How to Raise Your PR Rates & Finally Get Paid What You're WorthOct 24, 2022
Raising your PR rates is a key part of being a successful agency owner, but it can be super scary! If your agency is fairly new or you’ve been at your current rates for a while, that fear can grow tenfold. But as a PR pro, you can raise your retainer fees as much and as often as you see fit — it’s time to let go of fear, take advantage of your power as an agency owner, and get paid what you’re worth!
3 Reasons Why You Need to Raise Your PR Rates Now
If you’ve been considering raising your PR rates for a while but haven’t taken the plunge, this is your sign to do it! There’s truly no better time than the present to increase your retainer fees. But in case you’re still not sure, here are three major reasons why you need to raise your rates now.
#1: The More Experience You Have, the More You Should Raise Your PR Rates
Industry vets make more for a reason, right? Years of experience translates to advanced knowledge, expertise, and connections in your niche…and that’s what clients look for in a PR pro!
When clients sign a retainer and partner with your agency, they’re paying for your long-standing media relationships, tried-and-true press strategies, and industry connections. If you’re not charging clients accordingly, you’re actually doing yourself a disservice. You should be earning what you’re worth at every stage of your PR journey.
And honestly? You can raise your PR rates even if you have only a few years of experience! You’re learning more and refining your tactics every day — don’t discount yourself or downplay your value and expertise just because you still feel like a PR rookie.
#2: It’s What You Deserve!
This is the most important reason why you need to increase your PR rates: it’s what you deserve! It’s honestly no more complicated than that. You’re generating results for your clients, building powerful media relationships, and scoring press wins…why wouldn’t you deserve to earn what you’re worth?!
Don’t be afraid to ask for the compensation you deserve for your hard work. You can’t sell yourself short (both literally and figuratively!) and reach your fullest potential. Shift your mindset on what you think you deserve and remind yourself that you’re worth more than that.
Getting comfortable with raising your PR rates is a huge part of your agency owner journey. When you earn more, you’ll be able to free up more time and energy for working on your business and amplifying your growth. That’s what being an entrepreneur is all about!
#3: You’re an Expert in Your Niche
Raising your PR rates to line up with your expertise goes hand-in-hand with increasing your rates based on your experience. Your retainer fees should reflect your knowledge of your niche. PR pros with your level of expertise are charging a premium — you deserve to do the same!
And this holds true no matter where you are in your agency owner journey. Nail down your niche and grow your expertise every day. Your unique experience, skills, and industry knowledge are huge draws for potential clients. Even if you’re new on the scene, zoom out to get a holistic view of your talents and consider everything you can do when determining your new PR rates.
How to Raise Your PR Rates for New Clients
Once you’re ready to increase your retainer fees, the best place to start is with your new clients. You’ll lock in a higher retainer right at the start of your partnership! Here are three steps you need to take when implementing new PR rates in your agency.
Step #1: Be Confident!
Confidence really is key! We talk about this all the time in The Agency Accelerator — you won’t be able to make effective changes in your agency if you don’t believe in yourself and your value.
Lots of PR pros doubt whether or not their clients will think their new PR rates are worth it. But you can’t second-guess yourself! If you’re confident in the value you’re providing, your clients will be, too. Own the value of your services and communicate it confidently when providing your new rate to clients.
Step #2: Plan Ahead
Raising your PR rates is not something to rush into. You need to take your time determining new retainer fees so you can effectively and confidently communicate the value of the pricing changes.
Researching the rates your PR pro peers are offering can be super helpful in this process! When you have a handle on industry rates and know where you stand amongst your competitors, you’ll get a boost of validation and confidence. Don’t forget to account for the unique value-adds that you and your team have when figuring out your new PR rates!
Step #3: Stagger Your PR Rate Increases
When you’re implementing retainer fee increases in your agency, the best place to start is with your new clients. If these higher PR rates are still landing new business, you’ll know it was the right move for your agency! Once you have that confidence boost, you can move on to rolling out the pricing changes to your existing clients.
Make sure you update your invoices and proposal templates with your new PR rates during your rollout. Delivering accurate, updated information to your clients is an important part of this process! We dive deep into more strategies and tips for raising your retainer fees for current clients in The Agency Accelerator.
Raising your PR rates can be intimidating, but it’s a natural (and important!) part of being an agency owner. You need to let go of fear and self-doubt so you can start earning what you truly deserve!