Virtual firms and getting paid what you are worth

I attended a roundtable event in Columbia this morning where Vince Hazleton, a veteran in the public relations industry since 1978, spoke about his annual research on the independent sector of public relations industry.

Here are a few interesting points that came out of the conversation:

  • Virtual firms – By developing informal working relationships with other IPs (PR consultants, interactive experts, Web developers, designers, etc.) you can create your own “virtual firm” to provide full-service capabilities to clients/potential clients, allowing you to compete with larger agencies for business.  This is a viable way to grow, as well.  The more you grow your business, the more likely you are to need the support of others.
  • Pursue clients that can afford to pay you what you are worth – Hazleton mentioned that his studies found that the standard hourly rate is $75 per hour for non-profit clients and $100 an hour for all other clients. The key is not to undercharge or undervalue your services.  Lesson to be learned – Independent practitioners should focus on finding clients that can afford your rates…don’t try to be the low cost provider.
  • Accreditation makes a difference – Accreditation in public relations is a knowledge credential that adds value to the services you provide. 
  • Years of experience as an IP is more important as a whole – The years of industry experience you have isn’t as valuable as the years of experience you have being a consultant.  The reason for this is because – as an entrepreneur – you have more knowledge of business practices, accounting practices and experience in pitching and acquiring new business than corporate or agency counterparts.
  • Professional associations shorten the learning curve – When you belong to professional associations, you can learn from others, which shortens your own learning curve…Learn from others’ mistakes and successes!

So tell me:  Are you rethinking your hourly rates?  Are you ahead of the game because you already have your own “virtual firm” in place?  Do you agree that the years of experience as an IP is really more important than the total number of years of industry experience?  This is your chance to let us know what you think!

Advertisements

1 Comment

  1. […] Rosie Slater wrote an interesting post today onHere’s a quick excerptI attended a roundtable event in Columbia this morning where Vince Hazleton, a veteran in the public relations industry since 1978, spoke about his annual research on the independent sector of public relations industry. … […]


Comments RSS TrackBack Identifier URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s