ROI (Return on Investment) is one key performance indicator (KPI) that you can actually take to the bank with you.
To help ensure a robust return on your investment, make sure the writer you hire is a professional with an impressive portfolio and scores of testimonials from enthusiastic present and former clients.
Case in point:
Last month an attorney hired me to write a three-panel, 248-word post card for him. He said his budget was $500. I asked him about his target audience and what he could expect to receive (his ROI) if the post card did what he wanted it to do.
He told me that each post card that converted would earn him $2500. His target audience was identified and he had their names and addresses (500 of them).
I felt confident, based on his offer, that I’d be able to help him convert a lot of them.
So, based on what he told me, I should have asked for $2500 (the price of a single conversion) but his stated budget was $500, so said I wouldn’t do it for less than $900.
I let him know that my ROI (the return on investment of my writing time) had to make sense to me, too, and that if I did a good job for him, which I certainly planned to do, he stood to gain (literally) hundreds of thousands of dollars (over a million dollars, if all 500 converted, but even if only 25 converted, he’d still make $62,500)!!!
Because I was new to him, he felt he was taking quite the risk. (He was scared.) I told him finally, “Okay, I’ll do it for you for $500 up front. Just agree to pay me the balance as soon as the conversions start coming in.” He agreed to that readily enough!
Well, when he saw the copy I wrote for him, he was over the moon and paid the entire $900 upfront, eagerly. He felt sure I’d written a real winner.
That was about three weeks ago.
This weekend he wrote to say the first post card had converted “very well” and that he wanted me to help him with another one, targeting a different well-defined audience, but with the same potential for huge financial rewards if it converts even half as well and the other one did.
He had the talking points for the second one so I only had to dance with the copy for about 10 minutes to kick them into sufficient shape to convert for him. He was delighted with the result and asked what I wanted for my efforts. I’m sure he was probably expecting another $900. Instead, I suggested $125 up front and “a piece of the action”; that is, I want a bonus based on how well the new post card converts for him.
It’s a calculated risk I’m taking but in doing this, I’ll get to see how well he’s going to reward me for what I did to make his talking points riveting and compelling, and for keeping me on board in the future. I figure he’ll end up paying me more than I would ever demand if he wants to keep me working for him. (He’s a good guy with scruples. If I sensed he wasn’t, I wouldn’t have risked this.)
The Bottom Line about ROI
It isn’t about the time it takes a writer to create or fix something that determines the cost of a piece; it’s about the potential VALUE of great results to the client. A professional writer greatly reduces the risk you take when you hire a writer. The likelihood that your ROI will be robust skyrockets with a tried-and-true professional as your marketing partner.
If you’re making money hand over fist using a professional writer’s copy and insights, the writer’s VALUE to you is a lot more than the number of minutes he or she spends creating or enhancing it for you. So, reward them with a grin-busting bonus–one that shows them you “get it” and that know you’d be measurably less successful without them.
Professional writers know how to make words do what they’re supposed to do. Chances are you don’t, or you wouldn’t be looking to hire a writer.
My post card client has promised to write me a testimonial this week stating how well my post cards have converted for him. As soon as I have it in hand, I’ll post it on my testimonials page.