Dec. 14, 2022

EP234 - Raising Your Rates - How, When & Why

EP234 - Raising Your Rates - How, When & Why

#ppcchat Twitter discussion that runs on Tuesdays at 5pm GMT - Led by Julie Bacchini (@NeptuneMoon)


Q1 Have you ever raised your rates? If so, why? And if not, why not?

Q2 Are you planning on or considering raising your rates for 2023? If so, why? And if not, why not?

Q3 How do you go about raising your rates?

Q4 Are you nervous about raising rates for 2023? If so, why? Will the nervousness stop you from doing it? And if not, why not?

Q5 Have you ever received pushback about raising rates? How did you handle it?

Q6 What is your biggest question about raising rates? Let’s help each other here with sharing experiences.


Thank you for listening!

Please help grow the podcast - and rate/review on Spotify, Amazon, Apple Podcast & more - linktr.ee/ppcchat_roundup

1
00:00:00,500 --> 00:00:03,700
Hello and a warm, welcome to
this episode of the PPC chat

2
00:00:03,700 --> 00:00:07,900
Roundup podcast in this episode.
We've got Julie taken us on

3
00:00:07,900 --> 00:00:11,100
another great topic talking
about, raising your rates.

4
00:00:11,300 --> 00:00:14,800
How when and why?
Yeah, definitely a good topic in

5
00:00:14,800 --> 00:00:17,700
to talk about the coming to the
end of the year because a

6
00:00:17,700 --> 00:00:20,000
brand-new year beginning of the
years, always a good time to

7
00:00:20,000 --> 00:00:24,800
really review, whether your
rates are the right level,

8
00:00:24,800 --> 00:00:27,200
whether you're going to be doing
a lot more, you've been, you're

9
00:00:27,200 --> 00:00:31,100
doing a lot more for your
clients and you know what to do

10
00:00:31,300 --> 00:00:35,200
to actually improve that and
really prove your worth.

11
00:00:35,200 --> 00:00:38,600
And honestly I put a tweet of
early this morning and with

12
00:00:38,600 --> 00:00:42,600
before I even knew what the chat
was going to be about and it was

13
00:00:42,600 --> 00:00:44,500
from this show called the
office.

14
00:00:44,500 --> 00:00:47,900
You probably heard of it for
Steve Carell's version of it in

15
00:00:47,900 --> 00:00:51,900
the u.s. it's this quote of him
saying I was never in this for

16
00:00:51,900 --> 00:00:57,200
the money but it turns out that
the money was an absolute

17
00:00:57,200 --> 00:01:02,100
necessity for me and sorry.
With economic crisis, with

18
00:01:02,100 --> 00:01:05,800
issues covid posed, with a lot
of layoffs that have been

19
00:01:05,800 --> 00:01:09,000
happening, it shouldn't come as
a surprise to anybody that as

20
00:01:09,000 --> 00:01:13,600
much as we do love our job jobs,
most of the time if it's not

21
00:01:13,607 --> 00:01:15,700
pain.
Well it's not really going to be

22
00:01:15,700 --> 00:01:19,500
worth it for us in long term.
So we talked about how we talk

23
00:01:19,500 --> 00:01:23,200
about the money issue, how we
talk about when we bring it up,

24
00:01:23,200 --> 00:01:28,200
you know how uncomfortable it
can be but more importantly why

25
00:01:28,200 --> 00:01:31,800
it's important to do it.
And when to know, when to walk

26
00:01:31,800 --> 00:01:35,100
away, and went to make sure that
you are expressing your work and

27
00:01:35,100 --> 00:01:36,700
you're not backing down.
All right?

28
00:01:36,700 --> 00:01:46,700
Hope you enjoy.
Hello.

29
00:01:46,700 --> 00:01:50,600
And welcome to this episode of
the PPC chat round up a podcast

30
00:01:50,600 --> 00:01:53,700
where I round up the Twitter
discussions that happen on

31
00:01:53,700 --> 00:01:55,700
Tuesdays at 5 p.m.
GMT.

32
00:01:56,100 --> 00:01:58,600
I'm your host Andrew and I'm
recording from my studio here in

33
00:01:58,600 --> 00:02:01,400
London UK.
And I use this platform to share

34
00:02:01,400 --> 00:02:04,700
not just expert but also my
ideas and considered best

35
00:02:04,700 --> 00:02:07,800
practices about paid media and
the direction the digital

36
00:02:07,800 --> 00:02:10,300
industry is going in.
So if you want to keep up to

37
00:02:10,300 --> 00:02:13,600
date with my tips and tricks in
the industry, and get the latest

38
00:02:13,700 --> 00:02:17,300
on the podcast that has been
called your go to even if you

39
00:02:17,300 --> 00:02:20,900
don't make it to the BBC chat
live discussions and even if you

40
00:02:20,900 --> 00:02:23,900
do then like foolish and
retweets on, that's right.

41
00:02:23,900 --> 00:02:27,500
Twitter with my handle the
marketing, a new or join us in

42
00:02:27,500 --> 00:02:29,800
our LinkedIn Group which is the
PBC chat around.

43
00:02:29,900 --> 00:02:32,700
Our podcast, or if you on
Instagram, why don't you check

44
00:02:32,700 --> 00:02:36,600
us out, at PPC, chat underscore
Round Up to get quotes and

45
00:02:36,600 --> 00:02:38,900
Snippets from our previous
episodes.

