Do you get stage fright when the client wants to talk about budget and price?
This is a conversation that by definition needs to happen for every project yet a lot of freelancers still avoid it, prolong it, or rush through it because they feel weird about talking about money.
Money is an asset, just like any other asset being discussed for a project (i.e. logo files, brand guidelines, library footage), and you want to talk about it strategically.
The problem with client negotiations:
You don’t have the words, overcomplicate things, and accept a lower rate for the same amount of work.
The benefit of solving it:
A win-win for you and the client. You get paid for the work you do instead of taking a pay cut to land the client, and they get a project that meets their goals.
Why what you've tried has failed:
You focus solely on rate, which can lead to a stalemate when the client's budget and your desired compensation are far apart.
Here's how to solve it:
As a strategic partner, your role is to help clients achieve their desired outcomes while staying within their budget.
So keep it simple.
You and the client are having a conversation.
By shifting your perspective from negotiation to conversation, you create an environment conducive to collaboration and mutual understanding.
This approach establishes you as a valuable ally in helping clients determine the best way to achieve their goals while working within their budget limitations.
Instead of fixating on rate, explore opportunities to adjust the project's scope to fit within the client's budget.
For instance, a photographer could cover only part of the event or exclude photo editing, thereby creating a smaller version of the project that still allows you to be adequately compensated for your work.
To prepare for this possibility, it’s a good idea to take some time to brainstorm and list the various ways you can adjust the scope of your services to accommodate different budget levels.
This proactive approach ensures that you are prepared to present alternative options during a client call, showcasing your flexibility and commitment to finding a suitable solution…
(hmm…that sounds like something a strategic partner would do, doesn’t it?)
Remember, a majority of the time cost isn’t the client’s priority, so don’t make that assumption.
When you’re buying something very important to you, do you immediately choose the least expensive option, or do you start with the best/most expensive and go from there?
Educate your client on what it will cost to achieve exactly what they’re looking for, then go from there.
Finally, if a project doesn't align with your financial or professional goals, it's okay to walk away.
For the right client and project, you will always find a way to collaborate effectively and achieve success together.
In the end, always advocate for the success of the project.
Your advocacy will be appreciated and set you apart from other freelancers.
Best,
Jamie
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