“My project pipeline is drying up quickly! What do I do?”
That’s the most common question I’m hearing from fellow freelancers right now. And for good reason. After enjoying a steady stream of business for a few years, many freelance professionals are now scraping for work, taking whatever they can find, for whatever fees they can get.
There’s no doubt about it, folks: these are tough times globally. And it may not get better for a couple of years.
But instead of panicking (which won’t solve anything), the question we should all be asking ourselves is, “What am I going to do about it?”
Here’s how I’ve decided to approach this challenge…
First, I’ve made a conscious decision not to panic. Economies go through cycles. This one is no different. So every day I remind myself that this, too, shall pass. (Believe me, when I see the stock market seesawing the way it has, I have to work just as hard as everyone else to stay calm.)
Second, I’ve restructured my marketing strategy to focus greater effort on 3 key areas:
#1: Networking and Word of Mouth. If you haven’t already added networking to your marketing mix, now is the time to do so (and promise yourself that you’ll continue the practice even once we’re out of this economic mess). Fact is, prospects who come to you via networking are usually the easiest to convert.
Most metropolitan areas offer a wealth of networking opportunities. However, try to stick to 2 – 3 organization(s) that are rich with potential prospects. Join committees, get elected to the board of directors, volunteer for key projects. That’s how you REALLY get value from this tactic.
Don’t live near a big city? The opportunities to network online have never been greater! Become an active contributor to industry online forums. Join (and strategically use!) LinkedIn, Twitter, Facebook and other popular social media sites. A quick Google search on how to leverage these tools for business development will give you dozens of ideas.
#2: Articles. Writing articles for print and online publications is one of the most cost-effective ways to kick-start or revive a freelance business. In fact, just one or two articles in a very targeted publication—one that caters to your specific niche market—can lead to a dozen or more inquiries and more work than you can handle.
Articles that promise to deliver new ideas, insights and information get read—and the author gets noticed. When well written, readers view these articles as a necessary part of increasing and maintaining their knowledge base.
#3: Direct Mail. Direct mail enables you to “touch” hundreds of carefully qualified potential clients quickly and cost effectively. In most cases, it should become your main recurring tactic—the vehicle you’ll be using while you execute other promotional efforts.
With direct mail, try a two-step approach. First, offer valuable, free information as your call to action. This will allow you to “capture” more potential prospects, regardless of their timing to hire a freelancer. From there, you then nurture respondents into an eventual business relationship.
I have a more comprehensive plan in place. But these 3 tactics represent the core of what I’m doing today.
What are YOU doing differently in this economy to attract new business? What’s working? What’s not?
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About the Author: Ed Gandia is the co-editor of The Wealthy Freelancer and publisher of the biweekly newsletter, The Profitable Freelancer. To get a free copy of his report, 7 Steps to Landing More Lucrative Freelance Projects, (and 2 other unadvertised gifts) visit www.TheProfitableFreelancer.com.
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I have been doing one of these consistently, which is the networking. I belong to a BNI group for several years now and that has helped me keep a steady supply of new leads coming in. I need to be better about numbers 2 and 3. However a couple of things I didn’t see on the list are…
1. Recycle existing or past clients. Be proactive and approach them about new projects and work that they can consider and hire you to do.
2. Develop multiple streams of income. Having more than one service you can offer and being able to put it all together may help you survive. I have a friend of mine that says even a bunch of little things. He says “scraps make a meal” which I would agree with.
I think direct mail is probably a great approach in this market, especially if you target companies that are downsizing and may need short-term help.
@ Michael – Good ideas on recycling old/past clients. I continue to be surprised at what staying in touch will bring months or years later, when I need it the most.
@ John – I agree. Direct mail has been very good to me. Working on a campaign right now, in fact. The key is to NOT depend on it as your main source of inquiries. It should be part of a smart and diversified marketing strategy. Very much like a well-diversified stock portfolio.
Hello Ed, got your message on Twitter.
I agree with Michael. We all focus, as we should on our main source of income, but after many years in busness I believe totally in multiple sources of income.
In fact I spend 30% of my time setting up passive income streams on the net.
Another way for freelance writers to make money is to offer to rewrite articles for clients so that they can pay less, and probably can get away with some of their very old articles being resubmitted. Clients will like the fact that you are thinking of their bottom line.
Hi Kaye!
Couldn’t agree more that setting up passive income streams is a good idea. Besides helping you grow your total income, it also diversifies your business. However, setting up these streams, in my experience is tougher than it appears. Not trying to discourage anyone. Just throwing in my 2 cents. It’s a lot more work than many realize initially, and getting to a point where you’re making good money “while you sleep” takes time.
The ideas you offered are excellent. However, IMO, they don’t fall into the “passive” category. To me, these are creative ways you can grow your business in tough times. And you’re absolutely right — many clients will/are looking for less expensive ways to engage freelancers. So offering an introductory service like the one you mention can be a great way to land new work and develop a longer-term (and more profitable) relationships!
Thanks for contributing. Great insights!
I don’t know that direct mail would really work for ghostwriting… might, but mostly what I do is remember my client’s are not the source of my good – in other words I take a metaphysical, spiritual approach to abundance and prosperity. Which doesn’t mean I don’t network, and pass out business cards, and post on others blogs, etc. etc. etc. But the ’still small voice’ approach seems to work for me.
Anne Wayman