46
00:02:39,200 --> 00:02:43,100
So we have Julie taken us on
another great and timely topic

47
00:02:43,100 --> 00:02:46,800
talking about, raising your
rates, how, when, and why?

48
00:02:46,800 --> 00:02:50,400
But as usual she starts off by
saying, how are we doing the bit

49
00:02:50,400 --> 00:02:54,000
of a roll call of whose hair?
I was happy to join this chat

50
00:02:54,000 --> 00:02:56,900
this time doing great.
I said very excited.

51
00:02:56,900 --> 00:02:59,800
That is my last week before my
day job holiday.

52
00:03:00,000 --> 00:03:03,800
Because ya next week, Tuesday
from Marin, I will be on holiday

53
00:03:03,800 --> 00:03:07,400
till the new year.
As for my other brands in the

54
00:03:07,400 --> 00:03:11,400
PPC love UK and the the podcast,
I'll need to check, you know,

55
00:03:11,400 --> 00:03:14,600
with the boss.
Are you me when I plan on giving

56
00:03:14,600 --> 00:03:17,700
myself time up?
Who knows learns response as

57
00:03:17,700 --> 00:03:19,100
well.
Same the home strike for the

58
00:03:19,100 --> 00:03:22,900
holiday season is are next week.
We'll provide some breathing

59
00:03:22,900 --> 00:03:26,000
room again.
Don't I hear that?

60
00:03:26,000 --> 00:03:30,000
I totally totally feel that.
Julie advice joints a not Bad

61
00:03:30,000 --> 00:03:32,500
things everyone.
Last week before holidays, make

62
00:03:32,500 --> 00:03:35,900
married, love it.
And yeah, Julie then goes before

63
00:03:35,900 --> 00:03:38,800
we get to the questions this
chat is intended for PPC,

64
00:03:38,800 --> 00:03:41,600
Professionals of all levels.
If you have something you would

65
00:03:41,600 --> 00:03:44,500
want to share, please do we are
friendly and supportive

66
00:03:44,500 --> 00:03:46,600
Community.
Please don't be afraid to

67
00:03:46,600 --> 00:03:47,900
participate.
Lurkers.

68
00:03:48,000 --> 00:03:51,300
And the listeners to this
podcast are, of course, always

69
00:03:51,500 --> 00:03:53,500
welcome.
Before we get to the chat, we

70
00:03:53,500 --> 00:03:56,600
also have Lawrence's Court of
course, who suggested the topic

71
00:03:56,700 --> 00:04:01,800
joining us, as well as Ashwin of
Optimizer and Melissa Mickey and

72
00:04:01,800 --> 00:04:06,200
I'm sure several others reince:
as well and I'm sure more will

73
00:04:06,200 --> 00:04:07,900
be showing up as the chat goes
on.

74
00:04:07,900 --> 00:04:12,300
So yeah, let's get to the
questions today we have Julie

75
00:04:12,300 --> 00:04:14,500
asked him.
Have You Ever Raised your rates

76
00:04:14,500 --> 00:04:18,300
if so why?
And if not, why not a gorilla

77
00:04:18,300 --> 00:04:22,400
who is the founder of advertise,
who do they do?

78
00:04:22,400 --> 00:04:25,700
So I paid social media.
There goes our yes.

79
00:04:25,700 --> 00:04:29,700
As more demand for our services
come in for my consultancy.

80
00:04:29,900 --> 00:04:33,200
See, as I continue gaining
gaining more knowledge and

81
00:04:33,200 --> 00:04:36,300
experience becoming more
efficient and effective to help

82
00:04:36,300 --> 00:04:38,800
brands with either challenges
and goals.

83
00:04:38,800 --> 00:04:40,500
Manage him goes.
Yes.

84
00:04:40,500 --> 00:04:44,100
But primarily for new customers
reince: response.

85
00:04:44,100 --> 00:04:46,100
I've been gradually, raising my
rates ever.

86
00:04:46,100 --> 00:04:49,300
Since things started to pick up
three months after I went

87
00:04:49,300 --> 00:04:52,600
freelance, the busy I get.
And the more leads that come in,

88
00:04:52,600 --> 00:04:55,600
the more I can charge your gonna
respond saying, we are

89
00:04:55,600 --> 00:04:59,400
constantly raising rates but
only ever raised rates on

90
00:04:59,400 --> 00:05:03,300
existing Customers this year,
hated doing it for inflation is

91
00:05:03,300 --> 00:05:07,600
very high, they all understood.
Of course, the good ones, who

92
00:05:07,800 --> 00:05:11,500
are getting the raising rates
for the first time will

93
00:05:11,500 --> 00:05:14,600
understand Walter.
Don't hire response in.

94
00:05:14,600 --> 00:05:17,900
Yes, depending the busier.
We are on first, we wait, we

95
00:05:17,900 --> 00:05:21,800
rise to new customers and then
Melissa Markey response saying,

96
00:05:21,800 --> 00:05:25,100
rate setting is above my pay
grade, but I know we have raised

97
00:05:25,100 --> 00:05:28,500
them overtime.
Just to keep up with market

98
00:05:28,500 --> 00:05:32,100
conditions, learn Respond
responds with large agency.

99
00:05:32,300 --> 00:05:34,100
It's probably even more
important.

100
00:05:34,100 --> 00:05:36,900
Real estate costs.
All those computers benefits,

101
00:05:37,200 --> 00:05:41,300
probably gets more expensive.
Melissa goes, oh yes, so much

102
00:05:41,300 --> 00:05:44,600
overhead and we have Lawrence's
to himself as well responding

103
00:05:44,600 --> 00:05:48,000
saying, yes, have had to the
prices for everything around us.

