Several times recently I've been asked by consultants fairly new to the business how to price and how to judge if their fee level is right.
My answer is always the same now. Maybe it wouldn't have been in the early days of my own business but experience has taught me to value myself, my skills, my knowledge and my experience. After all, if I don't, how can I expect anyone else to?
Consultants are brought in for very specific reasons by clients, ranging from lack of specialist in-house resources or skills to verification that what's planned is right. Importantly, they're buying in the expertise, knowledge and talent they feel they haven't got at the time. We can provide solutions to problems, tried and tested techniques, and calm logic and advice where and when it's needed. And this quite rightly has a value.
My own fee structure is commensurate with the size of the organisation, such as large corporate, SME (small to medium size) and micro business, having regard for the potential size of available budget and with a special rate for charities and not-for-profits. I also do some pro bono work for selected small local charities by way of giving something back to the community in which I live and work.
However I'm often approached by companies who think PR, for some reason, is an add-on or afterthought instead of the core business function it should be.
PR is about reputation management, effective communications with stakeholders of all types, and handling crises appropriately (among other things) - fairly crucial elements to a business. So why expect fees to be less than the reasonable cost of any other professional service? If I have toothache, I go to a dentist and my expectation is that I'll pay for that qualified and experienced service. If I need a lawyer or accountant, I pay a reasonable rate. The same applies to a professional PR practitioner.
Why, say the new consultants?
Assuming you're bringing talent, skills, experience and value to the table, this is my response: because we're worth it!
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