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October 2014
  Issue #61

Time for Fun and Games! 

 

Growing up, our parents would rein us in when it was time to be serious by saying, "This is no time for fun and games." Now we're older, and as freelances we've learned that fun and games can mean serious business. You'll see what we mean in this month's issue of Pencil Points.

 

Who doesn't love to play Monopoly? But the idea of a monopoly doesn't always stir positive feelings. In The Savvy Marketer, we offer a fresh look at an often despised concept that we believe has the potential to become your strongest marketing tool ever. Don't forget to wave to us when you're passing Go!

As kids, one of our favorite TV programs to watch on days we had off from school was The Price is Right. All the excitement of guessing what things cost was really entertaining. We've since learned that freelances can't afford to guess at what our services are worth. Neither can we afford to be wrong. That's why, at the AMWA annual conference in Memphis last week, we presented an open session titled What Should I Charge? We had a blast, and we think our session attendees did, too. So in Dollars & Sense we treat you to a few insights from that session.

What's your line? Do you consider yourself a medical writer, or a technical writer? Could you be both? In [Not] Just for Newbies we reveal the surprise answer and a freelance business opportunity you won't want to miss!

Finally, in On the Radar we shine the spotlight on a wonderful online community resource for researchers that came out during Cyndy's AMWA annual conference roundtable on Novel--and Low Cost--Ways to Market Your Freelance Business.

We find so many interesting parallels between our day-to-day lives and our freelance lives, where many freelances don't see the applicability. And this makes all the difference. Don't be afraid to play the game, to open the box, to give it your best shot. You won't always win, but you'll never win if you don't try.

 

Until next month,


Cyndy and Brian
The Accidental Medical Writer

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Newbies[NOT] JUST FOR NEWBIES
Information and Inspiration for New and Experienced Writers 
Bring Out Your Inner Techie!

Medical writers don't often think of themselves as technical writers, and technical writers rarely think of themselves as medical writers. But what if you could be both?

One of the many newsfeeds we watch regularly for inspiration and business opportunities is MM&M (Medical Marketing & Media) Newsbrief. On September 24, 2014, MM&M Newsbrief reported on Sanofi rolling out new HCP (healthcare professional) software. The software is touted as the "...next wave of physician and patient support" in diabetes.

This article really got us thinking. If you're a medical writer with a solid background in diabetes, or a technical writer with a solid background in software documentation, how much might Sanofi like to speak with you about supporting their communications efforts? And how many more companies like Sanofi are out there developing medical software for HCP and patient audiences in other therapeutic areas?

We did a search. Not scientific, and not exhaustive. Just a plain old Google search, to see how many hits we'd get on "software for HCPs and patients". The answer is 7,490,000. There were links to the Advisory Committee on Immunization Practices (ACIP), to for-profit companies promoting their software resources, and to peer-reviewed articles on the use of mobile devices and apps to educate HCPs, and the benefits they might offer. We even found a link to the Biogen Idec Grants Office (perhaps another business opportunity?). It's clear to us this is growing area of interest and opportunity you don't want to miss--whether you're a newbie or a seasoned pro.

If you're a freelance medical writer, you may have a depth of knowledge in the healthcare field, in the particular therapeutic area, and/or with the particular target audience that could greatly benefit a software company trying to break in, make its mark, or expand its business-despite an initial or seeming lack of technical software experience.

Likewise, if you're a technical writer, you may have software skills and expertise that could easily initially trump an initial lack of experience in the healthcare field.

One of the great things about freelancing is that we get clients to pay us while we learn new things. This is an excellent opportunity for you to leverage your medical writing or technical writing expertise and develop an awesome new skill!

 

Radar ON THE RADAR
Resources for Medical Writers
Where Do Researchers Hang Out?

During the lunch roundtable that Cyndy led at the annual conference, one of the participants, an editor, asked a great question. She wanted to know where she could go to market to her target audience, researchers and scientists, since most of them weren't on, or at least weren't active on, LinkedIn and other social media outlets. That question led the discussion to ResearchGate, an online community for scientists.

 

Like us, you may be familiar with ResearchGate as a website through which you can gain access to full-text publications the authors have volunteered to share. But ResearchGate is also a professional network where scientists and researchers can connect with colleagues, peers, and other professionals in various scientific fields. More than 4 million scientists around the world are members. ResearchGate defines its mission as, "...to connect researchers and make it easy for them to share and access scientific output, knowledge, and expertise. On ResearchGate they find what they need to advance their research."

 

DollarsDOLLARS & SENSE

Advice on the Business of Freelancing 

What Should You Charge?          

 

In Memphis last week at the AMWA Annual Conference, we led a fun and lively open session titled, What Should I Charge? We love leading sessions and presenting at events because we always learn something in the process. And this session was no different. Here are some of the lessons we learned.

  • No matter whether you're a seasoned pro or a newbie, estimating projects is tough. Why? Clients don't always share all the project parameters we need to know and we don't always ask the right questions that give us an accurate picture of what it will take to complete the project.
     
