Are you a PR professional feeling like you’re working too hard for too little of a payoff? If so, then it may be time to start looking into raising your retainer prices. Implementing higher rates isn’t only beneficial to your pocketbook — it can also give you more freedom and flexibility in the long run. In this post, Samir H Bhatt discusses some of the benefits that come with an increase in retainer prices and provide actionable steps on how to get started. Keep reading if you are ready to take control over your pricing structure and make a greater impact as a PR pro!
Samir H Bhatt Lists Reasons To Raise Your PR Retainer Prices
1. Increase Revenue: According to Samir H Bhatt, when you raise your retainer prices, you’re not only ensuring the longevity of your business and the satisfaction of your clients, but also creating a larger income stream for yourself. As a business owner or PR specialist, it is important to keep in mind that by raising your fees, you are delivering a better value to your clients, offering more comprehensive services that will benefit their bottom line as well. In addition to higher quality service, charging more for retainers can allow for increased flexibility when it comes to offering additional services, such as media relations and crisis management which may be requested from time-to-time.
2. Maintain Professionalism: By increasing the cost associated with a retainer, you are sending a message to your clients that their business is important to you and your team. Having the ability to offer more expansive services at a higher rate shows that you value the quality of service you provide, and are committed to delivering the best outcome possible for your clients. This can lead to greater client loyalty as well as improved customer relationships, setting a high standard in terms of professionalism within the industry.
3. Foster Growth: As mentioned before, increasing retainer prices allows for more comprehensive services which may be necessary for certain clients or situations when it comes to public relations campaigns. By offering these additional services at a premium rate, you will not only increase revenue but also foster growth in terms of new opportunities and partnerships with potential clients. With the additional funds from retainer fees, you can also re-invest in your business, allowing for further growth and expansion.
4. Attract New Clients: Raising your public relations retainer prices may seem like a daunting task at first, says Samir H Bhatt, but it can actually be quite beneficial for attracting new clients. Higher prices indicate that you are confident in the quality of service you offer, indicating to potential customers that they will receive superior work when hiring your business. This can result in more inquiries from prospective clients who are looking for greater value than what is typically offered by other PR firms, leading to an increase in revenue and repeat business over time.
Statistics And Real Life Example
One statistic that can be used to further support the reasons to raise your PR retainer prices is the number of businesses in the United States who use public relations services. According to a survey conducted by Statista, there are more than 1.6 million organizations in the United States that use PR services, indicating that this is a lucrative industry. This statistic can be useful for illustrating the potential returns from investing in higher quality PR services.
Another interesting statistic is related to the average amount spent on public relations services in the United States. According to research conducted by Forrester, companies spend an average of $1,742 per month when working with a PR agency or consultant. This indicates that businesses are willing to invest significant amounts of money into public relations and are likely open to paying more if they believe they will receive better results as a result.
Samir H Bhatt provides an example of how increasing retainer prices can lead to greater success for PR professionals, citing the case study of VivaMediaGroup LLC, a PR firm based in California who successfully raised their retainer prices from $2,500 per month up to $4,000 per month over a three-year period. As a result of increasing their rates and offering more comprehensive services for their clients – such as crisis management and social media strategy – VivaMediaGroup was able to double their profits within this time frame and gain high profile clients such as Microsoft, Coca-Cola and Apple. This real life example shows how effective raising retainer prices can be when it comes to creating success as a PR professional or business owner.
Samir H Bhatt’s Concluding Thoughts
All in all, increasing your PR retainer prices has a multitude of benefits that should be considered when determining the future of your business. According to Samir H Bhatt, by charging more for high quality services, you are able to increase revenue, maintain professionalism and foster growth while attracting new customers-all at the same time! Understanding the importance of these factors is crucial for any successful public relations campaign or project. With a little bit of planning and attention to detail, raising your retainer fees can put you one step closer to achieving long term success.