104
00:05:48,000 --> 00:05:50,400
Has been increasing really fast
the past.

105
00:05:50,400 --> 00:05:53,900
Couple years software,
Healthcare fuel, utilities and

106
00:05:53,900 --> 00:05:57,200
everything, have gone up,
especially the past couple

107
00:05:57,200 --> 00:05:59,700
years.
We kind of don't have a choice.

108
00:06:00,400 --> 00:06:02,300
And then we have Ashwin
responding to question one

109
00:06:02,300 --> 00:06:05,000
saying, no, because I've only
really been pushing ahead with

110
00:06:05,000 --> 00:06:08,800
my business for a year.
Maybe less focused right now on

111
00:06:08,800 --> 00:06:11,600
building long-term relationships
with clients.

112
00:06:11,600 --> 00:06:15,800
I enjoy working with Sam
response saying yep I do it.

113
00:06:15,800 --> 00:06:20,100
Fairly regularly reasons, one
costs are up about fifteen

114
00:06:20,100 --> 00:06:23,000
percent year-on-year.
Overall if rates are increasing

115
00:06:23,000 --> 00:06:26,300
commensurately?
I'm effectively subsidizing

116
00:06:26,300 --> 00:06:28,200
clients.
Not good.

117
00:06:28,400 --> 00:06:31,700
I'm better at what I do to Today
than that's, number two.

118
00:06:32,100 --> 00:06:36,100
I'm better at what I do today
than I was a year ago if I

119
00:06:36,100 --> 00:06:38,400
charge the same.
That's not fair.

120
00:06:38,700 --> 00:06:41,800
Action goes really like number
two, gonna keep that in mind.

121
00:06:41,800 --> 00:06:44,500
When my time comes, it will come
Ashman.

122
00:06:44,700 --> 00:06:48,500
It certainly will when Brown
respond saying and raising them

123
00:06:48,500 --> 00:06:51,100
all the time.
If you are not a straight white

124
00:06:51,100 --> 00:06:54,900
man, if you are not a straight
white man, who I can pretty much

125
00:06:54,900 --> 00:06:57,400
guarantee you, you are not
charging enough.

126
00:06:57,400 --> 00:06:59,700
Raise those rates if you got the
skills.

127
00:06:59,900 --> 00:07:02,100
The back them up.
Love that from join.

128
00:07:02,400 --> 00:07:05,200
And yeah, when Ryan Scotland had
said that I've been gradually

129
00:07:05,200 --> 00:07:08,400
raising my rates ever.
Since things started to pick up

130
00:07:08,400 --> 00:07:12,000
three months after I went
freelance, some response, 100%,

131
00:07:12,000 --> 00:07:16,500
my rule of thumb is that if I
win more than 50% of proposals,

132
00:07:16,500 --> 00:07:20,100
with no pushback on rates,
they're too low.

133
00:07:20,200 --> 00:07:23,100
So yeah, if people are not
pushing back, if people are not

134
00:07:23,100 --> 00:07:27,200
surprised by your rates, you are
not making them high enough.

135
00:07:27,200 --> 00:07:29,300
So yeah, there's always room to
increase.

136
00:07:29,800 --> 00:07:34,600
Also Julie does note out Duane
and his team team survey that

137
00:07:34,600 --> 00:07:36,000
they do.
It's a salary survey.

138
00:07:36,000 --> 00:07:40,400
So if you go to take some
risk.com forward, slash salary,

139
00:07:40,500 --> 00:07:43,500
hyphen surveys.
You'll see like this survey

140
00:07:43,800 --> 00:07:48,100
salary survey that they do every
year to pretty much get let

141
00:07:48,100 --> 00:07:52,200
yourself get review, where you
sit in terms of salary rates,

142
00:07:52,200 --> 00:07:55,600
comparatively in terms of you
the country you're in your

143
00:07:55,600 --> 00:07:57,600
gender.
And in terms of different

144
00:07:57,600 --> 00:08:01,000
aspects they split out that
report On different aspects and

145
00:08:01,000 --> 00:08:04,300
it's really interesting, really
interesting read and I love the

146
00:08:04,300 --> 00:08:07,600
that they do it every year.
Jillian, takes us on to question

147
00:08:07,600 --> 00:08:09,200
2 sin.
Are you planning on or

148
00:08:09,200 --> 00:08:12,800
considering raised considering
raising your rates for 2023 is

149
00:08:12,800 --> 00:08:16,100
so why?
And if not, why not ran

150
00:08:16,100 --> 00:08:18,700
response, a most likely, raising
rates with the way things are

151
00:08:18,700 --> 00:08:22,200
looking, the cost of living in
the UK is getting worse.

152
00:08:22,200 --> 00:08:24,400
Yes, it is.
And then, we have gildner

153
00:08:24,400 --> 00:08:27,000
responding saying rates, will
likely increase for a new

154
00:08:27,000 --> 00:08:29,700
retainers, but I'll try to keep
eggs.

