Several years ago I wrote a brief piece for the Niched Out News titled “My Rate Card Can Beat up Your Rate Card” that boldly predicted those who stuck with their rates through the doom and gloom of the 2009 print advertising recession could still remain victorious without offering discounts. So, would I change my rate card opinion now?
We learned that not only do we have to stick to a published rate, we need to recognize the value in all of our offerings. As we progress into a truly digital age, our “rate cards” are more important than ever before. Our advertisements are not commodities like oil or gold where price can be dictated by supply and demand or a tumultuous Middle East. I view price slashing as a last-ditch effort to right a sinking ship. I know of very few – if any – examples of lowering prices being an effective method to keep a business successfully operating. The prices we set must always cover our expenses – labor, printing, mailing, circulation, etc. and provide a reasonable profit – or in the end we’ll go belly-up.
Fast-forward to 2015 and now we’re being asked to negotiate rates on our digital offerings, [Read more…]