  • It's nearly impossible to estimate a project accurately if you've never done anything like it before. During our session we put volunteers on the hot seat and asked them to estimate a project based on certain parameters we provided. One project was for a sales-training module. The estimate from the volunteer who never works on this kind of project was nearly 5 times higher than the estimates from others who know what it takes to do this type of work. The key takeaway message? When you're bidding on new and different projects, ask trusted peers and colleagues for their advice.
     
  • How much you charge depends on whether you treat freelancing like a business or a hobby. The hobbyists in the audience were not the primary wage earners in their households. They were perfectly content to charge what we consider to be very low rates because they feel they are helping their clients. Interestingly, they rarely raise their rates and, if they do, they have a hard time justifying doing so. Conversely, freelance business owners charge rates that enable them to maximize their income.
     
  • The missing piece in the puzzle continues to be the value proposition. What we charge is not simply a matter of how much we want to earn per hour (but never tell anyone) and the number of hours it will take. Writers need to consider the value of their expertise and experience, as well as the value of the project to the client.
     
  • Don't overlook the AMWA Salary Survey when you want a glimpse into what other medical writers charge. (It's an AMWA-member benefit.) BUT--and this is a big but--don't forget that the last salary survey was conducted in 2011 and reflected monies earned during the 2010 tax year. The cumulative rate of inflation since that time is about 9%. If you charged $105 per hour in 2010 (and $105 was the mean hourly rate reported by freelances in that survey), in 2014 you should be charging $115 just to keep up with the rate of inflation. This handy inflation checker can help you gain perspective.
A rising tide lifts all ships. When writers charge fair prices that reflect their value, everyone benefits. Never sell yourself short. And if you don't know what you should charge, ASK!

WhereWHERE IN THE WORLD ARE BRIAN AND CYNDY?
The Accidental Medical Writer Calendar

We've been busy this year, but there's always room for more!

 

At the AMWA-DVC (Delaware Valley Chapter) Annual Freelance Workshop, Brian presented on a panel on the topic of Freelancing and Beyond: Panel Discussion With Veteran Writers. He also debuted a roundtable on Illuminating the Impact of the Sunshine Act on Medical Communicators.

 

Brian and Cyndy jointly presented a company webinar to staff medical writers around the world on Writing a Manuscript from a CSR (Clinical Study Report), which reprised a popular open session they introduced in 2013 at the AMWA 73rd Annual Conference in Columbus, OH.  

 

At the AMWA 74th Annual Conference earlier this month in Memphis, TN, Brian and Cyndy presented an open session on How to Use a SWOT Analysis to Rejuvenate Your Career and Better Market Your Business, and another open session for freelances on What Should I Charge?. Cyndy presented an excellent roundtable on Novel--and Low Cost--Ways to Market Your Business. 

 

We would love to present at your next upcoming meeting or event, so invite us!

 

SavvyTHE SAVVY MARKETER
Marketing Tips to Build Your Business 

Can't Touch This! 

 

In case you haven't already noticed, we LOVE being freelance medical writers. We get to challenge ourselves, express ourselves, and make a difference in the world every day, without ever having to work for a living. But make no mistake, we're serious about it. We're not hobbyists, we're capitalists. If that sounds like a dirty word to you, you might not want to be a freelance, because you're not likely to be very financially successful.

 

Wait! Is this our Dollars & Sense column? No, it's The Savvy Marketer. So stay with us for a moment to see where this goes.

Recently, there has been a lot of discussion among capitalists about competition versus being a monopoly. There was a great article in the Wall Street Journal weekend edition, September 13-14, 2014, that really caught our attention: Competition is for Losers. It was adapted from a new book by Peter Thiel (co-founder of PayPal) and Blake Masters titled Zero to One: Notes on Startups, or How to Build the Future.

The discussion in favor of monopolies is that monopolists are innovators. They can afford to spend their time pioneering bold new paths because they're not wasting a lot of brain power competing. But there are two types of monopolies: those that become monopolies because their competition is thwarted by regulation (eg, AT&T until the breakup); and creative monopolies, which rule their respective markets because they have ideas and products that simply can't be duplicated--that is, until another innovator takes over with the next great monopoly.

The very interesting point of all this is that, according to the authors, competition means balance, balance means equilibrium; and in business, equilibrium means stasis and stasis means death.

But what does this mean to freelance medical writing, and to marketing your freelance medical writing business? We're all in this together, and there is plenty of room for all of the great ones. But when a company picks up the phone, who do they decide to call? They call the freelance who first comes to mind, and that's not likely to be because that freelance won the alphabet lottery with three "A"s at the beginning of their last name. They call the freelance who is most outstanding. The freelance who is above the competition.

When you're working on your business SWOT* analysis, contemplating your next promotional campaign, or working to improve your AMWA Freelance Directory listing or LinkedIn profile, think about what makes you a monopoly. What do you do, what do you offer, what do you deliver, that nobody else can touch? That's where you want to focus your freelance marketing effort.

*Strengths, weaknesses, opportunities, and threats. We just reprised our open session Use a SWOT Analysis to Rejuvenate Your Freelance Career and Better Market Your Business last week at the AMWA 74th Annual Conference in Memphis. If you're interested in participating in a webinar on this topic, let us know!

THE FINE PRINT

 

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