.The hourly rate approach can also easily lead to a debate about how long the project will really take to complete. Most people, even savvy marketers, don’t realize how much time some of these projects require. So when you quote and bill actual hours, you risk losing their trust as they begin to wonder if you’re being honest about the hours you’re investing in the project.By quoting a fixed fee or a project fee range from your master fee schedule, however, you can put the focus squarely on the product you’re delivering, not the effort required to produce it. At the end of the day, it’s all about the quality of the finished product, not about how much time and effort you put into it.
  2. It sets the right expectations.A master fee schedule allows you to set the right expectations from the beginning. Most clients like to know up front what your deliverables will end up costing. They don’t want surprises.When you quote a flat fee, everyone knows what the final number will be from the very start, barring any out-of-scope revisions. The client can make a decision based on a hard number, not a rough estimate.(Of course, this also means you’ll have to do a good job scoping out the project and establishing clear terms for how you’ll handle changes in scope and direction.)
  3. It legitimizes your fees.When you send prospective clients your master fee schedule (which I often do early on to help qualify them), you are, in a way, legitimizing your fees. You’re not pulling them out of thin air. They’re printed and posted. That’s what you charge.This “printed word technique,” as it’s frequently called, is very powerful. That’s because when something is in writing, we tend to believe it more.For instance, in real estate, if you need to justify a price to somebody, you can either quote the price verbally … or you can show printed comparable reports from the realtor’s MLS system. Everything else being equal, the printed comparables will hold more weight than the verbal quote.It’s no different in B2B copywriting. Naturally, your fees need to be fair and legitimate. The idea is to not fool anyone. The goal is to present your fees credibly.
  4. It increases your earning potential.In the long run, working from a master fee schedule (rather than billing hours or quoting best-guess rates) benefits everyone.As you work with a client on more projects, you become much more efficient while charging the same fees for the same types of deliverables. You get to know that client’s business at a deeper level, so you can get the work done faster while retaining (or even improving) quality, which naturally benefits the client.An hourly rate model, on the other hand, actually punishes efficiency. The faster you get the work done, the less you earn.And a seat-of-your-pants approach makes you look unprofessional and can create serious doubt about your abilities and competence.

How to Create Your Own Master Fee Schedule

Developing a reliable fee schedule takes time (although there’s a way to get one started much more quickly; more about that in a minute).

  1. Ask around. You can start by talking to fellow B2B copywriters and asking them what they charge for different types of projects. You should also factor in the feedback you get from clients and prospects when you quote various projects.
  2. Search the Web. Many copywriters will also post their fees for a variety of projects on their websites. You can poke around and get a good feel for what others are charging. However, be careful with those figures. There are hundreds of writers doing work for virtually nothing. That’s not where you want to be.
  3. Compare fees against actual time invested. Finally, you should compare this information with the time you spend on projects. You’ll want to see if the fees you’re charging are aligned with the time and effort you’ve been putting in. You’ll also want to compare how your colleagues’ fees compare to the average time you’re investing in some of your projects. That can reveal areas where you might be undercharging.

I use a tool called TraxTime to record the time I spend on every project. TraxTime works just like a punch clock. Every time I begin work on a project, I clock in. When I take a break or stop working on that project for the day, I clock out. So it keeps a running total of the time I spend on each project. It also keeps tabs on the total billable hours I’ve worked so far every day, every week, and every month.

Every three months or so, I run reports in TraxTime to find out how I’m trending in terms of time spent on different types of projects and profitability levels with each of my clients. This information is invaluable in helping me evaluate and update my master fee schedule.

We’ll Give You Our Fee Schedule

Here’s how you can get a head start on creating your own master fee schedule …

If you sign up for AWAI’s B2B Virtual Workshop: Breaking Into the B2B Copywriting Market, which begins April 20th, you’ll get several valuable bonuses, including a comprehensive and detailed master fee schedule my B2B copywriting colleagues Steve Slaunwhite, Pete Savage, and I put together.

