Ever wonder why you don’t get many bids on freelancing sites? It could be because the amount of money you’re offering doesn’t fall in step with what good writers are used to being paid. As I mentioned in a recent blog, too many businesses and marketing professionals tend to play follow-the-leader when it comes to deciding how much they are going to pay for written content. It’s a slippery slope that can lead you into some very subpar copy.
Today, I want to explain to you how both freelancers and agencies determine pricing and give you an idea of where the money you are spending actually goes. What follows is a guideline that, I hope, gives you an idea of what you should expect (and be prepared) to pay for different types of copy from different sources.
DISCLAIMER: I tend to go over specifics in person when clients ask how our fees break down, so please don’t read this piece from the standpoint of, “This is how Beez does things.” Ours is a copywriting company that works with staff writers as well as freelancers, and there are many ways we determine our pricing depending on who is writing what.
Typical Freelancer Rates
Most freelancers start out bidding for jobs on sites like Upwork where they find gigs that run the gambit from $30 for a 500-word blog article to $100 for a lot of 20 500-word blogs. The former comes out to 6 cents per word. The latter accounts for a mere penny per word. Some clients pay even less, breaking down their rates to a fraction of a penny per word.
While many freelancers will take on low-paying jobs like that second example to establish a reputation, you have to realize that you are always going to get what you pay for. If you want to attract experienced writers, you should be prepared to pay more.
The current industry average for web content is about 3–4 cents per word (that’s $15–20 for a 500-word article). If you expect extras, like citations, images, or anything else that isn’t straight copy, be prepared to pay 5–6 cents per word to cover the time spent on the extras.
Outside the realm of web copy, other types of work typically fetch a bit more. The more time involved in the process, the more you should be willing to pay. I cringe when I see clients trying to get a 20,000-word e-book written for $50. There is no way you can – or should – expect good quality at those rates. In fact, for a book that length, $50 is around 10 percent of what you should be aiming to spend. Even that would be considered the low end of average.
No, it isn’t cheap, but neither is having that e-book pass through a dozen different hands to clean up the inevitable mess you’ll create by going the inexpensive route. As I’ve said before: If you do your research and collaborate with your writer to deliver quality, targeted content, your return on investment should more than cover what you pay your writer or agent.
Different writers also place heavier values on the types of copy they consider their specialties. Some specialize in email sequences. Others specialize in press releases. If you are looking for good, high-converting copy of a specific type, put out some feelers without offering a specific amount for the job.
Afterward, you can observe what people bid and start vetting those whose bids are somewhere in the middle. If you like what you see, you might be able to save some money. If not, you might have to look at some of the high-end bidders’ work and consider paying their rates.
Agency Overhead
The advantage of working with an agency is that good ones vet their writers and assign the best ones for the individual jobs that come in. If you contact a copywriting agency looking to pay freelancer rates, prepare to be disappointed. Companies like ours are here to provide a service. We search out the writers so you don’t have to wade through a sea of samples and spend hours deciding which writer would be the best fit.
So, how much extra can you expect to spend? That depends on the company. Some have fixed rates their writers agree to when coming onboard, while others add a service fee onto the writer’s preferred rate. Some have fixed rates and accept bids or rate requests from writers that meet or exceed their own predetermined profit margins.
Don’t run from an agency that doesn’t have a fixed menu of rates. It’s not always as simple as tagging a value onto a specific type of copy or just adding a prefixed percentage to every order. Also keep in mind that freelancing sites, by and large, do just that – and that rate is often 20 percent or more. That means that if you pay a writer $20, he or she is banking $16 before taxes, PayPal fees, bank transfer fees, etc.
Agencies have to cover their overhead, although some don’t take anywhere near as big a cut. Some, on the other hand, take even more than 20 percent. It all depends on a number of variables that any reputable agency should be happy to disclose.
Now, just a word of caution: If you talk to your agent and find out that they take a sizable cut, you might be tempted to immediately turn tail and run, thinking you can do way better hiring a freelancer. Here are a couple things to bear in mind:
First, chances are that agent is also putting out feelers on the freelancing sites. This is especially true if the agency doesn’t have a writer with expertise in a specific industry or niche.
Second, how much of your time and resources do you really think you should be spending vetting copywriters? How much will it cost? Do you want to have the best possible chance of receiving good, high-converting copy, or just hire someone on blind faith based on a few samples that have nothing to do with your brand? It’s a far greater risk to take that route (and it could cost you more in the long run).
Final Takeaway
If you have specific questions about how an agency or freelancer determines their pricing, just ask. Reputable ones will always have an answer, and smart ones base their rates on the types of clients they wish to attract. Finally, be prepared to field offers and expect a level of quality that is in line with what you are willing to pay. Experienced writers will demand more but will deliver a far superior product than someone who is new to the game.