#198: Stop Complaining About Low Rates!

Welcome to the High Income Business Writing Podcast, helping you propel your writing business to a whole new level. And now, here's your host, Ed Gandia.

Hey there. Welcome to the High Income Business Writing Podcast. I am your host, Ed Gandia, and this is the podcast for business writers and copywriters who want to earn more and less time doing work they love for better clients. You can find detailed show notes for this episode@b2b launcher.com episode 198. Those notes always include a summary of our discussion here, as well as any links to resources I mentioned during the show. This episode is a little different and a little shorter than usual. If you've been listening to the show for a while, you know that most of my episodes run 30 to 45 minutes. Many are interviews with practitioners who are doing really cool things. Others are monologues where I personally share an idea or strategy or a tip to help you improve your writing business. But in this episode, I'm going to just address an issue I've been seeing actually for the past few years, but it seems to have been more common over the past year or so and it's something that I've been tiptoeing around for a while and I think it's time to address it. Before I talk about it, let me just say, look, I'm annoyed. When I'm annoyed by something, I like to vent and sometimes maybe a bit too much. Which is why what I'm about to share with you might come as a surprise. Because I know it's very easy to complain to others when you're frustrating. It feels good to let it all out. But as I mentioned, I've been seeing a trend that's not serving riders and if anything, it's hurting them. And it's hurting their confidence and their ability to stay focused on what matters most. And that's the issue of bargain basement rates. So you know, a couple of comments that I've seen in different Facebook groups, or that I've heard in different calls, or that I've seen in emails that I've get from subscribers to my mailing list. I just got off the phone with a prospect who's only willing to pay 5 cents a word for a ghost written article they want to place in an industry publication or a prospect I thought would be great to work with offered me $50 per 800 word blog post and they want them turn around in two days. And look, it's very easy to get frustrated when you hear of things like this. When you get prospects not just making you these offers, but really feeling like this is plenty of money, that, you know, you're lucky that I'm even giving you that much. I'm actually thinking about lowering what I offer. But complaining about this trend, about these rates, about these offers is completely fruitless because you're not looking at the problem the right way. See, when we talk about the market, what the market will bear, what market rates are, you know, what are the trends in terms of rates, we need to recognize that there's no such thing. There's not one market out there. There are multiple markets. I like to think of them as segments of the market. There are multiple segments out there. And just because one segment of the market thinks that $0.05 per word is about right, doesn't mean that this is indicative of what's happening elsewhere. And, you know, as an aside, frankly, if you're discussing rates in terms of per word pricing, whether you bring it up or the prospects bringing it up, you're heading down the wrong path to begin with. Okay? So I even cringe just. Just talking about per word pricing right now is making me sweat. Okay, this shouldn't even enter the conversation, but, you know, it is what it is. I just wanted to show some illustrations of what I'm hearing out there. And look, there's zero doubt that there is more competition out there than ever before. Okay, It'd be silly for me to deny that, but most of that competition is happening in the bargain basement segment of the market. I talked about this at length in episode nine of the podcast way back in 2013, and I encourage you to check it out. So if this is something, what I'm describing, if it's something that you are frustrated with right now, if this is resonating with you, you really need to listen to episode nine, okay? Because I get into detail and I explain what I mean about these different segments, why they matter, what segment you should be playing in, and so forth. The thing is, though, even though it's, yes, the competition is there, it's happening in the bargain basement level, but it's not happening nearly as much. Nowhere close to as much in the trusted expert level or segment of the market, which is where you really need to be playing. Okay? My favorite burger joint in Atlanta is called Flip Burger Boutique. It's an amazing place. If you live here or ever visit Atlanta, make sure to look them up. There's a few locations. These are real works of art. And I love burgers, but I want a good burger. They're not huge, which is Great. I don't want anything big. I don't want to come out of a restaurant just completely stuffed. They're not big and they're just fantastic. So creative, so tasty. There's so much going on in these burgers. They're carefully thought out, beautifully executed. It really is just a gourmet meal in my mind, especially for a burger. But here's the thing. Flip and other similar gourmet burger joints have been growing all over the country. And I have to just believe that the owners of these restaurants and the chefs and the founders aren't really concerned that McDonald's continues to grow, that there might be a McDonald's a block or two down the road, that maybe now a Wendy's is opening up a few blocks down the road. Do you really think these people are worried about that kind of competition? And the answer is no, they're really not. I mean, if they would be worried, I'd be very concerned about how they're thinking about their business. Okay. It's the same thing here in your business. You know, Flip Burger Boutique would be the trusted advisor or the rock star segments of the market. And, you know, why would you worry about the bargain basement level now? Does it sometimes seep in into the trusted advisor level? Not really. If you remember my pyramid, there's a level beneath that that's called the vendor market. It definitely seeps in there. So I want you to sometimes, you know, when you get frustrated, it does help to kind of step outside the situation and ask yourself, okay, let's look at a different industry. Let's look at a different business. Let's look for a place where you're getting a real quality product or service. And then let's look at a bargain basement competitor, if you can even call them a competitor. And then ask yourself, would the high level business really be worried about the fact that the bargain basement competitors continue to bring down the rates? So would a Four Seasons Hotel worry that Motel 6 continues to open locations in that city, in that metropolitan area? The answer is no. Right? So when you look at all these different industries, that's not really a factor. Now, again, it can be very frustrating to hear these kinds of low ball offers from prospects. Okay, I get it. I really do. But there are many ways around this. Okay? You can avoid this or large percentage of these frustrating offers and discussions by positioning yourself better, by being clear about the value you bring to the table, by messaging your value in a way that bargain basement prospects are quickly going to understand that you're not going to work for 5 cents a word. And again, just the thought of even talking about per word pricing just makes me cringe. By implementing a better prospect qualification or screening process, there are many things you can do where you're not having to waste your time having these frustrating discussions that are going to lead to these rants. There are certainly things you could do, but above all, look, stop complaining, okay? I can't say it any nicer than that. Stop complaining. Recognize that there will always be millions of people who, again, simply want McDonald's. They want the cheapest possible meal. They want to fill themselves up. They're hungry and they just want to fill their belly. And they don't care what it is. They aren't willing to drop $20 on a burger, no matter what. I mean, there are people out there who will never, ever, ever pay $20 for a burger. It's not even a consideration. And you know what? Flip doesn't give a flip that McDonald's and Wendy's continue to grow and you shouldn't care that millions of writers are willing to work for peanuts. And I don't mean that in a mean way, okay? I mean that that shouldn't be your focus. Stay focused on you. Stay focused on your goals, your strategy, your path. Keep your eye on the prize and let someone else worry about Happy Meals. This is Bennett Gandia. I hope you have a wonderful rest of the day. Take care.

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