This document contains professional fee ranges for more than 30 types of B2B copywriting projects. Frankly, it’s the best and easiest way to get one started. The “field intelligence” has already been gathered for you. That means you can get started quoting faster … and more confidently.

Get all the details on the B2B Virtual Workshop and reserve your spot now …


Published: April 6, 2009
Publication: The Golden Thread

This article appears courtesy of The Golden Thread, an e-letter from AWAI that delivers original, no-nonsense advice on how to build your freelance copywriting business. For a free subscription, visit http://www.awaionline.com/thegoldenthread

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Like Writing for the Web? You’ll Love the B2B Market!

April 9th, 2009

Like Writing for the Web? You’ll Love the B2B Market!
By Steve Slaunwhite

If you think the business-to-business (B2B) market is all about writing brochures, sell sheets, and print ads, think again.

B2B is, perhaps, the biggest opportunity for web copywriters.

In fact, I know several copywriters who specialize exclusively in crafting emails, websites, landing pages, online ads, and more for business-to-business companies. They rarely, if ever, write a print piece.

How is that possible?

Well, despite what many writers may think, business-to-business companies allocate a huge chunk of their marketing budgets to online initiatives.

Take a look at the statistics.

According to eMarketer.com, a respected research firm, B2B companies will spend more than $5.3 billion on Internet advertising this year. That represents a double-digit annual growth that is projected to continue for many years to come.

And that only tells part of the story.

While most sectors are cutting back on marketing because of the recession, over 60.2% of business-to-business companies are actually spending more this year. A lot more.

In addition to online advertising – which is only the tip of the iceberg – B2B companies are investing heavily in updated and new websites, online lead-generation campaigns (emails, auto-responders, landing pages), email marketing, e-newsletters, webinars, podcasts, social media, and more.

And here’s another statistic that may surprise you. According to a joint study by Hearst Electronics Group and Goldstein Communications Group, B2B companies will allocate 170% more of their marketing budgets to web-based initiatives over the next five years.

So, when it comes to writing for the Web, business-to-business is definitely where the action – and the money – is.

Now that I’ve convinced you (I hope!) that B2B is a web writer’s paradise, what types of projects can you expect to work on?

Well, business-to-business companies need an astonishingly wide range of Internet-marketing materials in their ongoing quest to build brand awareness, generate publicity, get leads and website traffic, and close sales.

In fact, that’s what I like most about this market. The variety. One day you’re writing an email-marketing piece. The next day, you’re crafting a webinar script. The work never gets dull!

Let’s take a look at the most common types of B2B web-writing projects.

Websites

B2B companies are constantly creating or updating website pages as they change and grow their product lines. In fact, it’s not unusual for even a modest-sized company to have a website with hundreds of pages covering dozens of products and applications.

And, by the way, the days of the “brochure site” have gone the way of the Dodo. Today, most B2B companies know their websites have to be alive with compelling content, informative articles, and other information that needs to be created and updated constantly.

Landing Pages

Landing pages are used by B2B companies to help generate leads and, in some instances, direct online sales.

I find writing landing pages particularly lucrative (and fun) because they’re relatively short – typically just a page or two in length. Yet, they pay very well, as high as $2,500.

Email

Business-to-business companies are, by far, the biggest users of email-marketing communications. They use email for special promotions, lead generation, follow-up, newsletters, and more.

Email newsletters, in particular, are great-paying projects for online copywriters. Not only does each issue pay well, but most B2B companies publish at least once a month. That’s a steady gig – and a steady cash flow – which is nice when you’re a freelancer.

And although I don’t have any statistics to back this up, in my experience B2B newsletter writing pays a lot better than its consumer counterpart. $1,000-$3,500 per issue for an e-newsletter comprised of an introduction, main article, and promotional product blurb, is not uncommon.

White Papers and Case Studies

It’s easy to think of white papers and case studies as printed documents, because they’re often published as PDFs and look like print. But that’s just an illusion. White papers and case studies are about as “online” as you can get. They’re published electronically, promoted on the Web, and delivered online (usually as a download from the company’s website).

