How much should I pay a Speaker?

If you ask a speaker, some will answer this with a retort of; 'what ever they can get away with charging you'.

If you ask a bureau this question, they'll answer with whatever your budget can afford to pay, and some consultants within the bureaus will even try and push you towards a basic entry level of being £5,000 - £10,000 citing that this is the figure you need to start thinking - when really all it means is that's where they themselves want to earn commission so have to start with this budget size (read more about this in my coming Myth Buster about Bureaus which is coming soon)!

If you ask the person who's holding onto the purse strings of the budget for your event, their answer would be as little as you can possibly spend!

The truth is somewhere in between £0 and in excess of £100,000.

However, if you take a few factors into consideration, you can start to work out if you are being over charged or if you have a bargain.

When negotiating, bear in mind the following:  

• Who the person is
• Are they known to your audience already  
• How relevant they are to your audience
• How relevant their topic is to the audience

For example, there is only one Madonna but a high number of impersonators ranging from those that look like her to those that can sing like her to those who can sing and look like her.  But, there is still only 1 Madonna.  Therefore, everyone else must be cheaper. 

Then consider your audience: if your audience does not know what Madonna looks like but have heard her songs and interested in hearing her songs, then an impersonator who can sing like her but might not look like her  would be more fitting over the impersonator who looks like her but can't sing.  And if the audience is not interested in the person - just the music and the vocal style, then paying for the real deal would not necessarily give you any better results.

However, if your audience are Madonna fans and know her well with some attending hoping to talk to her personally afterwards, then using an impersonator to save budget would cost you not only your audience but also future business and reputation because for most organisations, keeping the audience happy is key to future business.

And so it is the same with the business world.  Those business speakers who speak from experience of being there, done it themselves, leading from the front or have in depth knowledge or created new insights from specialist research are worth more than the person who quit their job on Friday, had an epiphany on Saturday, decided to become a speaker on the Sunday and now wants to be in front of your audience on Monday!

And these guys are out there.

And they think they are worth the same fees....

So to answer how much should you pay for a speaker, check out their competition and do a comparison for someone who has a similar background, similar content and similar profile suited to your audience.  And make sure you know exactly what you want from your budget, how much you are willing to pay and never give away how much your actual budget is without doing your homework first.  

Bureau websites have fee groups for a reason so check them out and decide if you like the type of profiles you see within those groups. Remember, Bureaus are not really able to negotiate best deals for you beyond these fee group figures, but they'll try and beat the speaker down and drop some of their commission rate too if you push hard enough for a specific name or you might just find they'll start offering you names from a different lower fee group.  (read more about this in my coming Myth Buster about Bureaus).

Dealing with speakers directly will give you the best value for your money, but dealing direct also leaves you vulnerable to those speakers who will try and take advantage of you too by accept your budget knowing they are usually a lot lower fee normally.  When you deal direct, you are at the mercy of the speaker being honest and openly saying their normal rate - so watch out.  Do do your homework first.

Or to get the best of both worlds, ie the support like a bureau but able to negotiate directly, use a site like iwantaspeaker.com where you can do your homework comparing profiles, get an idea of the fee groups and then use the site to communicate directly with the speakers.  This way you'll get the best for your budget, the support behind you and a speaker who won't let you down but will leave you feeling like you've just got a bargain.

It's why iwantaspeaker.com was built.

by Cindy-Michelle Waterfield

Get smart, save money, be properly informed, use iwantaspeaker.com as your process to de-risk booking and working with speakers.