Podcast: How to make 6-figures as a freelancing product marketer
Freelancing has become increasingly popular in recent years as it offers more flexibility and control over one’s work. However, finding clients and ensuring they receive fair compensation can be challenging for freelancers. In this episode of the Healthy Competition Podcast, Andy McCotter-Bicknell speaks with our co-founder Raechel Lambert, about her experiences as a freelancer and what she’s learned along the way.
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Charging for Services
One of the biggest challenges for freelancers is pricing their services. According to Raechel, market rates for product marketing managers vary depending on the experience and location of the consultant. However, one common mistake that many new consultants make is undervaluing their services. To avoid this, Raechel advises starting with shorter-term projects of around three months instead of immediately committing to longer periods, which allows for flexibility in rates and a chance to adjust the market rate if it is too low. Additionally, it’s important to be clear about availability, response times, and working hours to avoid misaligned expectations. While project-based pricing works well for widgets, it doesn’t work well for consulting unless there’s a tight process, and the consultant is clear about the time commitment.
Different Company Stages and Challenges
Raechel categorizes companies into three stages: early-stage, growth-stage, and enterprise-stage. For early-stage companies, a product marketing manager may be involved in product and company naming, customer acquisition, and finding initial product-to-market fit. Challenges include no budget, constant changes in scope, and the need for flexibility. In the growth stage, consultants may partner with demand gen or growth and work with cross-selling and upselling to existing customers. Challenges include coordinating campaigns and aligning with many stakeholders. In the enterprise stage, consultants may work on segmentation, verticalization, and acquisitions, and focus on sales and employee training. Challenges include bureaucracy, disjointed collaboration, and legal approval for everything. Freelancers should consider these different stages and the unique opportunities and challenges that come with each when deciding which companies to work with.
Attracting and Closing Your First Client
Closing the first client is often the hardest part for freelancers. Raechel advises consultants to be cautious and recommend shorter-term projects to avoid locking themselves into a low market rate. She suggests proposing a three-month minimum agreement that auto-renews monthly within 30 days and with a 30-day written cancellation. Freelancers should also be clear about what they can and cannot do to avoid misaligned expectations. Using a proposal template can be helpful in circulating details, and hiring a lawyer is unnecessary unless the consultant is screwed over and not paid.
Using AI Writing Tools
Raechel discusses how she uses AI writing tools like ChatGPT, Jasper, and Copy.ai in her work. While her company has a high bar for quality, she uses AI writing tools to generate ideas and understand complex industries. ChatGPT is used as a brainstorming buddy to improve the SEO and structure of her writing. She compares and contrasts Jasper and ChatGPT, noting that Jasper is powered by GPT-3 and focuses on marketing prompts, but worries about its long-term viability as ChatGPT becomes more widely available.
Benefits and Downsides of Freelancing
Rae and Andy discussed how freelancing offers more freedom and control over time, but it also has downsides such as the lack of steady income, no paid vacations, and no healthcare benefits. Rae mentions that having a steady salary and health insurance partner helps manage the risk. Additionally, freelancers may overbook themselves and not have the time to rest. Billable hours for a consultant are not the same as in-house jobs since a lot of time is spent on tasks like billing and marketing.
Pursuing a freelance career can provide individuals with increased autonomy over their work-life balance. But it’s important to comprehend the unique hurdles and prospects that freelancing presents to businesses at varying growth stages is essential, as is the ability to effectively manage expectations, leverage AI writing tools, and properly conclude contracts. By implementing these strategies, freelancers can maximize their success and satisfaction in this increasingly popular and competitive field.