Ask anyone who writes these special types of marketing pieces, and they’ll tell you how fascinating they are. These projects pay extremely well, too. You can expect to get $3,000-$7,000 to craft a white paper, which isn’t bad for just 7-12 pages!

Online Advertising

In all the formats – search engine ads, banner ads, ezine ads – B2B companies advertise on the Internet like crazy. As I said earlier, their spending on online advertising will continue to grow significantly this year, despite the recession.

Webinars

One of my favorite B2B web-writing projects is the webinar script. Companies use webinars (the Internet’s version of live presentations with slides) as a way to create interest in their products and services, generate sales leads, and build brand awareness and publicity.

Writing a webinar is interesting and fun. And, seeing your webinar script “performed” on the Internet is a special experience. It’s like being a screenwriter and watching the movie you wrote!

Social Media

Here’s a B2B-marketing activity that’s growing by leaps and bounds. Business-to-business companies are using Facebook, LinkedIn, Twitter, forums, blogs, and other Web 2.0 techniques to reach and connect with their prospects and customers. And who’s writing all the posts, profiles, and comments? Increasingly, companies are turning to freelance copywriters for help.

Those are some types of B2B web-writing projects. There are many others. I haven’t even touched on podcasts, videocasts, website sales pages, online video, or SEO.

So, if you thought B2B copywriting was primarily about brochures and other printed stuff, I hope I’ve changed your mind.

B2B – especially in this economy – is, in my opinion, the best opportunity for those who want to write for the Web.

I’d tell you more, but I have to get an email-marketing piece done for UPS!

This article appears courtesy of The Golden Thread, an e-letter from AWAI that delivers original, no-nonsense advice on how to build your freelance copywriting business. For a free subscription, visit http://www.awaionline.com/thegoldenthread

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Do What You Love and Get Paid Very Well for It

April 9th, 2009

Do What You Love and Get Paid Very Well for It
By Rebecca Matter

This morning I came across an email from AWAI Member Bev Grey …

“I just wanted you to know that I took your resume program last fall and opened my own resume business. My office is in my home. Although it’s taking longer than I had expected to build up my client base, I love writing resumes, and my resumes are getting great results!

“Thank you for your great resume program and for getting me started in a field that I love!”

Bev’s last line stopped me. A field that I love.

Earlier in the day, I had read a rant online from someone who felt it was preposterous that we should want to get paid to do what we love, because we do that stuff anyways.

I posted a response on her blog: “But if you can get paid to do what you love … why the heck wouldn’t you?”

Now, I don’t know about you and your situation, but personally, I have to work. I’m not independently wealthy, and I need a good job to feed my traveling habit.

Sure, I could become a freelance copywriter or a web-marketing consultant, and one day I may decide to do that.

But right now, I absolutely love what I do. And I get paid for it!

Every day, I get to help people achieve their goal of living life on their own terms. For some it’s being able to retire. For others it’s spending more time with their families. And then there are the people who want to be able to live anywhere in the world they please, and not be tied to one place because of the job market.

But no matter what their reason, I get to hear their stories and know that, along with the rest of the AWAI team, I’ve made a difference in their lives.

I love what I do. And you can, too! You just have to figure out what that is, if you haven’t already …

For years, a colleague of mine, Gary Scott, feared deep down inside that what he truly wanted – freedom, financial security, work that he loved, fun, prestige, and the ability to work anywhere he wanted – was impossible. Yet his wife, Merri, and he became multi-millionaires within 10 years of starting their self-publishing business. Today, they have more cars than they can drive, five homes and numerous cabins in North Carolina, Ecuador, and Florida. They have no mortgage, not a penny of debt, and plenty of money in the bank.

But more important than the money, Gary says, is that he enjoys the bliss of each and every day, doing what he loves and hoping he can do it forever.

