Setting the right prices for your services on Fiverr can be a challenging task, especially if you’re new to freelancing or the platform itself. Pricing is a key factor that affects your ability to attract buyers, ensure fair compensation for your work, and grow your freelancing business. In this article, we’ll explore how to set competitive prices and create compelling packages that work for you and your clients.
1. Understanding Fiverr’s Pricing Structure
On Fiverr, pricing is flexible, allowing you to offer a range of services with varying price points. As a seller, you can create three different packages (Basic, Standard, and Premium) for each of your Gigs. These packages give you the flexibility to cater to buyers with different budgets and requirements.
Each package allows you to set:
- A price
- A delivery time
- Service details (what’s included)
- Additional extras (such as faster delivery or added features)
In this section, we’ll guide you through setting your prices effectively.
2. Factors to Consider When Setting Prices
Before you set a price, consider these factors:
a. Your Experience and Skill Level
If you’re just starting, you may want to set your prices lower to attract your first clients. However, as you gain experience and build a portfolio, you can gradually increase your prices.
If you’re an experienced professional, it’s important to price your services according to the value you bring to the table. Don’t undervalue yourself.
b. Market Rates
Browse Fiverr and research what other sellers in your niche are charging. Compare the prices of similar services to see where you stand. If you notice that top-rated sellers are charging $100 for a service that you’re offering for $5, you may want to consider adjusting your pricing strategy.
c. Your Time and Effort
Consider how long the service will take and how much effort you will need to put in. Be realistic about the amount of time and skill required for the job and set your prices accordingly.
Pro Tip: Don’t forget to account for Fiverr’s 20% commission in your pricing. For example, if you charge $50 for a gig, you’ll only receive $40 after Fiverr takes its cut.
3. Setting Prices for Different Gigs
a. Basic Package
The Basic package should be your entry-level service. Offer a simpler, quicker solution at a lower price point. This package is meant to attract buyers who want something straightforward or who are on a tight budget.
- Keep the price low, but don’t undervalue your work.
- Offer basic features that will get the job done but without extra frills.
- Set a reasonable delivery time.
Example:
If you’re a graphic designer, your Basic package could include a simple logo design delivered in 3 days for $25.
b. Standard Package
The Standard package is your middle ground. This package should offer a more comprehensive service and be priced accordingly. It’s meant for buyers who want something more advanced than the Basic package but aren’t looking for the full premium service.
- Offer more features and customization than the Basic package.
- Set a price that reflects the additional value you provide.
- Add extra options, such as revisions or additional file formats.
Example:
Your Standard package could include a logo with two revisions and additional formats for $50, delivered in 5 days.
c. Premium Package
The Premium package is for buyers who want the best and are willing to pay for it. This package should include everything that the other two packages offer, plus additional features, premium quality, and faster delivery times.
- Offer high-end services that show the full extent of your skills.
- Include extras like unlimited revisions, premium features, or very fast delivery.
- Price this package at the higher end of the spectrum.
Example:
For $100, the Premium package could include a custom logo design with unlimited revisions, multiple file formats, a brand style guide, and a quick 2-day delivery.
4. Setting Gig Extras
Gig Extras are an additional way to upsell your services. These are extra features that buyers can choose to add to their order for an additional fee. Extras are a great way to increase the total value of an order without having to increase the base price.
Here are some examples of Gig Extras you can offer:
- Faster delivery: Charge extra for an expedited delivery option.
- Extra revisions: Include additional rounds of revisions beyond the base package.
- Source files: Offer the raw files or editable versions of your work.
- Advanced features: For example, in web development, offer additional functionalities like mobile responsiveness.
Pro Tip: Make sure your Gig Extras are relevant and valuable to the buyer. Overloading them with unnecessary extras might turn potential buyers off.
5. Testing and Adjusting Your Prices
Setting your prices is not a one-time thing. As you gain experience, get more reviews, and improve your skills, you should continually reassess your pricing strategy. Here’s how you can refine your pricing over time:
- Track performance: Look at how well your Gigs are performing. Are you getting a lot of orders but not charging enough? Or are you pricing too high and not getting any orders?
- Check your competition: Keep an eye on what other sellers in your niche are charging.
- Get feedback: If a buyer mentions that your price is too high or too low, take it into consideration.
- Increase prices gradually: As you build a portfolio and reputation, slowly increase your prices.
Tip: Fiverr allows you to edit your Gig prices at any time. You can experiment with different price points until you find what works for you.
6. Final Thoughts
Setting your prices on Fiverr can be tricky at first, but it’s a crucial step in building your freelancing business. The key is to start with competitive pricing, offer different packages to cater to various budgets, and gradually adjust your prices as you gain experience and feedback.
Remember, Fiverr gives you the flexibility to experiment with different pricing strategies, so don’t be afraid to adjust your rates until you find what works best for you.