Jul 30

7 Critical Factors To Consider When Setting Prices For Your Services On Nomad Now

Online Hiring Platform

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Appropriate pricing depends on a variety of factors and differs from Order to Order and from Freelancer (includes Contractor, Consultant and Candidate) to Freelancer.

See suggestions below, which will guide you in determining the Price of your potential Orders. Mispricing (e.g.: over-pricing) your Services can reduce your chances of Orders, earning Revenues and growing your Freelancer reputation and 'reach'.

Factors to consider when setting your Pricing:

  1. What technical, specific Service is it that you’re offering and how much is it worth in the market and at this time?
  2. Are you offering something unique or rare? Is it customized or exclusive? Is it complex or highly technical? Or is the skill commonly available? Perhaps your skill is widely available but rare in a particular industry.
  3. Are you offering something that has a higher perceived value than offered by others on Nomad Now?
  4. Does delivering your Service require extra (say) care, complexity, focus or risk or have a bigger potential impact on the Client?
  5. Are you offering something that is substantially cheaper than its market price? Do you want to undercut competing Freelancers in order to encourage more Orders?

    Make sure that the particular Services that you’re offering are clearly indicated in your Profile and Skills description. Avoid using 'generalist' descriptions such as 'Marketing' or 'Medical' or 'Legal' (these are industries, not skills!).

    Search for Industry reports on remuneration bands across skills.
  6. How popular is your Service?

    If your Services are popular and have high demand, it’s a clear indicator that your value proposition is appealing for Clients. Increasing the Price of your Orders will help you in better balancing your demand while maximizing your Service quality and income.
  7. How strong is your Nomad Now reputation?

    It’s no surprise that Clients are more comfortable transacting with trusted Freelancers. With more money at stake, your reputation indicators (Ratings, Reviews, Profile, and Portfolio) will become a crucial element in the Client’s decision-making process.

Determining the right price:

Clients come to Nomad Now to receive professional services, on-demand and at fair prices. Many will spend significant amounts per Order. Determining the right price for your Order may not be easy. However, thinking about these few things can help you decide what your Price should be:

  1. How much will your Service cost elsewhere, and how appealing would you like to be compared to your competition?
  2. How much are your Clients willing to pay? You can check your Average Order Price for similar Services offered on Nomad Now (note: give us time to gather data for this functionality) as a reference.

‘It’s your business!’

You may need to adjust your pricing at times. Keep in mind that this is a great opportunity to explore the market and its pricing options. Pricing is dynamic and we want you to feel free to set Prices that you feel comfortable with.

Let us know if you have any other questions or need any other help!

About the author 

Ross Paton

After almost 8 years in corporate finance at Investec, Ross Paton co-founded Paton Personnel in 1997. Paton Personnel focuses on specialized technical Recruitment, and Ross and the team have consolidated Paton’s position as a top talent supplier in Financial Services and beyond. Paton is well-known and respected for its’ professionalism, accuracy and business integrity. Ross also co-created and built Thrive Café on the historical Vilikazi Street (Soweto) in 2013, which was sold to a consortium of Private Equity Investors in December 2015. Ross’s latest entrepreneurial venture is Nomad Now: South Africa’s very first digital end-to-end hiring platform which has brought the same technology that has disrupted the metered-taxi and short-term accommodation markets, to hiring and recruitment in SA.

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