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- Is it time to change your pricing? 🌱
Is it time to change your pricing? 🌱
Mai An Tran
January 10, 2024
Hello and welcome to your weekly installment of Growth By Social! This week we’re going through:
📱 This week’s social media news
💻 7 client pitch/presentation tips
📈 5 signs it's time to increase your pricing
💰 How to increase your social media prices
🤝 The Paris Hilton/X collab
First up…
🥸 Instagram is testing out a new feature called 'Flipside' which will be a private profile on your existing account
🛍️ TikTok is planning on upping its in-stream commerce spend 10x this year
🎥 New reports suggest Facebook and Instagram Reels outperform TikTok when it comes to views
📉 The average time people are spending on X is declining, according to recent traffic numbers
❌ Advertisers on X can now target Premium subscribers only in campaigns
Now let’s talk client pitches!
💻 Top 7 client pitch/presentation tips
Got a client pitch coming up soon?
Here are 7 tips to help you nail it 👇
1️⃣ Always personalize your pitch to the client and tailor it to their specific concerns and interests.
2️⃣ Create a pitch deck - we have a handy guide on how to create a social media management pitch deck!
3️⃣ Focus on the benefits and the value they will receive from working with you.
4️⃣ Be proactive about any concerns you think they might have and address them.
5️⃣ Practice, practice, practice! Run through it, time it, and get colleagues to give you feedback.
6️⃣ Provide a strong call to action and outline the next steps.
7️⃣ Follow up! A thank you email summarizing key points goes a long way in building the relationship.
And always be transparent about your pricing! Speaking of which… Is it time to increase it? Let’s see:
📈 5 signs it's time to increase your pricing
1️⃣ Your operating costs have increased
2️⃣ You're thinking of scaling
3️⃣ You're always at capacity and clients are happy with your work
4️⃣ You can't remember the last time you increased your prices
5️⃣ Your current prices are below market value
Sound like you? Check out MixBloom's blog for some tips on how much to charge for social media management.
So you’ve decided it’s time, how do you go about actually increasing your prices?
4 things to consider when determining a reasonable price increase 👇
👉 1. Market analysis
Research your competitors and their pricing strategies, and analyze your market/industry. This helps you determine the range of prices your customers are willing to pay.
👉 2. Overhead costs
Calculate your overhead costs - rent, utilities, salaries etc. Make sure your prices cover your costs and provide a reasonable profit margin!
👉 3. Level of competition
If you have lots of competitors, you’ll need to ensure your pricing is competitive.
Not many competitors? Charge that premium price! 😏
👉 4. Value and quality of service
Consider your level of expertise, experience and the qualifications of you and your team.
Higher quality services = more $$$.
Let’s move on to some recent news - did someone say a Paris Hilton/X collab?!
🤝 The Paris Hilton/X collab
Paris Hilton has signed an exclusive content deal with X to try and help with the push for more video content on the platform.
The agreement will see Paris Hilton's business, 11:11 Media, creating 4 video programs for X each year - things like live shopping broadcasts and Spaces audio chats are on the cards. 🛍️
So, yeah, that happened. What do you think of this collaboration? Will it work?
That’s everything for now! We’ll be back in your inbox next week to discuss:
👚 The Mean Girls/Paramount campaign
📝 How and where to collect client feedback
👀 The Olaplex “dupe” campaign
See you then!
If you enjoyed this newsletter please show your support over on LinkedIn and…
Till next time,
Mai An Tran, Co-Founder of MixBloom