How to Get the Best Content Marketing Pay Rate: By Word, By Hour or By Project
When an editor of a trade publication or consumer publication hires you, they typically tell you how much they will pay per word. There is little negotiating since the publication most likely works with freelancers all day long. However, when working with corporate clients, the pay model is not nearly as cut and dry, so typically there is more room for negotiation.
The first step to negotiating a great rate with a corporate client is to have a solid understanding of the typical pay models and the benefits of each. However, no matter which model your client uses, it is essential for you to accurately estimate how long the piece will take you and calculate it back to how much you are actually earning per hour to determine whether it’s a good rate.
Pay Per Word – This pay model is pretty straightforward and familiar to writers. If you write 800 words at $1 per word, then you get paid $800. While the gold standard in consumer publications has always been $1 per word, sometimes in content marketing writing, lower per word rates can actually net you a higher hourly rate depending on the revision cycle, number of sources, your familiarity with the topics and the amount of research. If you are writing blogs, then the pay per word is typically less than $1 per word, but if you are working on a complex technology white paper then you should be talking more than $1 per word, at least. This model works pretty well for the most part because as you get faster with writing, you increase your income and it is essentially project pricing framed another way.
Pay Per Hour – This is when you bill the client for a set number of hours at an agreed upon hourly rate. I hate this model with a purple passion and try to avoid it whenever humanly possible. But unfortunately many companies are used to paying other freelancers and contractors by the hour and feel comfortable with this model. The main reason why I dislike this model is that it is almost impossible to earn my target hourly rate of $100 per hour because most companies are going to balk at this high rate. With the other models, it is much easier to keep my hourly rate a secret. If you are paid by the project or the word, then you get paid more once you get faster writing about the topic. However, in an hourly pay model, you are actually penalized for becoming more efficient. And to top it off, I just plain hate tracking my hours throughout the day. I also do a lot of writing in my head while driving and I just plain can’t figure out how to bill for that.
Pay Per Project – This is the sweet spot. You don’t have to track your hours, can estimate exactly how much you will earn, and you don’t have to reveal your hourly rate to the client. The best part is that you can increase your income on subsequent projects as you become more efficient. I tell clients that I prefer to price by project because I find that it is more advantageous for my clients because they can more accurately budget for writing projects and I can focus on creating amazing content instead of spending time tracking my hours. When explained this way, most brands will nod their heads and agree.
Which pricing model do you prefer? What benefits and negatives have you found for each one?
I almost always try the “per project” fee as well. Lately I am receiving responses along the lines of them wanting examples so they can gain more of an idea of what the cost will be. Is that OK to give? Or do you advise to wait until they spell out a specific project for you, and then quote?
Hi Holly, Thanks so much for stopping by. I have been getting the same request for general rates and I’m actually currently working on a whole post on this topic. Yes, I think what you are doing is perfect. I typically ask the client to describe a typical project (length, complexity, number of sources) and I will give a ball park quote based on that information. This lets both of us know if we are in the same ballpark as far as rates. Then when they have a specific project, I will price that out using the same rate range. I honestly think that the sooner you find out if they are willing to pay your rates, the better.
Let me know if you have any other questions!
Jennifer
[…] we talked about earlier this week, one of the most important elements of making a good income is being able to accurately determine […]
Hi Jennifer,
I’m curious – I’ve recently gained some success with Huffington Post and Elite Daily with a journalism piece I did on a woman who’s one of the leading dating experts in the world. Long story short I asked her a few interview style questions to get an idea of her brand and basically wrote a piece about how people can learn from her. I thought to myself how this type of writing branches into the marketing world and that I can make a business model on writing about brands I believe in for individuals and companies who are looking for publicity. I just have no idea how to price this type of business model. Here’s the article if you care to see! http://www.feelrightinc.com/blog/kezianoble – looking forward to your response. Loving your insight.
Are you talking about placing an article? This means getting paid by a source to write about them and then getting paid by a publication to writer the article? If this is what you mean, then this isn’t ethical. Or are you talking about writing content for brands you believe in? I’m happy to help you, just clarify what you mean.
[…] a simple question. But if you see a pay rate listed that is obviously way too low for you to earn $100 per hour (or slightly lower if you are just starting out) then don’t waste your […]
[…] to agree to a low price over email than in a phone call. So whenever possible, I had all of my rate discussions over email. If someone asked for a rate quote over the phone I said that I needed to think about it so I […]
[…] per hour and higher for technical areas or specialized projects. This is not to be confused with charging an hourly rate, which I don’t recommend, and I always use a project rate if at all possible. I honestly think […]
[…] amount of time it takes you to complete a project, you more time to spend on other projects and increase your hourly rate. If you take this extra time to take on more work, then your income grows. Or if you want to use […]
[…] a list of all of your clients and calculate the average hourly rate you earn for each […]
[…] a better hourly rate on projects in the 50 cents per word rate due to lower revisions. Instead I use project pricing and only take projects where I can earn at least $100 an hour, closer to $150 for highly technical […]
[…] have found that the best way to compare content marketing rates apples to apples converting each gig to an estimated hourly rate and use project pricing. The way you do this is to determine how long the project will take and then multiply it by your […]
[…] per hour and higher for technical areas or specialized projects. This is not to be confused with charging an hourly rate, which I don’t recommend, and I always use a project rate if at all possible. I honestly think […]