What are the best strategies for public speakers to set their fees?

Market Research: Understand industry standards and rates for speakers with similar expertise and experience. Value Assessment: Evaluate your unique expertise, brand, and the value you bring to your audience to justify your fee. Customization: Tailor fees based on factors like event type, audience size, and level of customization required. Experience Level: Consider adjusting fees as your experience and reputation in public speaking grow. Package Options: Offer different packages or tiers with varying services to cater to a range of budgets. Negotiation Skills: Be open to negotiation while maintaining a balance between fair compensation and your value proposition.

Growth up the fee scale as a speaker depends on three factors: your content, the market need for your content and...how good you are on stage. Every one of our speakers who works with a voice or movement coach; takes an improv or comedy class; learns basic large group awareness training skills; or hires an image consultant (how you physically appear, your clothes, etc.) sees a bump in their fee level. It is uncanny how excellence raises your fees, but it always, always does.

When you first start as a public speaking coach, keep your prices low. But this is a myth. Understand your worth: You must know your value based on quality rather than quantity like years of experience. It would be best if you focused on how you can impact or benefit your clients through the power of public speaking. Power of market research: To find your market, you must first acquire some facts, such as: Who are your ideal target audience, and what are their wants, expectations, and budget? Who are your competitors, and what are their fees, services, and strengths? Negotiation: Listen to your client's requirements, concerns, and objections, then respond with solutions. Focus on the value you provide, not just the money you ask.

A public speaker may believe they have something important to say to a particular audience. It is vital to understand that audience and the marketplace for speakers fees there. Successful actors and professional speakers know that it is not always about getting your stated fee. Presenting for a lower that normal fee can lead to more opportunities. Some groups who can not afford to pay your full fee will benefit more from having you present, and that can lead to more and better assignments. It is not always about getting top-dollar.

Getting started is tough. Asking your client what their budget is, is a good place to start. For brand new speakers I suggest speaking for free to build your portfolio of work and hone your craft. You could then move into the $500/$1500/$2000 bracket to cover your time. The next jump is $5k. When you have built more experience it is $10k. When you're really good and start getting to be in demand, you'll get to $20k (local) / $30k+ for international. When you have an element of fame/notoriety you'll get into the $50k, $100k, $250k + bracket (eg celebrities). Speaker bureaus can also advise on fees. Focus your efforts on getting good enough that clients see value in paying you more, the market ultimately dictates your fees. (*US market)

Google speakers in your niche. For instance, Google “leadership speaker”. The search will spit out names of speakers. Go to espeakers.com and see how much those speakers charge. Now you have numbers to look at to base your pricing on.

Unfortunately compare the market website won't help with this one, so you'll have to deep dive into your own research. In any business, researching your market is key. Understanding the going rate for people with similar experience is a great start to setting your own price. But remember, you are unique and you have your own unique impact. Use your research to guide you rather than to set your price 100%.

You have to understand the industry standards and speakers with smilar expertise experience,audience reach.Check your clients and what are their requirements,expectations and what they can offer.

Don't just price based on research – craft a value proposition. Analyze your ideal clients' budgets and pain points, then tailor your offerings (e.g., interactive workshops, exclusive Q&A) to justify premium fees. Study competing speaker packages, not just base rates, identifying gaps your unique strengths can fill. Be a market trendsetter, not a follower – propose innovative formats like hybrid live-virtual talks to command higher compensation. By strategically navigating market dynamics and showcasing distinct value, you'll set fees that reflect your expertise and resonate with your target audience.

Researching your market is crucial for setting effective public speaking fees. Identify your ideal clients and understand their needs, expectations, and budgets. Analyze competitors to grasp their fees, offerings, and strengths. Explore industry standards and trends for public speaking fees and formats. Position yourself strategically by differentiating from others. This thorough market research ensures you align your fees with client expectations, remain competitive, and accurately reflect your value in the industry. It empowers you to make informed decisions that enhance your visibility, credibility, and overall success as a public speaker.

1. Hourly Rates Hourly rates are a straightforward fee model that reflects the time and effort invested in preparation, presentation, and post-event activities. When setting hourly rates, consider your expertise, industry standards, and the unique value you bring to your audience. This model is suitable for speakers who prefer a transparent and time-based approach to compensation. 2. Retainer Agreements: This model involves a fixed monthly or yearly fee in exchange for a set number of speaking engagements, consultations, or additional services. Retainer agreements provide stability and ongoing value for both the speaker and the client, fostering a sustained professional relationship.

