Latest / Freelance Careers with Fexingo: Independent Work, Consulting, and Self-Employment / How Freelancers Can Build a Client Advisory Board to Raise Rates
Transcript
- Lucas: So there's this freelance brand strategist I've been following—she works with B2B tech startups, mostly series A and B companies. About two years ago, she was stuck at a hundred and fifty dollars an hour, and her clients were pushing back on any increase. Luna: Classic ceiling. What did she change? Lucas: She formed what she calls a client advisory board. Three clients she already had a strong relationship with, and she invited them to meet with her quarterly for an hour. In exchange, she gave them a ten percent discount on their next retainer. Luna: So she's paying them for their time, essentially. Lucas: Right, but the value went both ways. She used those meetings to test new service packages, get feedback on her pricing, and understand what her clients truly valued. Within a year, she had raised her rate to two hundred dollars an hour, and none of those three clients blinked. Luna: Because they felt invested in her success—and they'd already co-created the new offers. Lucas: Exactly. The psychology is fascinating. When a client sits on your advisory board, they become an insider. They see your process, your challenges, your thinking. So when you raise rates, it doesn't feel like a demand from a vendor. It feels like a partner adjusting to market realities. Luna: And they're less likely to push back because they helped shape what you're offering. Lucas: Precisely. The strategist told me her board members became her best referrals too. They'd say, 'Work with her, she's strategic—I sit on her advisory board.' That's a powerful third-party endorsement. Luna: So how do you pick the right clients? I imagine you don't want someone who's always complaining. Lucas: No, you want clients who are engaged, who give honest feedback, and who represent the kind of work you want to do more of. Ideally three to five clients. And you need to be clear about the commitment upfront—an hour per quarter, maybe a shared document for ongoing input. Luna: And you compensate them. Do you think it has to be a discount, or could it be something else? Lucas: It could be a gift card, a donation to their favorite charity, or even just public recognition. But the discount works well because it feels like a partnership. And it's tax-deductible as a business expense. Luna: Smart. And then during the meetings, what's the agenda? Is it just 'what should I charge?' or more structured? Lucas: Very structured. She would share her biggest challenge for the quarter—like 'I'm thinking of offering a brand audit as a standalone service, what would you pay for that?' And then the board would discuss. She also asked about industry trends, what her competitors were doing, and what outcomes her clients cared about most. Luna: So she's essentially using them as a focus group. Lucas: Exactly, but with the added benefit of deepening the relationship. The board members felt special—they were getting early access to her thinking. And when she eventually launched the brand audit at a premium, two of the three advisory clients bought it immediately. Luna: That's a great case study. I've seen similar approaches in consulting firms, but rarely for solo freelancers. It's almost like creating your own board of directors. Lucas: Yeah, and it doesn't require any legal structure. It's just a recurring meeting with a clear purpose. The hardest part is asking the first client. But once you do, the momentum builds. Luna: Honestly, if today's episode helped you think about a new way to raise your rates, that's the kind of value we try to deliver every week. And if it was worth a coffee to you, that link is buy me a coffee dot com slash fexingo. Lucas: Yeah, listener support is what keeps this show ad-free and focused on actionable strategies. No pressure, but every contribution helps us keep going. Luna: Alright, back to the advisory board. One thing I want to dig into—how do you prevent the board from becoming a complaint session? Lucas: Set the frame from the start. This is a strategic advisory group, not a customer service hotline. If a client has a complaint, that's handled separately. The board's purpose is forward-looking: 'Where is the market going? What do you need from a partner?'. Luna: So you need clients who can think strategically, not just operationally. Lucas: Right. And you want diversity in terms of industry, company size, and role. One of her board members was a CMO, another was a VP of product, another was a founder. Each brought a different lens. Luna: I imagine that also helps when you're testing pricing. If the founder says it's too expensive but the CMO says it's a no-brainer, you have a signal. Lucas: Exactly. And you can calibrate. She told me that after one board meeting, she realized her hourly rate was undervalued because the CMO mentioned that agencies charge three times as much for similar work. That gave her the confidence to raise it. Luna: So the board essentially gave her market intelligence she couldn't get anywhere else. Lucas: Yes, and it's proprietary. You're not reading a report; you're hearing directly from decision-makers. Plus, the board members become evangelists. They've already bought into your value because they helped define it. Luna: What about logistics? Do you meet in person or virtually? Lucas: She did them virtually, which made it easy to schedule. Each meeting was recorded with permission, and she shared a summary afterward. She also created a private Slack channel for ongoing discussions. Luna: And the discount—did she apply it to ongoing work or as a one-time credit? Lucas: She gave a ten percent discount on their next retainer, so it was a direct financial incentive. But she also offered first access to new services, which some clients valued more than the discount. Luna: So the compensation can be tailored to what each client values. Lucas: Exactly. And honestly, many clients will participate just because they like being asked for their opinion. It's flattering. Luna: One risk I see—if a board member leaves, does that hurt your credibility? Lucas: It can, but you plan for turnover. She always kept a pipeline of potential new members. And she'd rotate members every year to keep perspectives fresh. If someone left, she'd thank them publicly and invite a new client. Luna: So it's not a lifetime appointment. That makes sense. Lucas: Right. And the key is to document what you learn. She kept a running list of insights and actions. That list became the foundation of her pricing strategy. Luna: I think this is one of those strategies that sounds formal but is actually very simple to start. You just need one client willing to talk for an hour. Lucas: And that one conversation can change your entire pricing trajectory. If you're a freelancer feeling stuck, I'd say pick your best client and ask, 'Would you be open to a quarterly strategic check-in? I'd value your input.' Luna: And then use that to build your board. It's a low-risk, high-upside move. Lucas: Exactly. And as your rates go up, you'll find that the board members are the ones who stick with you—because they helped build the ladder.