155
00:08:29,800 --> 00:08:32,600
Existing clients.
At the same rates are rates, are

156
00:08:32,600 --> 00:08:36,000
high and clients are upmarket.
Surprise shopping, doesn't

157
00:08:36,000 --> 00:08:38,200
really happen.
And then we have Dwayne Brown

158
00:08:38,200 --> 00:08:41,799
responding seen already raised
rates this year so play it by

159
00:08:41,799 --> 00:08:45,400
ear right now, I want to finish
the year more than anything else

160
00:08:45,400 --> 00:08:50,500
and think about client retention
over potentially raising rates

161
00:08:50,700 --> 00:08:53,400
Lawrence response saying that
for new clients, they really got

162
00:08:53,400 --> 00:08:57,200
the new rates and I have started
sending notes or letting them

163
00:08:57,200 --> 00:08:59,700
know on our calls about race
changes.

164
00:08:59,900 --> 00:09:03,200
Sometimes if you don't have a
lot of clients, you can just

165
00:09:03,200 --> 00:09:06,500
quote, your higher rates with
new clients or if you feel

166
00:09:06,500 --> 00:09:10,000
uncomfortable, Ashton, cock
response in our agency, did this

167
00:09:10,400 --> 00:09:11,700
this this year.
Yes.

168
00:09:11,700 --> 00:09:13,800
Why exactly is above my pay
grade?

169
00:09:14,200 --> 00:09:17,600
But my interpretation is that
the reasons are similar to what

170
00:09:17,600 --> 00:09:20,900
others have already mentioned in
terms of higher costs and more

171
00:09:20,900 --> 00:09:25,400
advanced skills and offerings.
And in terms of question to

172
00:09:25,400 --> 00:09:28,300
respond saying, I don't believe
so many because we just raised

173
00:09:28,300 --> 00:09:31,600
them within the last Six months
and I said that in terms of

174
00:09:31,600 --> 00:09:34,600
planning to raising rates, I was
like, yes especially for PPC

175
00:09:34,600 --> 00:09:38,600
live UK and this is for the
sponsors, not for, you know,

176
00:09:38,600 --> 00:09:42,600
ticket prices ticket prices
might might increase a year and

177
00:09:42,600 --> 00:09:44,900
I'm like, I'll give it a few
months, but we're talking.

178
00:09:44,900 --> 00:09:48,700
It's always still going to be
able o to digit number and we're

179
00:09:48,700 --> 00:09:50,700
talking low two digit in the
20s.

180
00:09:50,700 --> 00:09:54,200
Maximum is what I my brain is
thinking and it continues.

181
00:09:54,200 --> 00:09:58,200
We would have worked out in
about a year or less, you know,

182
00:09:58,200 --> 00:10:01,600
just will worked out.
We would have worked out of just

183
00:10:01,600 --> 00:10:04,100
being a brand new entity to
being a.

184
00:10:04,100 --> 00:10:08,400
We know all was and it's much
more than what we had to offer

185
00:10:08,400 --> 00:10:11,000
12 months ago.
So I'm thinking that rates my

186
00:10:11,000 --> 00:10:15,300
increase at the 12 month Mark or
the 13 month mark because at

187
00:10:15,300 --> 00:10:18,400
that point, we know we're
bringing a good crowd will see

188
00:10:18,400 --> 00:10:20,100
how well a good crowd we can
bring.

189
00:10:20,400 --> 00:10:23,500
And yeah I'll be really
interesting to see what we do

190
00:10:24,300 --> 00:10:26,400
and actually responds to that,
girl, get paid.

191
00:10:26,400 --> 00:10:28,400
I knew love it.
Love and actor.

192
00:10:28,400 --> 00:10:29,600
Love the support from the
community.

193
00:10:29,800 --> 00:10:32,800
As always Julie, then response
to question Tuesday, and I'm

194
00:10:32,800 --> 00:10:37,000
going to raise rates for 2023
for new clients, for existing

195
00:10:37,000 --> 00:10:38,100
clients.
I have.

196
00:10:38,100 --> 00:10:42,000
I have it set to review scope of
work and pricing annually.

197
00:10:42,100 --> 00:10:45,600
Provides opportunity to raise
prices and also get the scope.

198
00:10:45,600 --> 00:10:48,500
Better tuned in Lawrence goes.
This is a great idea.

199
00:10:48,500 --> 00:10:52,200
Personally don't do this enough.
Julie goes, it is so easy with

200
00:10:52,200 --> 00:10:55,400
long-term clients to never
revisit things and just add

201
00:10:55,400 --> 00:10:59,200
items to an existing scope.
We all learn things about how to

202
00:10:59,200 --> 00:11:03,000
best Will different types of
work to be profitable.

203
00:11:03,200 --> 00:11:07,200
We don't want to get stuck in an
old in an old model that really

204
00:11:07,200 --> 00:11:09,600
doesn't work.
Then Julie takes us on to

205
00:11:09,600 --> 00:11:13,000
question three saying, how do
you go about raising your rates

206
00:11:13,300 --> 00:11:16,400
and Julie kicks us off with that
one saying, answering for new

207
00:11:16,400 --> 00:11:19,000
clients.
It's about charging more for the

208
00:11:19,000 --> 00:11:22,700
work than I did.
This past year, probably

209
00:11:22,700 --> 00:11:26,100
increasing by 15 to 20%.
They have no idea.

210
00:11:26,100 --> 00:11:29,000
The rate is higher, so it's
easier, existing clients.

211
00:11:29,000 --> 00:11:31,900
It can be Trickier.
But if you're up front and do

212
00:11:31,900 --> 00:11:35,800
the annual review, it's easier
Lawrence as well response to

213
00:11:35,800 --> 00:11:38,300
question. 3 saying for new
clients, it is easy.

