Social Media Management Prices: Should I Offer Premium Pricing?
Nov 29, 2021Most people who are interested in social media management services are usually concerned with two things—how will these services help their bottom line and the price. There is a common misconception that social media management packages should be priced as low as possible because there isn’t a consensus on what’s provided. This couldn't be further from the truth, and you need to understand why.
Social media management goes far beyond just posting on a social platform. It’s content marketing, digital marketing strategy, community management, working around sales goals, and so much more. This doesn’t even include social media strategy and consulting.
Depending on your level of expertise and the details of your offer, you may be in a position to charge premium pricing. If you’re not sure, we’ll look at four steps you can take to prep your business for a premium pricing model.
Create Structure Even If You’re A Freelancer
If you're a freelancer, then you need to create structure within your business. This is the only way that you can provide premium pricing for services with value. You have to understand how much work goes into each project so you have an idea of how to structure your pricing plans and retainers for your services.
When I first started, I didn’t realize that I was underpaying myself because I didn’t calculate the time I spent on actually running my business. Creating structure in your business may include administrative tasks like building workflows, copywriting, drafting contracts, designing onboarding experiences, graphic design, etc. You also have to take into account your own marketing budget because you need a steady flow of potential clients.
If you’re putting in the work then you deserve proper compensation for anything you do that is relevant to providing the best services to your clients.
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Hire Help Because You Can’t Do It All
After structuring my business it was clear that I desperately needed help. Stretching myself across every aspect of my business prevented me from focusing on the client. Demand was high, my overall bandwidth was low, and this led to me burning out faster than usual. It was time-consuming. This is why outsourcing became one of my biggest priorities.
As a small business, I couldn't afford much so I hired a virtual assistant for around $20 an hour to help with admin and client communication. Small businesses can greatly benefit from freelancing sites like Fiverr to find quality virtual assistants.
If you're a “one-man-band”, then it's time to hire help. This is an important part of offering premium pricing because if you’re doing everything yourself, your prices will always be too low for the work you’re doing.
Know Your Ideal Client
If you want to offer premium pricing, then you need to intimately know your ideal client. This is the only way that you can make sure that they are receiving a top-tier experience when working with you or your team members.
Knowing your target audience goes beyond knowing their demographics, it’s also knowing how they think and what their most pressing pain points look like. When you’re engaging with them on social media platforms or onboarding them, every fear or question they have should be addressed immediately and completely. They have problems and you should always strive to be the solution.
Design A Top-Tier Client Experience
"You’re not paid for how hard you work. You’re paid for how hard you are to replace."
A potential client should be wowed from the moment they’re introduced to your business until they’re off boarded. A well-designed client experience is how you add tax to your services.
What that looked like for Trove Social Academy was implementing a new automated onboarding process using Dubsado. Initially, we send clients a "How I Work agreement" to highlight the process, systems, and office hours. We have an in-depth strategy call that sets the tone for our entire working relationship and, as a bonus, new clients also received a welcome gift which they all LOVE. This system has kept us five steps ahead of every question or concern our clients have.
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Building your expertise takes time. Building systems and processes take time. Building a team takes time. You can't just slap a price on a service/product because you see others doing it. There are logistics and a standard of value you must bring.
By combining a well-structured business model and solid team with delivering a world-class experience to your clients is the blueprint for charging premium prices for your services.
How do you provide more value to your clients?
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