Lori Haller has been a successful freelance graphic designer for over 20 years. She’s worked with some of the biggest names in the business, including National Geographic, Boardroom, Hyatt and Forbes, and most recently designed the direct-marketing campaign of Oprah’s third (and latest) book!

She’s a free spirit and loves the freedom that comes with her career. She works only with the clients she wants to work with and is in control of her schedule. She wakes up when she’s ready to … comes and goes as she pleases … and takes vacations when the mood strikes. Complete freedom. And she loves what she does.

And, of course, there’s one of my favorite examples, Paul Hollingshead. It wasn’t long ago that he was struggling to earn a living … jumping from one job he hated to another he hated more … never making more than $30,000. (In his last job, he was making only $6.50 and hour – $13,520 a year – stocking cans in a grocery store!)

Now he “works” a few hours a day writing one, maybe two, letters a month. He moved his family to a little historic town in the Vermont countryside, and writes from a little cottage steps from his house, where he’s surrounded by peace and quiet. For a break, he’ll walk over to the old Inn across the street for lunch … grab a coffee at the local market … or take a walk up Pinnacle Hill behind his house.

And yes … he absolutely loves his j-o-b!

And it’s different for everyone. AWAI Member Eileen Coale told me:

“My goal when I set out 7 years ago was to build a flexible, enjoyable, profitable copywriting business that would integrate well with my life as a busy mom of four. Today, I work about 30 hours a week and earn a good income doing so. And of course, I love my work. Most of my work is in the natural health field, but I also do some financial writing, plus an occasional project for other industries. I write copy for websites, ads, sell sheets, postcards, newsletters, package and label copy, and brochures.”

Donna Doyle loves working as a desktop marketer because every project is new and different. If she doesn’t like a client, she doesn’t have to work with them anymore. She can do as much of the actual work herself as she cares to, or she can hire qualified experts to help her (and make nice commissions, too).

Bottom line: It’s ok to do what you love, and get paid very well for it.

Ignore the naysayers and go after what you want. It’s the only way it will happen for you.

This article appears courtesy of The Golden Thread, an e-letter from AWAI that delivers original, no-nonsense advice on how to build your freelance copywriting business. For a free subscription, visit http://www.awaionline.com/thegoldenthread

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Four Secrets From the Self-Promo Sales Letter That Earned Me $64,000

April 9th, 2009

Four Secrets From the Self-Promo Sales Letter That Earned Me $64,000
By Pete Savage

Just over a year ago, I wrote a direct-mail self-promotion package that brought in $64,000 in new business for me in just 12 months. I mailed the package out once, to less than 100 names! Not long after, I had a couple new clients and a steady flow of business.

Today I’d like to share with you some self-promotion writing secrets, taken from the very sales letter that anchored this outrageously successful direct-mail package.

1. When writing about yourself, follow the “90/10 Rule.”

When you sit down to write a self-promotion sales letter to cold prospects, remember this: your target audience has never heard of you. And, quite frankly, they don’t care about you!

All they care about are their own problems and challenges, and how to solve them. So make sure 90% of the content of your letter focuses on these things. You can talk about yourself, but spend no more than 10% of the letter doing so.

For example, the two-page sales letter I wrote contains 650 words. Of those 650 words, just 49 words (roughly 7% of the letter) talk about me. The other 601 words (93% of the letter) are all about the reader. This ratio of words conforms to my “90/10 Rule.”

What should you write about in that critical “90% portion” of your sales letter? Focus intensely on the reader’s most pressing problems and challenges. Then talk about how you propose to solve them. Not by launching into a dissertation on how great a copywriter you are, but by offering the reader something of value that’s related to their problems.

2. Offer something of value.

Offer your prospect something of value, and you’ll increase response. This is a timeless piece of direct-mail wisdom. What should you offer? Some copywriters offer to send an “information package” with more details on their services. That information package may include a fee schedule, samples of work, and a case study.

I tend to favor offering a complimentary report, however, because I think there’s a danger that an information package may be perceived as veiled sales collateral.

