How To Set The Right Price For A Graphic Design Work
Published on 2021-03-25 by Ching Chieh Li.
Freelance graphic designers offer several types of visual elements like logos, graphics for social media posts. With the engaging graphic, the brand adds credibility and builds trust. A good illustration comes from endless hard-working attitudes, midnight inspiration, and several cups of coffee. How to set the right price for the vivid image? Setting the right price for the graphic design work is more complicated than expect it. On the marketplace, the price range can be $15 to $150 per hour. If the fee is too high, the client might run away. This is a step-by-step guide for freelance graphic designers to set the price for their work.
Step 1: Take a look at other freelancers with similar experience
You can always start by checking the competitors. Pay attention to the freelancer who knows similar skills and has a similar experience as you. Check their pricing and range of their service. You understand more about the pricing range in the market by checking the competitors. Pay attention to the following details.
- How long he/she has worked as a graphic designer
- What are their skill sets
- What is the difference between you and them
Step 2: Know the influence behind the work
You have the pricing range of the graphic designers after analyzing the competitors. Now we are going to analyze the value of the work. Your work significantly influences the client's business, such as building brand awareness, the brand image on social media platforms.
- What kinds of value you will bring to the client
- To reach the goal, what kinds of service you will provide to the client
Step 3:Check the client's budget
After understanding the value of your work, then you are ready to negotiate with the client. The client has a certain amount of the budget for the work. You can start from the pricing proposal "The price for the work is between XXX to XXX. Depend on the complexity and the scope of the work." Then you can start to negotiate the price and the scope of the work with the client. You can list the essential elements, such as how the client would like to use the final work and the frequency for making small changes during discussion.
Hourly rate VS Fixed rate
Hourly rate and fixed-rate are common ways for freelance graphic designers to set the price. The hourly rate is a typical method for a one-time project, such as a graphic for one social media post. The client will ask for the estimated time for finishing the work and the hourly rates of the designer. The designer can simply use the time-tracking software for providing the working hours report. The fixed-rate is often used for long-term projects such as the graphics for the website. You charge a certain amount for the whole project. The client may send part of the payment as the deposit initially and send the rest of the payment later. The type of project usual is more complicated and the client may hesitate to start with the fixed-rate at the beginning.
Which is the best way
To be honest, both ways are suitable for freelance graphic designers. You can use both methods. For example, for the new client, you can start from the hourly rate. The client has a chance to know you a bit more before beginning the long-term project. For a project with additional value, a fixed-rate is more suitable. There is no specific formula for setting the price for your masterpiece. You are the person who understands the value of your work.
Graphics brings a significant influence between the target audience and the brand. Our talented graphic designer has the best skills for the work. You will have more ideas for the creative project by understanding the influence behind the work. The clients trust you even more after they know much you care for the project. The right price reflects your professionalism and hard work.