Freelancers only have 24 hours in a day (and hopefully they’re not working all 24 hours) so, if they are running at full capacity, the only way they can earn more money this year compared to last year is if they raise their rates.

But how do you raise your rates? Sure, you offer more value. Yes, you just make a sweeping across-the-board increase. And, you tell your customers how much you love them.

There is another way, though to give you a “reason” to raise your rate:

Industry expertise.

Choose a couple of industries and become an expert in those industries.

That means that you push beyond your own small world of service delivery and instead start thinking about the problems and opportunities of a specific, narrow market. Research your market; find out what is important to them, and deliver it. This is advantageous because it gives you a place to do your marketing in a far more targeted way. And it helps to increase word of mouth!

First, select a target: Start by choosing a market that is large enough to sustain you. Being a graphic designer for car dealerships in Thief River Falls, Minnesota (population 8000) might not give you enough work on a consistent basis. But being a graphic designer for the Minnesota auto industry just might – you’ve got car dealerships, auto mechanic shops, body shops, aftermarket specialists, and more.
• Make sure the market is large enough to keep you busy
• Make sure the market has money to spend (and is willing to spend it)
• Make sure the market has a need for your services
• Make sure your existing brand can convert easily to the more specific targeted brand.
• It’s also helpful if you’ve already had some experience in the industry!
• If you’re going to become an expert in more than one industry, try to make sure they are similar (i.e., doctors and dentists, not doctors and oil drillers).

Second, study! Stop reading about how you can be better at your work and start reading all of the industry reading you can find. If you’re going to specialize in Realtors, start reading about real estate: How to be a Realtor, how homes are bought and sold, what challenges exist in the real estate market, etc.
• Subscribe to top magazines and blogs in your industry and read them diligently.
• Connect with top producers in the field.
• Join relevant associations.
• Find out if you can become certified in the field yourself!
• Stay current in the industry!

Third, refocus your business. Be aware that you might need to make some fundamental changes in your business, from how you present yourself to the hours you keep.
• Reshape your marketing to focus on your niche
• Adjust your tagline to include the narrower market niche.
• Refine your portfolio to include niche-specific samples.
• Highlight testimonials from businesses within the industry.
• Cite industry-specific problems and how you solve them.
• Write for industry journals and periodicals.

Narrowing your market seems like a counter-intuitive way to generate higher rates (and more business). But if you strategically select one (or a couple) of industries to become an expert in, you can raise your rates easily (and you’ll get more business, too!) based solely on your expertise in the field.