Your report doesn’t have to be long. Anywhere from four-to-eight pages is fine. And it’s not that difficult to put together – especially for us writers!

Content for your report can come from doing a little online research on your industry, adding in some expertise from your own background, or conducting a useful survey in an online forum where your target audience (or, better yet, THEIR target audience!) hangs out.

3. Never, ever use letterhead.

Do not take a “letterhead” approach to your sales letter. In direct mail, your branding takes a back seat to the primary goal of every sales letter: generating response! This means you can’t have your logo splashed across the top of your sales letter, letterhead style, because that piece of prime real estate is reserved for something far more important – your headline!

So get your logo out of the way. I stick mine on page two of my sales letter, near the bottom, right beside my name and signature.

4. Close your letter with an authoritative tone.

One of the objectives of your self-promotion sales letter is to establish yourself as a reliable, accomplished professional in the minds of your readers. This means writing in a tone that puts you on an even level with the reader.

Although most copywriters know how to set the right tone throughout a sales letter, sometimes it’s tempting to completely break down when it comes to the all-important call to action. This is the point where the writing suddenly changes tone and practically begs the reader to give you a call!

For example, if you’re offering a complimentary report, it’s a mistake to end your letter with, “If you’d like to see this report, feel free to request it at …”

This language sounds too much like you’re asking the reader to do you a favor, and damages the professional image you’ve worked hard to establish in your letter.

Instead, simply say, “Request your free report right now.” Much more authoritative, far more effective.

Extra Tip: You can find great examples of authoritative tone on bottles of prescription medication. The stickers on those bottles say things like: “Take one tablet twice daily” or “Take this medication on a full stomach” or “Finish this medication.”

But nowhere will you find a sticker that says, “If you’d like to take a tablet or two over the next few weeks, that would be great! Please feel free to do so at your convenience.” To put such wishy-washy language on a prescription would be absurd! And it’s equally absurd to end your sales letter in the same manner.

Many successful copywriters point to direct mail as the number one way to promote your freelance business. Use these four secrets to write a powerful sales letter to anchor your package, and you’re well on your way to creating a direct-mail self-promotion package that can attract new clients.

Published: April 8, 2009
Publication: The Golden Thread
Like this article? Learn how you can use it on your own website.
This article appears courtesy of The Golden Thread, an e-letter from AWAI that delivers original, no-nonsense advice on how to build your freelance copywriting business. For a free subscription, visit http://www.awaionline.com/thegoldenthread

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3 Powerful Ways to Grow Your Freelance Business With Twitter – Right Now

April 9th, 2009

3 Powerful Ways to Grow Your Freelance Business With Twitter – Right Now
By Henry Bingaman

At the Web Copywriting Intensive in Austin, I talked to a few of the speakers and attendees about Twitter. The conversation seemed to go one of two ways …

“Oh, yeah, Twitter is a great business tool.”

Or …

“I don’t understand the point.”

If you haven’t seen it on the news or heard about it from a friend, Twitter is the newest craze in social networking.

It already has over 6 million users and is nipping at the heels of other social-networking sites like Facebook and LinkedIn, and even powerhouse search engines like Google.

Here’s how it works. Once you set up your Twitter account, you can start following other Twitterers. As a follower, you can see their tweets – or content updates. If they, in turn, follow you, they can see your tweets.

When Twitter was first created, it was used to share with your friends what you were doing “right now.” Like most things online (including the Internet itself), users had their own ideas on how to use it in other ways.

And while you do still see the occasional tweet that reads, “Eating a burrito for lunch,” or “Just dropped my phone in the toilet,” most updates have a much more intentional focus.

And for you, as a freelancer, Twitter provides three powerful opportunities …

1. Research

Perhaps the most powerful use of Twitter for any business is insight into what people are talking about right now. In fact, Twitter’s slogan is “See what’s happening – right now.”

Where Google results are hours or days old, Twitter search results will have been posted just minutes before.

There’s an old copywriting phrase that talks about “entering the conversation in the reader’s head.” And what better way to find out what that conversation is about than to see it for yourself?

