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Mentioned in today’s issue: Instagram, Kylie Jenner, Amazon, and stagflation. Plus 3 ways to get clients saying the magic words, the freelance service provider’s yearly ritual, and why you shouldn’t ignore the first conversion.
Estimated reading time: 3 minutes and 36 seconds
Making the Rounds
- Instagram full-video feed experiment gets no love from influencers. Looks like Kylie Jenner’s “Make Instagram Instagram Again” campaign worked: chief Adam Mosseri revealed recent changes to the feed and algorithm will be reverted over the next few weeks.
- Amazon reports strong consumer demand. Despite other retailers like Walmart, Best Buy, and Target forecasting tough times ahead, the ecommerce giant says they’re not seeing inflation tamp down consumer spending. However…
- All signs point to stagflation. Growth is flat or shrinking and inflation has stayed high. If the economy is headed into a period of persistent stagflation, it’s hard to imagine consumer spending won’t be affected, even for trigger-happy Prime subscribers.
Working With Clients
3 Pricing Tips to Get Clients Saying Those Magic Words
TIP #1: Charge by deliverable (not by the hour)
If you’re a new freelancer, you may be tempted to start off charging by the hour.
But charging by the hour incentivizes you to work slower.
Instead, charge clients per:
– landing page
– sales page
This way, there are no unexpected surprises for them if the job takes longer…
And you get rewarded if you can get it done quicker.
TIP #2: Ask for a 50% deposit.
Asking for a deposit helps weed out low-quality clients.
So if they’re not willing to pay you a portion of your fee up front, proceed with caution.
But if the idea of asking for money up front makes your palms sweaty, you could always reduce the amount to 25%.
One final caveat:
If it’s a small project (like under $100-$200), just ask for the full amount up front instead.
TIP #3: Get approval on pre-work if possible
Since you’re asking for a deposit, you want to make sure your first draft isn’t way off base so the client doesn’t feel like they’ve paid you for nothing.
The best way to do this is get pre-work approved.
In the case of copy, this could be an outline.
In the case of an image or video, this could be a creative brief
In the case of an ad campaign, this could be a campaign mockup.
Regardless of what your service is, getting the greenlight on pre-work will save you time and make clients happier.
Working For Yourself
The Freelance Service Provider’s Yearly Ritual
If you’re a freelance service provider…
Learning new things is essential to staying competitive:
- New marketing strategies
- New ad platforms
- New skills
But don’t let shiny objects distract you too much…
Make sure to review the basics of your profession at least once per year.
We’re willing to bet you’ll be surprised at just how much you’ve forgotten.
And while marketing and advertising are two dynamic industries in constant flux…
The fundamental principles still apply.
So if it’s been a while since you re-read Breakthrough Advertising, The Ultimate Sales Letter, or any of the other classics, carve out some time this month to review them.
From The Paid Ads Gig
Don’t Ignore the First Conversion
The main conversion mechanism in a sales funnel is usually a sales letter, webinar, or VSL.
But is it the most important one?
Not always — and here’s why:
Your ad determines WHO you’re bringing in and WHAT their expectations are.
Get it wrong, and it may not matter how good your main conversion mechanism is.
Especially if you’re selling a high-ticket product or service.
So while you can split test landing pages, order forms, and upsell pages until the cows come home…
Truth is, the #1 biggest lever you can pull when it comes to the performance of your funnel…
(aside from your sales letter, VSL, or webinar)
Is your ad.
Nail that and everything else downstream gets much easier.
Looking for clients? These freelance jobs were posted on Upwork in the last 24 hours:
Quote of the Day
“The biggest risk is not taking any risk … In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
— Mark Zuckerberg