Dynamic Online Freelancing Project Valuation and Pricing
I believe that dynamic pricing is the smartest way for most freelancers to optimize bidding. It is more work than static pricing, and requires more savvy in deciding how to deal with a client, but offers the best opportunities to maximize income in both the short term and the long run. Dynamic pricing involves starting with a bid based on an assessment of the worth of a project, and then using bidding strategies to adjust the number to come up with an optimal figure. The first step—project valuation—will be the subject of this section, while the second—pricing strategies—will be covered in the one that follows.
I begin here by explaining the two main ways of looking at the value of a freelancing project: by comparing costs and benefits, and by looking at supply and demand contributions. I explore the relationship between project value and the starting price you’ll use in ultimately determining a bid for a project. I explain some of the most important specific factors that go into dynamic pricing, showing how they impact project value and your potential bid. And I conclude by highlighting one important consideration that influences bids not based on project specifics, but rather freelancer characteristics: the value of feedback on a completed project.
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Last Site Update: February 1, 2012
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