Speakerpocalypse: Inflation's "Possible" Impact on the Speaking Industry in 2023

One of the great benefits of building a community for professional speakers and business owners who use speaking to build their businesses, is that I get to...meet a lot of speakers. Over a period of months and years, relationships grow deep and we become trusted confidants for each other.

I'll be honest with you. A lot of speakers I've been conversing with lately are between a bit nervous and experiencing high levels of anxiety for their speaking businesses in 2023.?If you're worried too, know that you are not alone.?

The world's problems causing this concern are not as much fear of Covid, flight delays or last-minute event flipping from hybrid to all virtual like last year around this time.

In 2023, inflation will be the monster elephant in the room. And, that beast has rabies with no antidote in sight!

The Two Main Fears:

1. People/companies/associations who produce in-person events will simply not be able to afford the rising costs to conduct those events as their internal costs skyrocket and sales plummet.?

2. Attendees will not be able to afford attending in-person events.?

Some even believe a repeat of the real estate bubble burst from 2008 will not only be repeated, but far exceeded!

Those are the fears. But, are they reality??

At the perfect time to help me with these concerns, I was introduced to Deborah Gardner, CMP.?

Deborah is the founder of Meeting And Event Industry News For Speakers, a private group on Facebook, and is a competitive performance authority that works with companies and organizations to get off the block ad GO!?

Spanning three decades in the hospitality profession as a “Triple Threat” (meeting professional, hotel supplier and speaker), Deborah is the creator, futurist, and host for the popular, Hospitality Today Live broadcast show.?

Watch for Deborah's new book, Stop Calling Me A Meeting Planner, to be released in the Spring 2023. For more information, go to www.DeborahGardner.com or just Google her.??

I asked Deborah to provide written answers to four specific questions and I'd like to provide you with her exact replies:?

Question #1: What is the general mood among meeting and event planners for 2023??

Deborah: "With constant rising costs as the leading challenge, planners are already forced to strategically tighten their belts and will most likely continue to do so well into the middle of next year. But they are fighting back while being optimistic. They are working closely with their department heads to creatively do whatever is possible to stay on target for their bottom line."?

Question #2: Are they expecting larger or smaller audience turnouts than 2022??

Deborah: "The industry is expecting larger audiences next year, but the amount depends on several factors. For example, our audiences today consist of six different generations and with the quitting quietly trend going on right now, it’s tough to predict where they may show up. Hopefully, they will venture out to learn about different industries, formats, and interest which helps the meeting/event turnout to be larger."???

Question #3: Will companies and associations continue to invest in in-person meetings if inflation continues to escalate or will they scale back to virtual??

Deborah: "The in-person format is already in motion while virtual is slowing down. People are extremely tired of the screen and staying home. Our research shows that out of 1,200 decisions makers, 85% are not budgeting virtual or hybrid formats. This process has been very expensive from the get-go and audio-visual companies are now off working on new upcoming projects. We do see that planners will arrange more of a pay option where participants can buy the recording after the meeting is over. And because of this, the FOMO will start to kick in and people will start showing up, in-person looking for a 100% engagement, non-distracted experience."??

Question #4: How will these factors impact budgets for paying speakers for the coming year??

Deborah: "With so many factors impacting company and organization budgets, it’s not going to be easy for speakers to ask for an increased fee, let alone their usual fee. Supply chain challenges definitely impact the meeting/event food and supply costs which is usually the line item that impacts speaker budgets. Therefore, speakers need to focus on their relationships with the planners now to solidify the business later.??

What Do All of These Replies Confirm?

Consider these key phrases that Deborah provided:

"...stay on target for their bottom line."

"six different generations."

"tired of the screen and staying home."

"100% engagement, non-distracted experience."

Attendees of all ages are attending in-person events. They're starving for the human interaction, continued learning and being around other people with mutual interests. As long as this demand continues, companies, associations and eventpreneurs will adjust their budgets to fund events.

What Can You Do as a Speaker??

Personally, I feel the fear of inflation for event producers and audience participants is the same and it's this: They're afraid they are not going to receive the intended outcome they were hoping for from the event.

Your role as a speaker is to prove to the person hiring you that you understand their situation and that you have the experience to be their event success partner. Your obligation to the audience is to bring your A+ game and deliver the goods when you're finally on the stage.

Deborah reinforces my suggestion with her quote:

“Remember, you are not in the speaking business. You are in the meeting and events business!” - Deborah Gardner, CMP, CVP

Should You Fear 2023 or Look Forward to it?

You may have heard me say in a Speakers Speak LIVE session, that "being nervous is a good thing because it helps you do your best job for your audience."

Being nervous can empower you. True fear, however, can be debilitating. Avoid reaching the level of fear that can be dangerous to your health relationships and your business.

Use your nervousness about 2023 to do your best job for your audiences, decision makers who hire you, and for your speaking business. Try not to be in fear of the coming year. Life is too short to live in fear.?

There's always a bit of anxiety seeing a year coming to a close and wondering what will come in the next 12 months. Lean on the value your message brings to your audiences. Your message will keep you humble during the peaks and see you through the troughs.

Marty Dickinson is the #1 Amazon Best Selling Author of?Lions Always Win: How to Spot What You Want in Your Speaking Business and Life...and Get it Too. He works with speakers who want to put the courses and coaching they've paid for...to work...so that they can speak on as many stages as they want, impact as many lives as they can, and make the income they deserve.