214
00:11:38,300 --> 00:11:41,300
You just charge the different
rate with current clients.

215
00:11:41,300 --> 00:11:44,000
I think, just being honest and
upfront about it.

216
00:11:44,000 --> 00:11:46,400
A lot of us don't like doing
that.

217
00:11:46,400 --> 00:11:50,900
No no load of us are find that
very easy to do, not too many

218
00:11:50,900 --> 00:11:53,200
answers for question 3, but I'm
sure more will come later.

219
00:11:53,200 --> 00:11:55,300
But we're going to question for
for now.

220
00:11:55,300 --> 00:11:57,800
Julie asked as well.
Are you nervous about raising

221
00:11:57,800 --> 00:12:01,800
rates for 2023?
If so, why will the nervousness

222
00:12:01,800 --> 00:12:05,900
stop you from doing it?
And if not, why not Ryan

223
00:12:05,900 --> 00:12:08,300
response to question?
For they're saying I only get

224
00:12:08,300 --> 00:12:10,600
nervous when raising rates for
existing clients.

225
00:12:10,900 --> 00:12:13,800
New Leads aren't necessarily
aware that they are being

226
00:12:13,800 --> 00:12:17,000
charged, a higher rate.
I sometimes worry that I'll lose

227
00:12:17,000 --> 00:12:21,200
a good client, if they aren't
happy with the race, but that's

228
00:12:21,200 --> 00:12:23,900
the risk I guess.
Gil, Gil knows well response, a

229
00:12:23,900 --> 00:12:26,800
not really nervous.
Our clients are having to raise

230
00:12:26,800 --> 00:12:29,600
their own prices to inflation
effect.

231
00:12:29,700 --> 00:12:32,000
Is everyone?
So I'm pretty sure everyone's

232
00:12:32,000 --> 00:12:35,300
going to get real used to price
increases anyway.

233
00:12:35,500 --> 00:12:40,100
Just what we all have to do and
then we have some responding to

234
00:12:40,100 --> 00:12:42,300
question for saying used to be
but not anymore.

235
00:12:42,300 --> 00:12:46,400
The reality is that good PPC
management or strategy is harder

236
00:12:46,400 --> 00:12:49,300
to come by than ever before
true.

237
00:12:49,700 --> 00:12:53,300
And it's more important than
ever in a low to no growth

238
00:12:53,300 --> 00:12:56,100
environment.
That has real bottom line value

239
00:12:56,300 --> 00:12:59,500
for clients Julie, then gives
another answer the question for

240
00:12:59,500 --> 00:13:01,500
sale.
There is always a chance that

241
00:13:01,500 --> 00:13:05,400
your price increase will be met
with resistance or a firing.

242
00:13:05,600 --> 00:13:08,900
But most times in my experience
it has not been.

243
00:13:09,200 --> 00:13:14,100
It is often just accepted which
I remind myself of and then

244
00:13:14,100 --> 00:13:16,800
you're in response to Sam's
honest question.

245
00:13:17,100 --> 00:13:19,300
For waste time, I said used to
be but not anymore.

246
00:13:19,300 --> 00:13:22,600
The reality is that good PPC
management or strategy is harder

247
00:13:22,600 --> 00:13:26,400
to come by than ever before.
And girl responds saying, yes,

248
00:13:26,400 --> 00:13:29,500
PPC has the distinct advantage
of being Revenue.

249
00:13:29,500 --> 00:13:33,700
It Adjacent re-spend has direct
correlation with profit, for the

250
00:13:33,700 --> 00:13:37,600
end client, easy to sell.
Dwayne Brown respond, saying we

251
00:13:37,600 --> 00:13:42,300
have, we have to be careful of
this pain to profit correlation

252
00:13:42,500 --> 00:13:45,800
especially in ecoman dtc's that
has direct to Consumer.

253
00:13:46,200 --> 00:13:50,100
I bet we have all seen account
spend money on skews that

254
00:13:50,100 --> 00:13:52,900
convert and bring little to no
profit to clients.

255
00:13:53,200 --> 00:13:56,600
Not enough people do skew
optimization to analyze this

256
00:13:56,600 --> 00:14:00,600
data gildner response and Yap
although with Well, structured

257
00:14:00,600 --> 00:14:03,700
e-commerce campaign.
The rowers a rowi will be high

258
00:14:03,700 --> 00:14:06,600
especially splitting out
products by margin.

259
00:14:06,900 --> 00:14:10,200
If it's not profitable, they
went to be advertising for long.

260
00:14:10,400 --> 00:14:13,100
Doing Brown response saying
you're a high-rise is relative

261
00:14:13,100 --> 00:14:16,100
to an add account and a brand
gross and net margins.

262
00:14:16,400 --> 00:14:19,800
Your Tweet mentions revenue and
profit which are different.

263
00:14:19,800 --> 00:14:23,200
We need to make sure as an
industry we do interchangeably

264
00:14:23,200 --> 00:14:27,400
use revenue and profit since
they lead to different outcomes

265
00:14:27,600 --> 00:14:30,800
in accounts and they're not
Quite an answer to any of the

266
00:14:30,800 --> 00:14:34,400
questions but Julie does make an
aside saying as an aside.

267
00:14:34,600 --> 00:14:38,200
It's not the worst idea to take
a look at your pricing structure

268
00:14:38,200 --> 00:14:42,400
or model to what worked before
might not work as well.

