New and seasoned solo PR Pros often struggle with what to charge. You may consider the market, economy, scope, industry, and competitive landscape but ultimately what to charge comes down to how much the client will value you. In this TEDx talk, pricing consultant. Casey Brown shares insights that will help you communicate your value and get paid for it.
“No one will ever pay you what you're worth, they will only pay you what they think you're worth.” – Casey Brown
An independent career gives you control over every aspect of your career and that includes what you earn. Rate setting is more than an exercise in number crunching but it requires the confidence to ask for what you deserve. As a solo PR pro, you are not an order taker but a problem solver. Your strategy, counsel, and solutions make a bottom line difference to the clients that you serve. If at the end of the month, you wonder how so many hours worked adds up to so little profit, it is a time to raise your confidence and rates. Use the advice below from our members-only Show Me the Money series.
How to Raise Your Rates
There are three clear steps to raising your rates (also known as giving yourself a raise):
1. Take a realistic review of right now.
2. Determine your new rate.
3. Notify current clients and/or implement current rates with new clients.
With new clients, you won’t have to give notification; you’ll simply implement the new rate and move forward. For current clients there are three recommended ways to notify then and implement the new rate:
1. Calendar: End of Year
2. Fiscal: contract review or renewal
3. Fiscal: Business review (client and your own)
As you develop your skills, expertise and enhance your experience, it’s important to evaluate the rate at which you charge for your work product. If you’ve got a sense of working endlessly but still struggling to pay your bills or reach a level of profitability, it’s important to evaluate the rate at which you charge for your work product. In the traditional business environment, you’d at least get a cost-of-living adjustment if not a bonus or raise – as a company owner, be sure you’re offering that to your most valuable employee.