Benefit From Podcasting By Raising Rates
Part of the beauty of having a podcast or guesting on shows is that it boosts your authority and credibility. And by doing so -the ultimate goal is to get more sales, increase revenue and create the lifestyle that we want. BUT so many entrepreneurs miss the boat or shy away from becoming a highly paid authority by raising their rates. So I had the Founder of Empire Life Allison Ramsey on my show sharing how she scaled her business and how we can raise our rates to achieve our goals.
Allison’s Podcasting Journey and Its Impact on Her Business
- Allison started the Empire Life Podcast in 2018 – and it’s now way past the 10-episode mark that 99% of people who started a podcast don’t pass over.
- When interviewing her second guest, a big name in her space, Allison asked about whether she would need a microphone and good headphones. Her guest suggested focusing on putting the content out.
- Allison suggests starting wherever you are. Once you start to make money, and perhaps land some sponsors, you can put part of that money toward upgrading your podcasting gear.
- Allison feels that with better quality audio and video she can serve her audience better.
- The most important thing for Allison is to start your podcast and continue to build.
- Allison and her team have already content for the remainder of the year, and are thinking about creating even more content.
- One of the things podcasting has done for Allison is enabling her to build great connections during but also before interviews. And those often lead to referrals and collaboration.
- When communicating with a potential guest Allison asks whether they would be interested in sharing the interview. When someone says no, Allison can get a preview of the fact that that person may not be about reciprocity (and may be less inclined to help or collaborate as someone else would be).
What’s Holding People Back From Raising Rates
- One of the biggest blockers in people not raising their rates is their desire of not wanting to leave anyone behind.
- This is particularly true for female founders, who often feel as if they can support everybody with their vision and message.
- “Raising my rates means me niching down. Me niching down means that I won’t no longer be for everybody.” These are some of the thoughts Allison has heard some of her clients share.
- For Allison, the key is admitting to yourself that your time isn’t a fit for everyone.
- When reaching a crossroad Allison asked herself whether she wanted to help those starting out – and that may be making little money in their first few months in business – or female entrepreneurs who are scaling their business. She picked the latter.
- Thinking about how you’re going to niche your time, meaning how you’re going to spend it, is key.
- When niching down, Allison had a few men in her Facebook group who were sad about her decision of focusing exclusively on female founders – but they understood it.
- At the time, Allison’s Facebook group had about 4,000 members and her decision led to Allison losing about half of them. However, she had a huge bump in engagement.
- Allison sees the worry of what someone else may think or say is another reason why people decide against raising their rates.
- Some people are afraid of raising their prices because they’re afraid that others (family members, friends or community members) will think that they see themselves as better than them.
When to Raise Your Rates
- Allison has no doubts when it comes to deciding when to raise your rates: “Every year.” Just like it happens with other things such as rents or car payments.
- She recommends checking in every year also because that means one more year of experience.
- Your increased experience equates to at least some percentage of you raising your rates.
“More experience equals higher value, and higher value can translate into higher rates.”
- Making loosely designed packages is a solution Allison sees to escape the time-for-money “trap”.
- When starting out with Empire Life, which is Allison’s third company, Allison focused on mentoring and coaching people without realizing that, while she was doing that, she was doing many other things like building their website, setting up the back-end, and running Facebook ads campaigns.
- She changed things around by providing them with a couple of different package options, each one including different things and iterations.
- Allison’s suggestion is to start by estimating how many hours a certain task or set of tasks would take you, create a package for those and price it. She suggests going for a 6-month or even a year-long contract.
- She prefers and typically offers year-long contracts, though she did offer 6-month contracts during the pandemic (with clients who renewed for another 6 months).
ABOUT ALLISON
Allison is the founder Of Empire Life, and A Mom. Both her and the Empire Life Team support female entrepreneurs in scaling their online businesses.
She is a business coach and mentor. Her clients describe her as grounded, super intuitive, techie, rooted in strategy and structure.
She guides her clients in scaling their online empires.From bankruptcy to a high earner one decade later.
She is also a best-selling author!
Resources mentioned:
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