What value can you provide on top of what you offer? If I travel overseas, I usually add a free 1 to 2-hour workshop on top of my speaking engagement. I am there, and I could spend more time with my customers and give them more value. I also like to add my book in for free because I have written 3 so far. I wanted to speak at a specific event, so I matched my speaking fee with books of the same value. I got paid, and every person got a copy of my new book. Many people contacted me after reading the book, leading to more business. The important thing is the perceived value for the client. Both examples are perceived as having massive value.

Consider hidden fees- they're all the rage! So for example, consider speaking for free, just getting reimbursed for travel-related costs + a 10% admin fee on those travel-related costs. If you then rent a private jet for $100K to travel, you're getting paid $10K to speak. Plus, you get to go on a private jet!

If you're not good at negotiating, you might find yourself consistently selling your services short. Clients might not explicitly say it, but if they think they're getting a great deal, they won't tell you. Negotiation isn't about exploiting your clients, but you also don't want to be taken advantage of. Contrary to common belief, the best starting point is setting a minimum fee before delving into budget discussions. This acts as your non-negotiable baseline. Apart from actual money, consider negotiating other aspects like payment terms. For instance, you could start with the strongest position of securing full payment to lock in a date. If that's not feasible, you can work your way down, e.g. 50% upfront and 50% on the event day.

Just because an organisation may say no to your original price, that doesn't mean to say the negotiation is over. One thing to remember as a public speaker is to never sell yourself short. Yes, there may be compromise but never let it be all one way on your part.

Explore the importance of regularly reviewing fees and incorporating additional strategies to refine pricing structures. Encourage speakers to evaluate their fee structure in alignment with their evolving expertise, market demand, and business goals. Discuss the significance of setting measurable goals, tracking performance metrics, and collecting feedback to inform fee adjustments. Emphasize the dynamic nature of the speaking industry and the need for flexibility in adapting fees to changing circumstances. Share personal anecdotes or success stories that highlight the positive outcomes of strategic fee reviews, fostering a continuous improvement mindset among public speakers.

Review if your fee is competitive. Remember, competitive means that your income is competing against your bills. I was incredibly surprised to find that a large number of public speaking engagements are unpaid. If you're not gaining potential clients or getting paid, when you review your fee make sure it's not $0.

I collected over 500k's worth of speaking fee data last year. There is a lot of smoke and mirrors. 3 key findings... 1. Everyone things everyone is getting paid more than them. They're probably not... 83% of the engagements posted were under ￡2.5k 2. Companies are twice as likely to pay than conferences. 3. Companies also paid twice the amount on average. The biggest lesson - set a price you know you're going to have to negotiate.

Setting your speaker fee requires you to know several things. Here are a few: (1) the problems you solve, (2) who you solve them for, (3) the transformation you will provide, (4) the value placed on that transformation, (5) the overall cost to provide that transformation and (6) your level of authority.

One thing that has worked for me is creating a tiered pricing structure that offers different packages based on the level of service required. This allows clients to choose a package that aligns with their budget and needs. However, I try to be open to negotiations, especially for repeat clients. Also note that high-profile events or conferences with a large and influential audience justify higher fees. Same goes for events that would require significant travel or accommodation expenses. Overall, setting your fees is a delicate balancing act between fair compensation for your expertise and providing value to your clients!

As Alex Hormozi likes to say, there are learning seasons and earning seasons. When you're just getting started, it can be totally OK to do the first few gigs free of charge just to get the experience, first clients, and testimonials. Without super high "payday expectations", it's easier to find your first gigs too. The initial gigs are not the time to squeeze every cent from the client. Focus on the bigger picture. Sometimes, it's necessary to take 1 step back to jump 2 steps forward. Best of luck! :)

It is not always about the money; you are there to serve. You are a speaker with a message that helps people on some level, so I assume you want to help people. Sometimes, I will speak to a room of 20 people, so I can never charge the full price unless they are CEO's. I believe the best way to say this is to "be human" when negotiating your price. Be stern and value yourself while keeping your mission to change the world in the back of your mind and ask yourself, how will this speaking engagement help me live your vision?