The Business of Being a Professional Keynote Speaker is Broken — Here’s Why
Brandon Birkmeyer
Professional Speaker | Marketing Consultant | Former Media Director on Coca-Cola and Apple | Author | Content Creator | Podcaster
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Let me start by saying I'm aspiring to become a top paid speaker myself and I love the career of professional speaking. Now... let's get real.
If you know a professional keynote speaker there's one BIG rule... Do NOT ask them about 2020 (the year of Covid). That's when many speaking business dropped straight to zero and they didn't have a backup plan.
Also, is it just me or are most keynote speakers divorced? Yes, I said it. I don't have proof but I can't imagine all the travel is easy on a marriage. (btw, I'm not trying to hate on divorced people so save your comments)
But the biggest problem you hear in the whispers is that many people try public speaking and have to quit because they can't find and paid engagements. Of course there are many many paid opportunities, but it's hard work to earn them and it's competitive.
The allure of professional keynote speaking has captivated many. It’s a career that promises visibility, influence, and financial rewards for those who excel. The idea of getting paid to share your expertise, inspire audiences, and travel the world is enticing. However, beneath the glamour, the business of being a professional keynote speaker is facing significant challenges that make it difficult for many to thrive.
While some at the top of the industry command high fees and have their pick of events, the majority of speakers struggle to build sustainable careers. The industry, driven by outdated models, an oversaturated market, and unrealistic expectations, has become a broken system for many. Here's why:
What's Wrong with the Speaking Industry ??
1. Oversaturation of the Market
The keynote speaking industry has experienced explosive growth over the past decade. As more professionals seek to position themselves as thought leaders, there has been a surge of speakers entering the market. This has led to an oversaturated field where it’s increasingly difficult to stand out.
Event organizers are inundated with choices, and as the supply of speakers has risen, the demand has not kept pace. This imbalance has led to downward pressure on fees, particularly for newer or mid-level speakers who don’t have the established brand or recognition to command high rates.
Additionally, the rise of digital platforms, TEDx talks, and virtual conferences during the pandemic has further diluted the market, as organizers can now find a plethora of online content for free or at a fraction of the cost of booking a professional speaker.
2. Fee Disparity and Financial Insecurity
While some celebrity speakers can charge five or six figures for a keynote, most speakers fall into a much lower tier in terms of compensation. The disparity in fees within the speaking industry is vast. A few high-profile individuals dominate the top earnings, while the majority of professional speakers, even those with valuable content and experience, often face inconsistent opportunities and fluctuating fees.
In many cases, new or mid-level speakers are asked to speak for free or for "exposure," with the promise that future paid engagements will follow. This creates a cycle where many speakers struggle to get paid what they’re worth and are constantly hustling for the next gig without the security of a steady income.
3. The "Celebrity" Bias
One of the major challenges in the speaking industry is the overwhelming preference for celebrity or well-known figures over subject matter experts who may be equally or more qualified. Many event organizers gravitate toward recognizable names because they believe it will boost ticket sales or the prestige of their event.
This "celebrity bias" means that many talented speakers, who are experts in their field but lack widespread fame, are overlooked or underpaid. As a result, true thought leadership can be undervalued, and the focus shifts away from valuable insights to securing big names for marketing purposes.
4. Inconsistent Opportunities and Event Cycles
Unlike traditional careers, professional speaking is heavily influenced by event cycles. Conferences, corporate events, and industry summits tend to happen in waves, leading to inconsistent work throughout the year. Speakers may experience a busy season followed by months of little to no work, creating financial instability.
Moreover, the rise of virtual events has increased competition, as speakers no longer need to be physically present, allowing for a larger pool of talent to compete for fewer engagements. While virtual speaking can open up more opportunities, it also brings lower fees, as many organizations are unwilling to pay the same rates for virtual keynotes as they would for in-person events.
5. Pressure to Build a Personal Brand
In today’s market, being an excellent speaker is not enough. Successful keynote speakers are expected to be personal brands. This means having an active presence on social media, publishing books, creating content, and building a strong following online. While these elements can enhance a speaker’s career, the pressure to constantly produce content, maintain a social media presence, and engage with followers can be overwhelming, particularly for those who prefer focusing on their craft rather than marketing.