269
00:14:42,400 --> 00:14:46,400
Now, the way you thought a
particular service would be

270
00:14:46,500 --> 00:14:51,400
TimeWise, might be way off, make
this a regular practice and then

271
00:14:51,400 --> 00:14:53,400
I responded question.
Forcing honestly.

272
00:14:53,400 --> 00:14:56,100
No, I've never been one to
scared to hear.

273
00:14:56,100 --> 00:14:58,200
No.
That's too much for me and I

274
00:14:58,208 --> 00:15:02,100
just quickly come back with her.
About, you know, and I can email

275
00:15:02,100 --> 00:15:05,700
or even on the phone because
it's all about negotiating and

276
00:15:05,700 --> 00:15:07,900
not be scared about, you know, a
negative response.

277
00:15:07,900 --> 00:15:11,800
And if they ask is a piss-take,
I'm okay.

278
00:15:11,800 --> 00:15:15,400
And do you know, and saving
enough money now to be able to

279
00:15:15,400 --> 00:15:17,900
walk away.
So, yeah, right now, I'm all

280
00:15:17,900 --> 00:15:21,600
about making sure there's enough
money in the bank account to

281
00:15:21,600 --> 00:15:24,700
last me for three months of not
needing to work.

282
00:15:24,700 --> 00:15:27,200
So I'm never in a state of being
desperate.

283
00:15:27,200 --> 00:15:29,600
So, yeah.
I think all those kind of

284
00:15:29,600 --> 00:15:30,500
things.
Things are definitely very

285
00:15:30,500 --> 00:15:33,200
important Dwayne Brown and
response to question, 3.

286
00:15:33,200 --> 00:15:37,100
Seen combination of seen what is
other there in the market?

287
00:15:37,200 --> 00:15:41,700
How has our expenses changed and
maintain our profit margin

288
00:15:42,000 --> 00:15:42,900
learns.
Chase response.

289
00:15:42,900 --> 00:15:46,200
Question forcing, big honesty.
Hey, I tend to be a pleaser

290
00:15:46,400 --> 00:15:48,300
personality.
So I hate having these

291
00:15:48,300 --> 00:15:51,100
conversations.
It is more about me than what

292
00:15:51,100 --> 00:15:54,200
the clients will actually react
with when I do have them.

293
00:15:54,200 --> 00:15:57,300
It usually goes extremely well.
Julie responds.

294
00:15:57,300 --> 00:15:59,000
Yes!
Sometimes we build up in our

295
00:15:59,000 --> 00:16:03,100
minds, how Had the conversation
is going to be an ad and it ends

296
00:16:03,100 --> 00:16:07,100
up being short and simple and
ends up with acceptance because

297
00:16:07,100 --> 00:16:10,200
people know that the cost of
things are going up and you

298
00:16:10,200 --> 00:16:13,400
deserve your pay during Brown
response to question.

299
00:16:13,400 --> 00:16:16,300
Forcing, someone will always
have issues with our rate.

300
00:16:16,300 --> 00:16:20,500
As we build on the higher end, I
want to think, like, apple.

301
00:16:20,500 --> 00:16:22,900
You are paying for a premium
product?

302
00:16:22,900 --> 00:16:25,600
Yes, sir.
As well as PPC live, being a

303
00:16:25,600 --> 00:16:29,500
premium product, Julie, then
goes on to give us questions.

304
00:16:29,600 --> 00:16:32,400
Five saying, have you ever
received pushback about raising

305
00:16:32,400 --> 00:16:33,800
rates?
How did you handle that?

306
00:16:33,800 --> 00:16:36,600
Yeah, as I said before, I've had
definitely had pushed back.

307
00:16:36,600 --> 00:16:40,000
Someone said, no outright.
They actually came back and then

308
00:16:40,000 --> 00:16:42,700
to change our mind and then
ghosted me, I like what's the

309
00:16:42,700 --> 00:16:44,100
point?
And because, yeah, I'm always

310
00:16:44,100 --> 00:16:47,700
confident to stick my to stick
to what I'm saying, because I

311
00:16:47,700 --> 00:16:50,700
know my was go Gilman response
to question fighting in the

312
00:16:50,700 --> 00:16:51,800
beginning.
We did.

313
00:16:51,800 --> 00:16:55,100
But we also had very small
clients as we have gone

314
00:16:55,100 --> 00:16:57,300
upmarket.
There's essentially no pushback

315
00:16:57,300 --> 00:17:00,200
on rates ever.
We have found that climb Pause

316
00:17:00,200 --> 00:17:04,400
the one to two million dollar a
year at spent Mark or the

317
00:17:04,400 --> 00:17:08,300
easiest to work with in terms of
budgets and we have Lawrence

318
00:17:08,300 --> 00:17:11,200
responding to question five
saying so far never.

319
00:17:11,200 --> 00:17:15,200
But I also tend to only increase
by small amounts when I do so

320
00:17:15,200 --> 00:17:19,300
that could play into it as well.
Being small has advantages as my

321
00:17:19,300 --> 00:17:23,400
costs go up less than someone
running a larger agency.

322
00:17:23,800 --> 00:17:25,800
Oh, you're too kind.
Lawrence, you're probably giving

323
00:17:25,800 --> 00:17:28,300
away a lot of knowledge for
free.

