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Determining market value ​

Knowing what something is worth on the open market takes more than a gut feeling, though your instincts still matter. Market value is the price a customer is actually willing to pay for a service or product, and getting a feel for it is one of the most useful skills you can build as you price your work. This guide walks through two practical ways to estimate it: trusting your experience, and researching your industry and competitors.

Trust your experience and instincts ​

Over time, you will develop a sense of what the market value of your work is for different types of services or products. Every job you price adds to that sense, so it pays to keep track of it deliberately rather than relying on memory alone.

  • Keep track of which jobs you win and which you lose. Which ones did the client accept? Which ones were turned down? Why?

Reviewing your own history this way turns every estimate, won or lost, into data you can use next time.

Find similar industry information ​

The market value of a service or product is the price that a customer is willing to pay for it, and that concept holds true across every industry. Your reputation and experience can justify charging more than your competitors, but you still need a sense of where the market sits before you decide how far above it to go.

  • Review industry surveys and reports to see what other businesses charge for similar work.

  • Survey your clients to find out what they have spent on similar services or products in the past. Don't be afraid to ask; clients are usually willing to share this information, especially if you have a good relationship with them.

  • Know who your competitors are, and know how much they charge. Priscale's Competitors and Market Prices pages can help you keep this organized.

    Both pages come with the Freelancer and Business plans. On Part-Timer they stay visible but locked: a lock sits beside them in the sidebar, each page carries an Upgrade to unlock this feature notice, and Create New isn't shown. You can still set a market value by hand on every plan. See Plans & billing.

  • Pay attention to what your clients say. Listen for mentions of competitors and their prices, and pay attention to email threads with clients: sometimes a client will forward you a competitor's proposal.

TIP

Checking your Market Value and Market Prices before you send a quote takes the guesswork out of pricing, and helps you catch when your number has drifted too far from what the market will actually bear.

Combining your own track record with a clear view of the wider market gives you a price you can defend with confidence, whether the client pushes back or not.

Once you have a number, record it on the service or product's Market Value step: pick one of your logged prices with Use this, or press Enter your own market value and Save Market Value.