Pricing your development services is necessary to remain competitive in today’s world. Ensure to take these pointers into account when pricing your development services.
How do you know that you are striking the right balance between the quality of services that you offer and the price you charge for the same? Or how would you determine the exact value of the development services you provide? If you are still trying to find answers for these questions, here are some pointers, which will help you set the worth of your development services.
1. Check Out The Competition
The best way to ascertain whether you are undercharging or overcharging your services is to check out the competition. Finding out how much your competitors are charging for similar services will let you select the right price for your development services. You can collect quotes from these companies as a customer or chose to look into job sites like Upwork to see how much services, such as web design or development, usually cost.
2. Research Industry Charges
Finding out standard salaries for different careers in the industry has become easy nowadays. Many websites like Glassdoor do the work of conducting surveys and compiling data to provide an accurate idea of what different jobs in the industry would cost. You can create a free account with these websites and get an idea of an approximate rate you can charge for your services based on key factors like your education, experience, certifications and so on.
3. Keep Your Education And Experience in Consideration
It is important to take note of your educational qualifications, as well as experience, when setting a price for your services. For, the higher the educational qualification and experience, the higher will be the charge for a development service.
Look into developer salaries on sites like Glassdoor and Upwork to find the average salary quoted by developers who are similar to you in years of experience. For instance, if you find the majority of developers with 2 years of experience charging $50 for development services, you may ask anywhere between $80 and $100 for 5 or more years of experience. In certain cases, pricing yourself lower than competitors with the same level of experience and expertise may also prove beneficial, as some companies may want to hire developers who charge lesser than their counterparts.
4. Take into Account Standard Pricing Models of WordPress
If you are using WordPress plugins for your web development services, you might want to look into the different pricing models offered by WordPress. Some of these models include:
5. One-time Pricing Model
Customer pays for the theme or plugin in a single payment, usually receiving updates and lifetime support for the plugin/theme.
Recurring Pricing Model
- Customer pays initially for the theme/plugin and then continues to pay regularly for support and updates.
Tiered Pricing Model
- Customer pays for the theme/plugin and its updates and support in varying tiers, with the higher tiers featuring advanced features costing more than basic tiers.