The market's changed, here's what I'm doing about it
Thoughts from an honest freelancer, plus links and listens you may like.
Not so long ago I shared this Instagram post detailing the revenue (read: total amount invoiced) over the course of my freelance career.
In it, you can see that for the past three years of my freelance career I’ve been hitting, on average, around £8k per month total amount invoiced (and for full transparency, in a digital one-person business with few overheads about 80% of this is profit).
But what I didn’t realise until now is that those years earning that type of money felt easy. I certainly wasn’t earning it because I was hustling particularly hard (spoiler: I only ever worked a maximum of about 6 hours per day, 5 days per week) and I was never very conscious about creating a pipeline or regular stream of leads.
The work often came to me, usually through word of mouth. My pricing was generally never queried and, if anything, I was turning work away.
This all sounds peachy Beth, I hear you say - get to the point!
The trouble is, the market has undoubtedly changed. I started noticing this towards the end of 2023.
I had gaps in my books.
The odd proposal got turned down with a “this is out of our budget” sticker stamped on.
And if I’m honest, at first I wondered if the change was me having a baby (because ofc this coincided with my return to work after maternity leave).
But I’ve since realised that it isn’t me. It’s the market. Which I hesitate to say because I don’t want to be a bad workman blaming his tools, but there are too many arrows pointing in the same direction to ignore:
After the tech boom of 2020 when many tech companies had their valuations overinflated, many startups are now struggling to raise any type of investment at all - Less investment means less money to spend on marketing
AI has had a big impact on content marketing - either from companies believing that there’s no point investing in SEO when Google is flooding the results with AI summaries which lead to zero clicks and/or them outsourcing content creation to ChatGTP - If less companies want content marketing, my content marketing strategy service is a bit redundant
There are a lot more freelancers than there were two years ago. Mass redundancies in many tech firms means there’s a heck of a lotta talent out there trying to get temporary work or contracts. Plus a hiring freeze in many companies. - More people means more competition
Which all means that it’s been far harder than ever before to keep my freelance business afloat in 2024. To get enough new leads and contract projects coming in, at the rate I need/want to charge, to keep me busy and booked.
So here’s what I’ve been doing about it:
1. Looking at who is spending on marketing
I always mention in my Thriving Freelancer programme that even in a recession there are always industries that are thriving. Right now, the tech companies I usually work for (largely online software products) aren’t in abundance. But you know who is? Owner-led SMBs. Home renovation materials companies, security services, events companies. So I’m leaning into this and accepting/proposing contracts for the companies where marketing is still a top priority.
2. Zooming out from my niched, niche
I always say I’m a generalist marketer turned specialist in content and SEO. One of the main reasons I specialised initially is because content and SEO became a really great route to market for the SaaS companies (my second niche) I’ve been working for.
Since this audience group is no longer requiring as many content strategies, I’m heading back to my generalist marketer offering. And the truth is, it’s kind of fun.
I’m testing my brain again working across marketing strategy rather than just content strategy. Dipping into all areas of the buying journey and polishing up my skills on things like analytics, social strategy and brand positioning.
3. Lowering my prices (when appropriate)
In all honesty when I do take on a project for a tech audience I’m now charging about 10-20% less than I did in 2021/2022. I also haven’t changed my day-rate, even for existing clients, in two years.
I don’t believe in racing to the bottom with pricing as there will always be someone cheaper out there and my experience deserves a certain level of renumeration, but I also would rather be busy than stubborn. If the market simply isn’t there and 90% of my proposals are coming back unsigned then something has to change. Plus, I’d personally always rather go in with a slightly lower first proposal than be beaten down as I don’t believe in lowering my prices on request.
All of which, is really me saying that sometimes as a freelancer you have to know when to adapt. To be flexible rather than rigid, to note trends and to be aware of your surroundings. So that, when the time comes, you can keep going in the life you’ve created with enough work to sustain you.
Are you finding the freelance market quieter than usual? Would love to hear thoughts - hit reply and let me know.
Yours, continuing to swim so I don’t sink,
Beth
Links & listens you may love 💖
Social Media Today has released its annual social media marketing predictions for 2025 - read all here.
Following Instagram, Facebook has now also simplified how it defines engagement - creating universal “views” in place of plays/replays on reels and videos, and also replacing impressions on Stories, photo & text posts. Read more here.
I don’t know about you but as the holidays approach I find that my people pleasing goes on steroids, in a bid to avoid conflict 😬 so I loved this Jay Shetty episode on “Just tell them” - simple and effective, I’ve already used it twice in the last few weeks.
For any veteran readers you may remember my podcast Content Makers where I interviewed Natalie Raven, Founder of a beautiful digital ecommerce business called Parcel. Having sold Parcel, Natalie is now a self-development coach and I’m already loving her Instagram content which feels like a fresh POV in a crowded market.
Yes you may have had enough of politics but for anyone working in social I highly recommend reading what Trump’s presidency will mean for social media.
Thanks for reading ❤️
Hi I’m Beth 👋 a freelance marketer who helps manage and execute marketing for startups and growing businesses 🚀.
I’m currently working part-time around two small children and love writing this newsletter to share thoughts on marketing, business and freelancing whenever I can.
You can find out more about what I do on My website or Built by Content.