The need to build a brand also means that speakers without significant marketing budgets or resources struggle to compete. They may find themselves investing time and money into branding efforts without seeing a return on that investment in the form of paid speaking gigs.
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6. Event Budgets and Economic Factors
In recent years, many companies and organizations have tightened their event budgets, leading to reduced fees for speakers. Event organizers are often looking to cut costs, and speaking fees are one of the first areas they target. The pandemic exacerbated this trend, with many events shifting to virtual formats that typically come with lower budgets.
Additionally, the economic uncertainty of recent years has made companies more hesitant to invest in high-cost keynote speakers, particularly if they perceive that a less expensive or well-known speaker could deliver a similar message at a fraction of the cost.
How to Fix the Keynote Speaking Industry ??
The business of being a professional keynote speaker may be broken, but there are ways to fix it. Here are a few ideas that can help create a healthier, more sustainable industry:
1. Focus on Value-Based Pricing
Instead of basing fees solely on celebrity status or event budgets, speaking fees should reflect the true value that a speaker provides. Event organizers need to focus on the long-term impact of a speaker’s message, expertise, and ability to connect with the audience, rather than simply the speaker’s name recognition. Speakers should also be more assertive in negotiating fees that reflect the value they bring, particularly if they have a track record of delivering results.
2. Diversify Revenue Streams
Speakers need to diversify their income sources to reduce reliance on inconsistent keynote engagements. This can include offering workshops, online courses, consulting services, or coaching programs. By building additional revenue streams, speakers can create more financial stability and reduce the pressure to chase every speaking opportunity.
3. Embrace Hybrid and Virtual Models
Rather than viewing virtual events as a lower-tier option, speakers should embrace the potential of hybrid and virtual formats. By delivering high-quality, engaging virtual presentations, speakers can reach a wider audience and open up new opportunities for recurring engagements. Additionally, offering a mix of live and virtual formats allows speakers to adapt to different budget levels and provide more flexibility to event organizers.
4. Prioritize Authentic Connections Over Fame
While the celebrity bias is unlikely to disappear entirely, event organizers should prioritize speakers who bring genuine value, fresh perspectives, and authentic connections with the audience. For speakers, this means focusing less on building fame for the sake of fame and more on creating meaningful content and messages that resonate with audiences on a deeper level.
Wrap Up
The business of being a professional keynote speaker is in need of reform. With an oversaturated market, inconsistent opportunities, and an overemphasis on celebrity, many speakers are struggling to build sustainable careers. However, by focusing on value-based pricing, diversifying revenue streams, and embracing new formats, the industry can shift toward a model that better supports speakers and delivers more meaningful impact to audiences.
??Thanks for reading! Do you have any questions you'd like answered? Email me at [email protected] and let me know!
Talk soon,
Brandon Birkmeyer
Personal Branding Coach, Bestselling author of Front & Center Leadership
P.S. I'm looking to run a free Branding Blueprint workshop next month and I'll be offering some group coaching soon on how to use AI to build your personal brand presence online. If interested email me at [email protected] or take my personal brand scorecard quiz and let's set up a chat.
When you're ready, here's how I can help:
Speaker | Podcaster | Educator | Learner | Listener
1 个月Wow, 60% don't respect a poorly dressed speaker? Which means that 40% are focused on the message. Your message is not to reach everyone at the right time in their lives. You have to pour into those who are listening beyond the looks. If your brand is always in a polo, a hat, jeans and sneakers. Then you do a talk dressed up, you'll lose your audience. I say at least be clean. Focus on your message and engage the audience. The speaker industry needs to share their feedback to the masses of what works for different customers. Podcast events, most are looking at the numbers, the mistakes, and strategies to get better. The speaker industry needs more actionable items, how to activities, live improvements and snacks (food)!
Your AI Mentor and Guide: You + AI = ??
1 个月Spot on, Brandon. I have many people who say that I should become a professional speaker because of my ability to connect with audiences and cover topics in ways that get them thinking and taking action. But as you point out (and I knew), it is a slog. I prefer to still use speaking to provide value and make connections for my other services, not unlike the "social selling" that I do on LinkedIn. It has been working very well.