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How to set price hike for a gig?


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1 hour ago, sunitakarman44 said:

Hi, wanted to do a price hike for my current gig, so how to do this, I mean shall I circulate a message to my current customers about this? Thanks.

I wouldn't because that can be considered spam.  Just change the price, and if anyone asks why, just tell them that you are growing your business, and getting busier. Don't get trapped into working cheaply for former clients. 

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1 hour ago, newsmike said:

Don't get trapped into working cheaply for former clients. 

I 100% support this, but it might be wise to walk them up to the new pricing.  Basically, as always, it comes down to economics. You just have to do a decision tree and see what your expected values are.  For me, since I started at $5 pricing, I lost multiple clients when I went to $15 pricing, however, the revenue from the new customers at the higher pricing outstripped the old revenue of more clients at lower pricing.  That being said, I have a few good customers I am still giving discounted pricing too because the marginal benefit is still there. 

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2 hours ago, newsmike said:

I wouldn't because that can be considered spam.  Just change the price, and if anyone asks why, just tell them that you are growing your business, and getting busier. Don't get trapped into working cheaply for former clients. 

I can't agree on this enough. Well said!

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1 hour ago, cs_evans said:

For me, since I started at $5 pricing, I lost multiple clients when I went to $15 pricing,

I do wonder, though, is the work and process of recording voiceovers profitable at only $12 revenue? I'm a trained actor (stage, film, voice), myself, and I wouldn't be able to make a living at only $12 a recording. My voice has value. Heck, just the labor to record is worth far more than $12. You're right about expected value, but I think there's a point at which a professional has to expect more than $12 in return. I've listened to your sample recordings. Your voice is worth at least $100 a recording -- and that's still not even fair to you.

You should be charging more for your voice. Your voice has unique value. You are the only person with your voice.

1 hour ago, cs_evans said:

I am still giving discounted pricing too because the marginal benefit is still there. 

😮 You give discounts on $15 recording work?

Don't get me wrong, I'm not trying to sound rude, I'm just greatly surprised that there are so many freelancers on Fiverr who are not charging what they are worth. I don't offer recording work, myself, because the average market price is so unrealisticallly low here in Fiverr. 

5 hours ago, sunitakarman44 said:

wanted to do a price hike for my current gig, so how to do this, I mean shall I circulate a message to my current customers about this?

To answer you, the OP, raise your prices to match the point there the value you place on your service (and the fair profit you need to earn) cross the point at which your target customers are willing to pay. I can assure you, good graphics design work is worth a lot more than you are currently charging. 

As for marketing, no, do not send messages to buyers here on Fiverr, asking them to hire you (well, not outside the BR section, anyway). Try a variety of appropriate marketing strategies until you find the ones that work for YOU. There are thousands of articles and advice posts about marketing online. You can also find many great books about marketing (even low-cost marketing strategies) at your local book store.

There are no easy, no-effort ways to convince people to hire you. You get results equal to the effort you put into something. 

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2 minutes ago, jonbaas said:

You should be charging more for your voice. Your voice has unique value. You are the only person with your voice.

That's just the base pricing for a minimum number of words.  My ASP is over $50. 

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1 minute ago, cs_evans said:

My ASP is over $50.

That still seems like a low price for the kind of work you are offering, especially since you only keep $40 of that ASP (the rest goes to Fiverr), and the majority of your sales are from extras, which are a result of commercial license and other non-voice work add-ons. Have you considered a higher price point, more in line with your unique value? You DO have a skilled voice (and, yes, moreso than many of your price-point competitors here on Fiverr).

I've had people ask me how well I sell my own branding work. Point of fact, my $180 base-level package is one of my most popular. Value can be a challenging thing to pin down, but at the end of the day, it also has to be profitable. You have 38 seller reviews, maybe no more than 60 orders delivered here on Fiverr. If your ASP is around $50 (with 80% profit), that means roughly half of your 50-ish orders were less than $40 profit, and the other 25 were higher.

The OP brought up the topic of price hikes. I hate to see skilled professionals undervaluing their skills -- especially fellow voice actors. 🙂

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13 hours ago, sunitakarman44 said:

Hi, wanted to do a price hike for my current gig, so how to do this, I mean shall I circulate a message to my current customers about this? Thanks.

Just update the prices, and you dont have to notify anyone. 

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