324
00:17:28,600 --> 00:17:31,100
Julie the unresponsive Question
5 as well as and I have gotten

325
00:17:31,100 --> 00:17:34,500
pushed back about raising rates.
I was very honest and explain

326
00:17:34,500 --> 00:17:37,500
that our costs were increasing.
And that, in order to cover

327
00:17:37,500 --> 00:17:41,200
those costs, we need to raise
our rates that has generally

328
00:17:41,200 --> 00:17:45,300
been enough.
Also, I wasn't raising by 30%,

329
00:17:45,300 --> 00:17:48,100
plus she continues.
I did lose a contract over

330
00:17:48,100 --> 00:17:51,600
raising rates rates once stunk,
a little that they would

331
00:17:51,600 --> 00:17:55,300
terminate over 15 percent rate
hike.

332
00:17:55,300 --> 00:17:57,200
For me, that just sounds like
someone was looking for an

333
00:17:57,200 --> 00:18:02,400
excuse but the next kind I At
that higher rate from the go, no

334
00:18:02,400 --> 00:18:04,900
fuss involved.
You see you lose some, you win

335
00:18:04,900 --> 00:18:08,100
some, when Lots, even learns
response to that?

336
00:18:08,100 --> 00:18:11,500
Yes, I turned to stay around
that 10% Mark when I do it.

337
00:18:11,900 --> 00:18:13,500
Ten percent is not enough
Lawrence.

338
00:18:13,500 --> 00:18:17,800
Make that 15 you if the number
doesn't scare you, it's not high

339
00:18:17,800 --> 00:18:19,500
enough.
That's my philosophy.

340
00:18:19,800 --> 00:18:22,500
Gilligan takes us to the last
question of the day.

341
00:18:22,500 --> 00:18:25,100
What is your biggest question
about raising rates?

342
00:18:25,400 --> 00:18:29,500
Lester, Let's help each other
hair which sharing experiences.

343
00:18:29,600 --> 00:18:32,600
Has girl responds saying, has
anyone considered offering

344
00:18:32,600 --> 00:18:35,300
discounts for beneficial
contracts?

345
00:18:35,600 --> 00:18:39,000
For example, we have a big
client prepaid for the entire

346
00:18:39,000 --> 00:18:42,100
year this year.
So we offered them a good rate.

347
00:18:42,200 --> 00:18:45,600
Think this is easily replicable
during the response.

348
00:18:45,600 --> 00:18:50,000
I would want to know ahead of
time that was the billing cycle

349
00:18:50,000 --> 00:18:53,400
they wanted and I'd price
accordingly because discounting

350
00:18:53,400 --> 00:18:57,100
work is a sip slippery slope.
Yes, you get all the dollars at

351
00:18:57,100 --> 00:18:59,500
once but once you offer a
discounted rate.

352
00:18:59,700 --> 00:19:02,900
It is hard to increase Gil
response, most traditional

353
00:19:02,900 --> 00:19:05,700
agency.
Bill media spent annually or

354
00:19:05,700 --> 00:19:10,300
quarterly in advance, so this
company was used to having the

355
00:19:10,300 --> 00:19:14,400
model rare for PPC braid,
definitely worked out for us.

356
00:19:14,400 --> 00:19:18,200
So we plan on doing it again.
If we find ourselves in those

357
00:19:18,200 --> 00:19:22,200
scenarios and then the Lawrence
gives his own question in terms

358
00:19:22,200 --> 00:19:24,900
of answering questions.
Sex and he goes, how do you make

359
00:19:24,900 --> 00:19:27,200
it?
So you don't feel bad about

360
00:19:27,200 --> 00:19:29,500
asking for more sounds simple,
right?

361
00:19:30,300 --> 00:19:33,900
He just got to get past it and
know that your costs are worth

362
00:19:33,900 --> 00:19:35,600
it.
Yes, it sounds too simple.

363
00:19:36,100 --> 00:19:38,700
And on that note, we come to the
end of the chat.

364
00:19:38,700 --> 00:19:42,000
Yeah, we knew that last question
was the last question really

365
00:19:42,000 --> 00:19:42,700
goes?
Thank you.

366
00:19:42,700 --> 00:19:45,100
All for great chat.
Looking for the looking, for the

367
00:19:45,100 --> 00:19:48,900
recap plates, post later this
week on the PPC, chat side.

368
00:19:48,900 --> 00:19:51,800
She puts it on official, PPC,
chat.com.

369
00:19:51,800 --> 00:19:55,600
She will be hosting next week
again with the topic of PPC

370
00:19:55,600 --> 00:19:57,100
holiday.
Wishlist.

371
00:19:57,100 --> 00:20:00,400
Yes, that is a long wish list.
Terms of what we wish.

372
00:20:00,400 --> 00:20:04,900
Google Microsoft Facebook, and
all the other platforms will do

373
00:20:04,900 --> 00:20:07,900
there is also a LinkedIn private
groups.

374
00:20:07,900 --> 00:20:11,600
If you go to LinkedIn, look for
PPC, chat, you will find the

375
00:20:11,600 --> 00:20:13,800
group's.
I'm sure she'll be happy to, you

376
00:20:13,800 --> 00:20:17,000
know, invite you to that.
And there's also a PPC chat

377
00:20:17,000 --> 00:20:20,500
Twitter community and yeah if
you just had for that I'm sure

378
00:20:20,500 --> 00:20:22,600
you'll be able to find it as
well.

379
00:20:22,600 --> 00:20:25,200
So yeah that brings us to the
end of our chats.

380
00:20:25,200 --> 00:20:27,300
I hope you have found that child
very useful.

