How to negotiate your speaking fees
Being asked to speak at an event is not just an honour, but it's also a testament to your expertise and value in your industry. Along with that recognition often comes compensation. But determining and negotiating your speaking fees can be daunting, especially if you're new to the speaking circuit. So, how do you ensure you’re paid what you're worth? Here's a step-by-step guide to help you negotiate your speaking fees with confidence.
- Know Your Worth
Before you can negotiate your fee, you need to have a clear understanding of your value. Consider factors such as your experience, your subject matter expertise, your previous speaking engagements, and feedback you’ve received. The more renowned you are in your field, the higher the fee you can command.
- Research the Going Rate
Look into what others in your field and level of expertise are charging. While fees can vary greatly depending on the industry, event size, and location, having a ballpark figure can serve as a starting point. Joining speaking associations or networking groups can provide insights into industry norms.
- Understand the Event and Audience
A local workshop for 20 people is different from a keynote address at a major industry conference. Understand the scale, significance, and audience of the event. A larger, more high-profile event usually commands a higher fee. Additionally, consider the potential opportunities that might arise from the event. A speaking gig that positions you in front of your ideal audience or potential clients might be worth more in long-term opportunities.
- Consider the Full Package
Remember, your speaking fee isn’t just for the time you spend on stage. It covers your preparation, possible customisation of your content for that specific audience, travel time, and any other resources you might use. Also, consider other costs like accommodation, meals, and transportation. Ensure these are covered or factored into your fee if they aren’t provided by the event organiser.
- Be Open to Negotiation, But Have a Floor
While you should be open to negotiation, it’s essential to set a minimum fee that you're willing to accept. This ensures that you're not undervaluing yourself or your expertise. If an event organiser isn't able to meet your minimum fee, think creatively. Maybe there are other non-monetary benefits, like sponsorship opportunities, a booth, or access to the attendee list, that can make up the difference.
- Practise the Conversation
Negotiation can be nerve-wracking, so prepare and practise ahead of time. Anticipate possible objections and have responses ready. For example, if an organiser says, “We don’t have that budget,” you could reply, “I understand budget constraints. Given the value I bring and the impact of my talk, is there any room for negotiation or other ways we can work together?”
- Be Willing to Walk Away
While it might be disappointing, if an organiser can’t meet your terms and it doesn’t make sense for you to reduce your fee, be prepared to decline the opportunity. Remember, every time you accept a lower fee without clear benefits, you may be setting a precedent for future engagements.
- Get Everything in Writing
Once you've reached an agreement, ensure that all terms, including your fee, travel arrangements, and other logistics, are clearly outlined in a contract. This not only protects you but also ensures clarity and understanding between both parties.
- Consider Tiered Offerings
To cater to events with varying budgets, consider having tiered offerings. For instance, a full-day workshop could command your highest fee, a keynote address a mid-tier fee, and a panel discussion or webinar a lower fee. This approach provides flexibility and allows you to cater to a broader range of events.
- Continuously Re-evaluate
As you gain more experience, receive accolades, or expand your expertise, your value increases. Periodically reassess your speaking fees to ensure they reflect your current market worth.
Negotiating your speaking fees is both an art and a science. While it's essential to be paid what you’re worth, it’s equally important to approach negotiations with professionalism, understanding, and flexibility. Remember, it's not just about the money but also the value of the platform, audience, and potential future opportunities. By following these steps, you’ll be well on your way to negotiating speaking fees that reflect your true value in the marketplace.
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