For example, let’s say you’re writing a sales letter for a brainstorming/mind-mapping software company called Mindjet, and you want some market research on the product and the brand. You’d simply go to Twitter and do a search for the company’s name to see what people think about the product, and what phrasing they’re using to describe it.

Some search results right now for “Mindjet” are:

“For planning, Mindjet is handy for diagramming as you brainstorm. Not cheap though. Maybe an open source equivalent exists.”

“I agree that MM Mac’s future is unclear. Mindjet is definitely focusing on the PC version, and (sadly, in this case) the cloud.”

“If you like MindNode, you’ll love Mindjet MindManager. But neither is a full replacement for PersonalBrain IMO.”

If you were writing the sales letter for a new Mindjet product, how valuable would just these few results be? You know what people are saying about the product, how they’re using it, and which competitors’ products they’re considering.

And if you wanted to talk directly to any of these people about their experience, you could!

2. Get Real Answers

Let’s say you have a question that you need to answer quickly. Your first instinct is to open up a search engine like Google or Yahoo and type in a few keywords.

That approach usually works pretty well. But you’re not asking a person. You’re asking a computer to run your keywords through a complex algorithm and deliver results that are, mathematically speaking, the most relevant.

Math, no matter how sophisticated, doesn’t beat a human mind. And Twitter is a collection of people.

You type in a question and post it on Twitter, wait 10 seconds, and more often than not, at least one of your followers will give you an answer. And more times than not, you’ll get more than one answer.

Unlike Google search results that get less and less relevant the further you get from number one, every Twitter response will be a human answer to your question. No offense to the geniuses at Google, but real people answer questions better.

3. Expand Your Influence

Unlike starting an email list from scratch, it’s never been so easy to gain followers or to build trust with them. On Twitter, users are constantly looking for new people to follow. And when you’re being fed into people’s Twitter streams, you have a unique opportunity to prove your credentials.

If you’re genuinely helpful on Twitter, or if you can show you really know what you’re talking about, people will respect you and look forward to your tweets.

When your followers like something you said, they’ll “retweet” you, or quote you in their own tweets. This exposes you to their network of followers who, if they also like what you said, will begin following you and spreading your message to their followers. See how it works?

Bonus Opportunities on Twitter …

In just about 3 months on Twitter, I’ve gained 540 followers. That number is still growing. When I started, I was growing by 1 or 2 followers a day … but because of the way Twitter works, I’m now gaining an average of 7 followers a day.

A good portion of the people who I follow, and of those who are following me, are other freelance copywriters. I’ve even connected with one Twitterer/copywriter who suggested we work on a joint project.

Twitter is also an easy way to drive targeted traffic to your blog or a website. A month after I joined Twitter, I began posting links to one of my websites every time a new article went up.

In just over 30 days I increased my daily traffic by 300%.

As a freelance writer, you can’t jump on every new platform that comes along. One of your most valuable skills is managing your time wisely. Twitter can offer an amazing ROI for your time. But remember, like everything else in business, it’s absolutely critical to go in with a plan.

Write down two or three goals before you sign up for your Twitter account. Those goals might be …

1.

“Increase my website traffic.”
2.

“Find potential joint venture partners.”
3.

“Learn what people are talking about – right now.”

And remember … one of the easiest ways to become successful at something is to imitate successful people who are already doing it.

Once you sign up for your Twitter account, here are two people you’ll want to follow:

Nick Usborne: www.twitter.com/nickusborne

Heather Lloyd-Martin: www.twitter.com/heatherlloyd

You can even follow AWAI at www.twitter.com/awai_online.

And if you’re interested, you’ll find me at www.twitter.com/henrybing.

Published: April 8, 2009
Publication: Wealthy Web Writer

This article appears courtesy of The Golden Thread, an e-letter from AWAI that delivers original, no-nonsense advice on how to build your freelance copywriting business. For a free subscription, visit http://www.awaionline.com/thegoldenthread

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