381
00:20:27,300 --> 00:20:30,400
If you want to continue talking
about Stuff like what we were

382
00:20:30,400 --> 00:20:33,600
talking about.
Join us on Thursday, at 5:00

383
00:20:33,600 --> 00:20:36,500
p.m.
GMT. 12 p.m. eastern time to.

384
00:20:36,500 --> 00:20:41,000
Yeah, I do to join the chat and
to talk more about asking for a

385
00:20:41,000 --> 00:20:43,400
raise that.
Not even asking for raising your

386
00:20:43,400 --> 00:20:46,100
prices, and raising your cost.
As an agency was, a freelancer,

387
00:20:46,400 --> 00:20:50,400
was a consultant and a see where
that takes you to.

388
00:20:50,400 --> 00:20:51,800
So, yeah.
Maybe you want knows what?

389
00:20:51,800 --> 00:20:53,300
I want.
Some more tips, you want to give

390
00:20:53,300 --> 00:20:56,100
some tips on how to do it, and
how you've done it before

391
00:20:56,100 --> 00:20:58,500
successfully.
We'd love to have you there.

392
00:20:58,800 --> 00:21:01,400
So, yeah, if you On this talk
useful and taking some great

393
00:21:01,400 --> 00:21:05,000
takeaway and you want to even
like yeah, give some corrections

394
00:21:05,000 --> 00:21:07,600
or updates about what the chat
is, please.

395
00:21:07,600 --> 00:21:11,300
I'd continue with the chat,
going PVC chat handle, hashtag

396
00:21:11,300 --> 00:21:14,900
even and continue the chat or
send me a DM.

397
00:21:15,000 --> 00:21:17,400
I'd love to hear from you but
tread lightly.

398
00:21:17,400 --> 00:21:20,400
I don't like sales diem but
yeah, I would love to chat about

399
00:21:20,400 --> 00:21:23,400
anything on this topic.
I will also be great for my

400
00:21:23,400 --> 00:21:26,000
long-standing and brand new
listeners to give the podcast a

401
00:21:26,000 --> 00:21:29,900
review or be great to as a group
strategy to get more or people

402
00:21:29,900 --> 00:21:33,800
interested in knowing that this
is a podcast that is useful for

403
00:21:33,800 --> 00:21:35,600
people.
And yeah, if you go to link

404
00:21:35,600 --> 00:21:40,800
tree.com /p PC chat underscore
round up, you'll get all the

405
00:21:40,800 --> 00:21:44,600
links of where you can leave a
review or rating, especially on

406
00:21:44,600 --> 00:21:47,000
Spotify.
It takes seconds to just give

407
00:21:47,200 --> 00:21:50,700
like a star rating.
And yeah, definitely always

408
00:21:50,700 --> 00:21:54,500
using this opportunity to talk
about PPC live UK with.

409
00:21:54,500 --> 00:21:58,100
I have the next event in the new
year, on the 2nd of February,

410
00:21:58,100 --> 00:22:01,300
we've got four amazing.
Because while spoken at other

411
00:22:01,300 --> 00:22:04,700
stages before we've got Maddie
Crawford, we've got surfing

412
00:22:04,700 --> 00:22:07,500
Logan who from Victor has the
head of paid media as mmm.

413
00:22:08,000 --> 00:22:10,800
Ahmad, who does, who has a
podcast?

414
00:22:10,800 --> 00:22:13,500
The top 10 podcast, I don't want
to mess up the name of that

415
00:22:13,500 --> 00:22:15,500
podcast.
But is he has a fantastic

416
00:22:15,500 --> 00:22:18,800
podcast go and check the I said
she's named search on his

417
00:22:18,800 --> 00:22:20,900
Twitter.
You will find the part cause I

418
00:22:20,908 --> 00:22:25,600
think it's a Zine speaks zoom
digital speaks because he speaks

419
00:22:25,600 --> 00:22:27,600
to death threats.
Different people in the

420
00:22:27,608 --> 00:22:30,600
marketing world and the fourth
in is Tiffany shares.

421
00:22:30,600 --> 00:22:34,500
So that is Maddie Crawford
Tiffany shares as a Muhammad and

422
00:22:34,500 --> 00:22:37,900
Sophie Logan talking about four
amazing topic.

423
00:22:37,900 --> 00:22:41,700
So yeah.
Go to PC live UK.com to find out

424
00:22:41,700 --> 00:22:44,700
more about that.
Finally, remember for your

425
00:22:44,700 --> 00:22:47,700
campaigns and businesses to
Glide smoothly, there's a lot of

426
00:22:47,700 --> 00:22:50,800
hard work needed beneath the
surface, so keep your swans

427
00:22:50,800 --> 00:22:30,600
kicking by and speak to you next
week. in is Tiffany shares.

428
00:22:30,600 --> 00:22:34,500
So that is Maddie Crawford
Tiffany shares as a Muhammad and

429
00:22:34,500 --> 00:22:37,900
Sophie Logan talking about four
amazing topic.

430
00:22:37,900 --> 00:22:41,700
So yeah.
Go to PC live UK.com to find out

431
00:22:41,700 --> 00:22:44,700
more about that.
Finally, remember for your

432
00:22:44,700 --> 00:22:47,700
campaigns and businesses to
Glide smoothly, there's a lot of

433
00:22:47,700 --> 00:22:50,800
hard work needed beneath the
surface, so keep your swans

434
00:22:50,800 --> 00:22:52,900
kicking by and speak to you next
week.