How money is ruining your mindset when it comes to your business
Recently, we decided to up our PR game and take part in Jeneration PR’s 8-week agency accelerator course. As one of our biggest industry mentors, Jen Berson has provided so much insight on the necessary steps to growing a successful PR agency.
In the first week’s lesson, mindset is a heavily discussed topic. This mindset work is centered largely around imposter syndrome. Imposter syndrome is, as defined by Merriam Webster, “the persistent inability to believe that one's success is deserved or has been legitimately achieved as a result of one's own efforts or skills.” Essentially, it’s all in your head. You can be rocking it and still unconvinced of it.
One of my biggest takeaways regarding mindset was around money! Now, you may be thinking, “well, I don’t approach my business with a negative mindset, so there’s no way I’m approaching earning my money with one.” But you may be surprised to find that a lot of business owners do this.
Through our growth as an agency, we’ve accepted clients and projects that weren’t reflective of a price that our team was truly worth. It can be hard to say no to small sums of money when nothing else is coming in, but limiting your beliefs about your capabilities and worth is simply toxic.
“If I accept this money, I have to provide “this” outcome, and if I can’t, I can’t charge this price.”
Sound familiar? When we first heard it, we were taken back. We’ve had these same sentiments - seeing our peers providing top-notch results and wondering if we could too. Are we even worth paying if we can’t guarantee it? Newsflash: Rather than focusing on what the dollar amount “promises” or believing you can’t “deliver,” it’s imperative to charge your worth - I’ll get into this momentarily - and deliver results you and your team are proud of. At the end of the day, if you and your team are really putting in the work and driving results (no matter how “small”) then you’re doing what the client is paying you for. Say it with me: You deserve to make money. It does not have to be difficult. You are worthy of being paid what you want to charge.
Note: PR agencies cannot guarantee results. It is an industry standard never to promise earned media before it is in print, published, in hand and/or delivered via email. If you’re paying for a feature, that’s different. And also is not PR. If it sounds too good to be true, trust that it is.
When it comes to PR fees, they can seem especially costly when advertising and marketing are available via free social platforms. But no free social media marketing will ever deliver the impressions, influence, development or recognition that a solid PR campaign and on-going efforts can provide. All that being said, it is impossible to run a successful agency without the necessary funds to cover not only daily PR tasks and the tools to accomplish them, but the “other costs” it takes to run an agency.
Those other costs can look like software, analytics, reporting, tracking, outsourcing, office rent, utilities, assistants, etc. If you’re not charging a client (or reversely, being charged) at minimum $2500 per month for PR services (to break this down, this looks like a $30,000 annual salary - far below industry standard), there is almost no way to drive results and most importantly, deliver ROI.
Have you ever battled with what price you should charge for your services? Curious about PR services? We’d love to hear your thoughts!