The More You Know: What's in a Speaker Fee?
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It’s Tax Day here in the U.S., and whether you owe or you’re owed, money is certainly on your mind! When it comes to the money involved with paying for a professional speaker to participate at an event, it’s important to understand the factors that play into the cost associated with their participation. The agency you work with (work with us!) should be able to guide you through the nuances of any speaker fee quote, but sometimes it’s more complex than you might understand.
Honorarium. Appearance Fee. Rate Card. Speaker Fee. Whatever it may be, learn more about the why of the world of speaker fees!
There are several factors to consider when understanding the cost of a keynote speaker for any type of event.
Experience and expertise: The level of experience and expertise of the speaker is an important factor that can affect their fee. More experienced and reputable speakers often charge higher fees than those who are less experienced or new to the industry. They’ve spent years honing on their messaging and delivery—hence the higher rate for the anticipated polished presentation.
Demand and popularity: If a speaker is in high demand because of a new book, their latest project, or launch of a new business venture, their fee is likely to be higher. This is because demand has greatly increased for their time and there are only so many hours in a day. And a speaker’s popularity over time can create changes to their fees that might create sticker shock if you reached out or hosted a speaker in years past. As rapper Fat Joe says, “Yesterday’s price is not today’s price!”
Length and format of the presentation: The length and format of the presentation can also affect the speaker's fee. A workshop—half day or full day—is a very different type of preparation from a keynote speech. Longer keynote addresses typically command higher fees, as do more interactive or customized presentations that require additional preparation time, while a fireside chat or a panel might be a more affordable option (celebrities not included).
Travel and accommodation expenses: If the speaker needs to travel to the event location and requires accommodation, these expenses will typically be added to the fee. And especially when considering how much time (and days) might be involved with the travel schedule, that timing can factor into the quote. Virtual, on the other hand, might offer some cost-savings, considering the elimination of travel days, but it is not always the case that virtual = lower rates.
Type of event or industry: The type of event or the industry of the hosting organization can also affect the cost of a keynote speaker. Flexibility is possible for many other reasons (such as those factors above), but many speakers make special considerations for non-profit organizations, charities, and educational institutions to ensure there is access for those who may need their information the most and cannot otherwise afford it.
While many speakers in the industry operate with a typical speaker fee or range of fees based on these considerations, Outspoken always encourages our clients to ask if they’re unsure of their ability to afford any particular speaker. Whether a speaker appearance could be routed with another event date to reduce costs and create greater scheduling convenience for the speaker or if the speaker is experiencing some downtime in between projects, these are just a few of the many factors relevant to the pricing of any speaker appearance. It’s always best to ask if you’re unsure! If it doesn’t work out this time, you never know when the opportunity might work out later!
If you or your organization is interested in any speakers here at Outspoken Agency, we’d love to help! Email us to discuss your next event.
Outspoken Agency is a women-owned speaking agency representing leaders, founders, public intellectuals, authors and entertainers for paid keynotes, workshops and panels at in-person and virtual events. Learn more about our female founders here.