Happy Wednesday! Interest rates are expected to go up again today. The big question is by how much. Most bets are banking on another 0.75% increase, but Fed Chair JPow could surprise the market by going even higher. More on that tomorrow morning.
Mentioned in today’s newsletter: YouTube Shorts, TikTok, and Jack Dorsey. Plus what to say the next time you encounter the price objection on a sales call, 8 rules to stay productive when you work for yourself, and one media buying headache no amount of aspirin can fix.
Read time: 4 minutes and 11 seconds
Together with AdSkills
When They Find Out You’re AdSkills Certified
Most certifications aren’t worth the paper they’re printed on. But not AdSkills. Their Matchmaker program generates high-quality inbound leads for media buyers of all experience levels. It doesn’t matter whether you’re brand new or a seasoned vet. Once you graduate, you’ll have the chance to apply for real gigs with legit clients who’ve specifically requested an AdSkills media buyer.
As an AdSkills member, not only will you learn how to launch & scale paid ad campaigns, but you’ll also get the stamp of approval that 9-figure companies like ClickFunnels, DigitalMarketer, and VShred look for when hiring freelancers. So if you’re looking for a new high-income skill to add to your freelance toolkit, click here to try a free class today.
Making the Rounds
- YouTube Shorts creators can now qualify for rev sharing through the Partner Program. Creators will need 10 million views on the platform over the last 90 days to qualify, but hitting that mark will allow them to earn 45% of ad revenue from their videos, dwarfing what others make on TikTok through its Creator Fund.
- Jack Dorsey deposed in Twitter v Elon. The Twitter cofounder and former CEO, who’s been supportive of Musk’s $44B takeover bid, was questioned yesterday ahead of the trial set to start on October 17.
- 41% of Gen Z are willing to share data online for personalized shopping experiences, study finds. The Global Consumer Report from Big Commerce found boomers are at the other end of the spectrum, with 47% saying they’re not willing to share any data in exchange for a more personalized online shopping experience.
Working With Clients
If Only Raising Your Rates Were This Easy
Raising your rates is essential to growing your freelance business.
It sounds easy in theory…
But in practice, it’s a bit trickier than it looks.
So if you’ve kept your rates the same as your skills and experience have grown…
It’s probably time to give yourself a raise.
And you may be wondering:
- When’s the best time to raise my rates?
- How much should I raise your rates?
- Do I raise rates for everyone – or just new clients?
- How do I justify it (aside from just wanting to get paid more)?
So, here’s our advice…
(+) Raise your rates as demand for your services increases (or once your client roster is full)
(+) Aim to increase prices by 10-20%
(+) Start by raising your rates just for new clients – but make sure to let existing clients know they’re being grandfathered in at their current rate
(+) If raising rates on existing clients, explain that your new rate structure will allow you to spend more time and energy on their account – but also be prepared for them to leave
As a freelancer, you’re more likely to undercharge than overcharge…
But that doesn’t mean you should arbitrarily increase your rates by 5X either.
Focus on the value and ROI you’re delivering for your clients.
Then use that as a barometer to gauge what you should be charging.
Working For Yourself
8 Rules to Stay Productive When You Work For Yourself
Being your own boss can be a blessing and curse.
On the bright side, there’s no one watching over your shoulder to make sure you get your work done on time…
But on the flipside…
There’s no one watching over your shoulder to make sure you get your work done on time 😂
Plus if you work from home full time, there’s no shortage of distractions…
Like the fridge, the couch, and the TV — just to name a few.
So if you’re looking to maximize your output so you can get more done in less time…
Or if you’re struggling to nail your to-do list every day and need some tips on how to manage yourself more effectively…
Check out this excellent list from our friends at The Muse on how to stay productive when you work for yourself.
From The Paid Ads Gig
One Media Buying Headache No Amount of Aspirin Can Fix
Advertisers have lots of options when it comes to running paid traffic on social these days:
And that doesn’t even factor in other sources like native ads or push ads.
Now some ad platforms are more popular than others…
Like TikTok, for example.
But what many media buyers and entrepreneurs don’t realize is:
Different platforms produce different kinds of leads.
Case in point:
TikTok leads are naturally less qualified compared to leads from Facebook or YouTube.
Because the platform is built on short-form content.
It’s impossible for those leads to get as much context as on other platforms like Facebook or YouTube.
Now that doesn’t mean running ads on TikTok won’t work for you…
In fact, we know lots of people who are having success there…
Largely because the traffic is so much cheaper.
Cost per click is typically much lower than Facebook, YouTube, or LinkedIn.
So the economics still work out.
Especially if you’re selling ecom products or low-ticket impulse buys that don’t require a ton of context or qualification before making a purchase.
But if you’re selling a high-ticket product or service?
Not so much.
Ultimately, this is one of the reasons why Facebook is still our weapon of choice when it comes to running paid ads…
Because the amount of context people can get about your offer between long-form copy AND video is hard to beat.
Moral of the story is:
Not all leads are generated equal.
So keep that in mind when crafting your paid ad strategy.
Looking for clients? These freelance jobs were posted on Upwork in the last 24 hours:
Quote of the Day
“Either you run the day or the day runs you.”
— Jim Rohn